In March 2023, Stefan Kasriel, head of commerce and fintech at Meta, announced plans to scale back its NFT efforts on his X (formerly Twitter) account.
Since Meta first officially announced its plans to enter the NFT field in May 2022, it has experimentally introduced a feature on Facebook and Instagram that allows some creators and NFT collectors to display and trade digital assets.
In July of the same year, it expanded support to 100 countries, including Japan, and defined NFTs as "digital collectibles," aiming to be a social media platform where NFT works can be posted easily, and actively promoted its business in the field.
In fact, in November of the same year, Drifter Shoot, a top creator with 120,000 Instagram followers, published a project on Instagram and the work sold out in just 10 seconds, and it was thought that the platform's NFT trading function was working well.
Furthermore, NFT holders expected that the introduction of NFTs by a large social media platform such as Instagram would lead to a sudden spread of NFTs.
