Meta Pulling The Plug On NFTs Across Instagram And Facebook

Mar 14, 2023

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Meta, has that it will be putting an end to the sale of NFTs across its platforms, including Instagram. The decision was made due to concerns over the environmental impact of NFTs and the potential for fraud and scams. The move comes as a surprise to many in the NFT community, as Meta had previously expressed interest in the technology.

Environmental concerns

One of the primary reasons for Meta’s decision to halt the sale of NFTs is the environmental impact of the technology. NFTs are created through a process called mining, which requires a significant amount of energy and generates a large carbon footprint. As concern over climate change grows, many companies are looking for ways to reduce their carbon footprint, and Meta’s decision to end NFT sales is a part of that effort.

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)

Fraud and scams

Another concern that led to Meta’s decision was the potential for fraud and scams in the NFT market. Because NFTs are a new and relatively unregulated market, there is a risk of fraud and scams, which could lead to investors losing their money. Meta’s decision to put an end to NFT sales is a way to protect its users from these risks.

What is the impact?

The impact of Meta’s decision on the NFT market remains to be seen. While the company is one of the largest social media platforms in the world, there are many other platforms where NFTs can be sold, and the market is expected to continue to grow. However, Meta’s decision could have a ripple effect across the industry, as other companies may follow its lead and put an end to NFT sales as well.

Meta to lay off 10,000 more workers

Meta, the parent company of Facebook, announced on Tuesday that it will lay off 10,000 more workers and incur restructuring costs ranging from $3 billion to $5 billion. CEO Mark Zuckerberg warned that economic instability could continue for “many years.” The company plans to close 5,000 additional open roles that it hasn’t yet filled, and org leaders will announce restructuring plans over the next couple of months. This new round of layoffs follows a previous round of cuts, announced in November, that affected more than 11,000 workers, which equated to roughly 13% of Meta’s overall staff. Despite the layoffs, shares of Meta were up about 5.5%. In a SEC filing announcing the cuts, Meta also said it anticipated lowered total expenses in 2023, ranging from $86 billion to $92 billion.

Looking ahead

While Meta’s decision to end NFT sales is a blow to the NFT market, the technology is still in its early stages, and there is a lot of potential for growth and innovation. As concerns over the environment and fraud are addressed, it’s likely that the market will continue to grow and evolve. In the meantime, companies like Meta will need to find new ways to engage with their users and meet their evolving needs.

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Todd Lyndon
I am a junior copywriter, my main field is the crypto world and the real use case of the blockchains. I am also an expert of the NFTs and addicted to F2P games, also I am a game developer. My dream is to try all Blockchain games at the release.