Is the NFT hype over?

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Web 2.0 platforms moving away from NFTs could indicate a decline, writes Helen Femi Williams.

Image source: Pexels/Jonathan Borba

In May 2022, Meta entered the NFT market, signalling the company’s intent to enter Web3 more substantially. From showcasing to selling, creators could produce their digital collectables on Instagram and sell them to fans on and off the platform. 

Users supported their favourite creators by buying their digital collectables directly within Instagram, including videos, and adding support for the Solana blockchain and Phantom wallet and other blockchains and wallets.

Ten months later, Meta announced that it would no longer support digital collectables and that the project would be “winding down.”

 “We’re no longer offering digital collectables on Instagram and Facebook. Any collectables you’ve already shared will remain as posts, but no blockchain info will be displayed,” Meta wrote.

In addition, other companies, such as Disney, have also closed their NFT projects. Disney shut…

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