Meta Takes the Lead in Digital Collectibles as NFT Adoption Wanes

Key Points:

• Meta discontinues its NFT-sharing feature ‘Digital Collectibles’ on Facebook and Instagram.
• Other companies, such as CNN and Mojang Studios, have also dialed back their support for NFT integrations.
• Despite initial enthusiasm, many companies have curtailed their ambitions in the NFT space.

As of April 11, 2022, Meta announced that it will discontinue its NFT-sharing feature called ‘Digital Collectibles’, marking the end of a project that allowed users to display their NFTs on Instagram and Facebook.

The feature was initially launched in May 2022 to better integrate the platforms into the digital collectibles ecosystem. By connecting a crypto wallet and sharing the compatible image- or video-based NFTs as a special type of post, users were able to enjoy a slight shimmer effect and automated tagging of both the owner and the creator of each digital item.

However, it is surprising to see Meta winding down the program less than a year after its launch, especially since the company rolled out integration for Solana wallets as recently as November 2022, suggesting a continued commitment to NFT compatibility. Despite this, that initial enthusiasm seems to have died.

Furthermore, Meta is not the only company that has dialed back its support for NFT integrations. Many other platforms have abandoned third-party support, and many companies that initially jumped on the NFT bandwagon have since curtailed their ambitions in the space.

For instance, in July 2022, Microsoft-owned Mojang Studios announced that it would not support NFC compatibility on Minecraft, effectively de-platforming projects like NFC Worlds. This project had been building its own metaverse by tokenizing virtual plots of land on custom Minecraft servers.

Similarly, in October 2022, CNN announced that it would wrap up its NFT marketplace Vault, which was launched in June 2021. Although it still functions as a peer-to-peer marketplace, the company has ceased minting new tokens. The marketplace allows users to buy and sell ‘Moments’ which are NFTs based on some of CNN’s historically significant coverage.

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