Instagram pulls the plug on 11-month-old NFT initiative
One of the leading social media platforms, Instagram announced that it will end support for digital collectibles effective April 11, 2023. According to Instagram, “Relax” will not affect the contents of users’ digital wallets from third parties. However, it will affect posts, settings and personal information.
“We will begin deleting digital collectible data in our systems, including your wallet address. Data will be stored and deleted in accordance with our privacy policy and our digital collectibles terms of use,” Instagram said.
Meta’s Instagram in May 2022 revealed intentions to support and integrate NFTs into its platform, highlighting that it will provide its NFT offerings for free. This move was in collaboration with Polygon. In August, Meta announced the expansion of NFT Instagram integration to 100 more countries spread across Africa, Asia-Pacific, the Middle East and the Americas. The development was aimed at connecting users of the social media platform to Web3 features starting with NFTs.
Furthermore, in September, Instagram allowed the connection and sharing of NFTs as posts on the platform. In early November, Meta rolled out features that allowed Instagram to act as an NFT marketplace. Users can create and sell NFTs on Instagram starting with 0xPolygon, and users can also connect to Solana and Phantom wallets while accessing Opensea after this announcement.
After 11 months of integrating NFTs, Instagram said it will end support for them, which will affect digital collection posts where users will no longer be able to create new digital collection posts. Instagram added that all collectibles shared will remain as posts without any shimmer effect or blockchain information. “You can continue to delete these posts at any time,” Instagram said.
Collection posts that are only visible in the digital collectibles tab in users’ profiles will also be moved to their archives.
For digital wallets and settings, Instagram said it will no longer maintain a connection or associate users’ accounts with their third-party digital wallets, and digital collectibles in the associated tab will not be viewed or managed.
Access to or the ability to download information related to collectibles will be disabled. However, a download request will be initiated anytime users want to download information. Request to download information should be submitted before April 11, 2023, Instagram said.
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