Web3.0

Meta, which had high hopes for the spread of NFTs, withdraws

2024/06/09Editors of Iolite
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NFTの普及に向け大きな期待が集まっていたMetaの撤退

Fintech chief Stephen Kasriel announces plans to scale back NFT efforts in March 2023

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.

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May 2025 issueReleased on 2025/03/28
Interview Iolite FACE vol.13 Joseph Lubin, co-founder of Ethereum and founder of Consensys PHOTO & INTERVIEW Yusuke Narita Features: "Dawnbreak Players 30: 30 Web 3.0 Players to Watch in 2025", "How to Use EXPO2025 DIGITAL WALLET", "The Global Controversy Over Meme Coins: What Happened in the U.S. and Argentina", "Finally, Technology Has Entered the Social Implementation Phase: Examples of Web 3.0 Use in an Era of Declining Population" Crypto Journey: Interview with Mohsin, a Popular Crypto YouTuber Special Series: Virtual Nishi: "Market Trends in Crypto Assets and Key Points to Interpret" Series: Tech and Future: Toshinao Sasaki, etc.