Key Points:
Facebook and Instagram are ending support for NFTs on April 11, 2023.
Digital items on Instagram will no longer function, and users cannot create new posts or access their old ones.
Facebook and Instagram will delete digital item data, including wallet addresses, from their systems and no longer link users’ accounts to third-party e-wallets.
On April 11, 2023, Facebook and Instagram will discontinue their support for NFTs. Consequently, digital assets on Instagram, including posts containing NFTs, will cease to function. This decision marks the end of the social media giants' involvement with NFTs, which have gained popularity in recent years as a means of buying, selling, and trading digital art and other unique digital assets.
As of April 11, 2023, Instagram and Facebook have announced that users will no longer be able to create new digital item posts on the platform. Existing digital item posts will still be available as regular posts, but without sparkles or blockchain information. Users may delete these posts at any time, and articles with items that are only viewable in the digital items tab will be moved to the archive.
Furthermore, Facebook and Instagram will no longer support a connection or link users' accounts with third-party e-wallets. Users will no longer be able to view their digital items in the related tab or manage their third-party e-wallet connection settings.
After the April 11th deadline, users will no longer have access to or be able to download item-related information. To download their data, users must submit a request before the deadline. Facebook and Instagram will delete digital item data, including wallet addresses, from their systems in accordance with their Digital Items Privacy Policy and Terms of Use.
This change is significant for users who have invested time and money into creating and collecting digital items on Instagram. They will need to find alternative arrangements for managing their items after the deadline. The impact of this decision on the broader NFT ecosystem, especially as more social media platforms embrace digital collectibles, is yet to be seen.
