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Just rewind to the summer of 2021.
You are scrolling through your phone, and you see every influencer you know making posts, creating reels, sharing stories, or simply tweeting their new obsession. NFTs, or “non-fungible tokens.”
Well, as much as it was difficult to explain what it actually was to another person, NFTs are slowly fading out, as are the companies and organizations that created certain platforms based on or around them.
Ever since NFTs became popular, there have been dozens of attempts by shady companies to make quick money. Some even enlisted the help of celebrities to promote their projects, which, in the majority of cases, turned out to be scams.
YouTuber Coffeezilla has already covered most of these scams, and you must definitely check out his videos to learn more about these scams.
Now, Meta has also decided to kill off the NFT integrations from their metaverse platform, as Mark Zuckerberg wants to make 2023 the “year of efficiency.” Last year, in the month of November, Meta cut 11,000 jobs, and as per the latest news, they plan to cut 10,000 more in the next four months.
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Hence, Meta-backed cryptocurrency, Diem and crypto wallet, Novi were also being discontinued. The company will also end its tests of minting and selling NFTs on Instagram, as well as the ability to share NFTs on Instagram and Facebook.
Now, even though Meta is moving on its NFT promises, some companies such as Reddit and Starbucks are still continuing to promote either as digital avatars or giving NFTs as loyalty reward system.
