Meta Walks Away from NFTs – You Should Too

S. Schuchart

Summary Bullets:
• NFTs have had their moment in the sun.
• Meta and others are walking away from them.

Social media giant Meta (formerly Facebook) announced early in March that it was discontinuing support for NFTs across Facebook and Instagram. Non-fungible tokens (NFTs) are digital tokens verified by blockchain technology, in theory to verify ownership of a particular image, despite that image not being hosted on the blockchain itself. NFTs were the subject of a torrent of hype and some truly incredible investment by individuals and companies, with individual NFTs going for hundreds or millions of dollars or the equivalent cryptocurrency. Like many trends NFTs became fashionable, with celebrities not only buying them but outright endorsing them. As with any trend where the money flows freely, it got so big so quickly that a lot of businesses tried to jump on the bandwagon.

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