Meta, the parent company of Facebook and Instagram, has announced a major update that will affect digital collectibles on the platforms.
Starting from April 11th, users will no longer be able to post with digital collectibles, and the collectibles previously posted will lose their blockchain information and flicker effect.
The company has also stated that it will no longer link users’ accounts to third-party digital wallets on the platforms.
Moreover, Meta has plans to remove all NFT data from the system, including user wallet addresses.
This means that users will no longer be able to view digital collectibles on the corresponding tab and manage the connection settings of third-party digital wallets.
Social media users will also not be able to view or download information related to collectibles unless they make a request to the company before the April 11th deadline.
It’s worth noting that NFT testing on Facebook and Instagram began in May last year, and by August, users from over 100 countries gained access to collectible tokens.
In November, Meta introduced tools for trading NFTs on Instagram. However, with this recent announcement, it seems that the company is moving away from this space.
The decision could be due to regulatory concerns or a shift in focus for the company. Regardless, it’s a significant development for the world of NFTs and the social media landscape.