Not even a year after announcing NFT for Instagram and Facebook, Meta has decided to wind it down. According to the company, there will be other ways to monetize your work, but from now on, selling it as NFTs will no longer be one of them.
It’s official: Instagram is becoming a place to mint and sell NFT. Sigh
Earlier this year, it was announced that Instagram would become an NFT market in addition to being… Well, everything else. It looks like NFTs are here to stay and what’s more, the options to mint and buy them are here to extend, at least on Instagram.
At its Creator Week event this week, Meta confirmed what we’ve heard before: Instagram will soon let users mint and sell their own NFTs directly in the app. The new tool is meant for creators, and Instagram presents it as another way for followers to support creators.
Artist burns $11,2 million worth of artwork after selling it as NFTs
One may think that NFTs are not all the rage anymore after their massive drop reported earlier this month. But it looks like one may be wrong, at least when it comes to some artists.
After selling his first NFT collection, artist Damien Hirst destroyed the original, physical copies of his artwork. He streamed the event live on Instagram as he burned a thousand of artworks in a controlled environment. And as expected, his performance sparked a lot of reactions.
NFT trading volume drops by a whopping 97% in 2022
It was only a matter of time: non-fungible tokens or NFTs have seen a massive drop in sales since the beginning of 2022. In only nine months, the NFT sales have dropped by a whopping 97%.
The drop in sales alone isn’t the only problem, nor it came to being on its own. As it turns out, a bunch of NFTs has been fake or stolen and many accounts have been hacked, so it’s no wonder that people are rapidly losing interest and trust in digital collectibles.
NFTs on Instagram are coming to more than 100 countries worldwide
Earlier this year, Instagram started testing non-fungible tokens or NFTs for a limited number of US users. But if you live elsewhere and want to jump on the bandwagon, rejoice! From now on, you can buy and sell NFTs on Instagram in 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas.
Magnum Photos joins the NFT craze and launches its first collection
Magnum Photos has joined the NFT craze and announced its very first collection. The renowned photoagency celebrates its 75th anniversary this year, and the collection is a part of the celebration. As you can imagine, it contains plenty of incredible photos from Magnum’s archive. And that’s not all – it’s only the first out of three NFT collections planned to be released this year.
You can now buy and sell NFTs even on Instagram
Non-fungible tokens or NFTs still seem to be all the rage. It probably comes as no surprise that Meta wants to be a part of it, so from now on you can buy and sell NFTs on Instagram.
The new feature has been released as a test for some users in the U.S. As Meta CEO Mark Zuckerberg announced, NFTs will become available on Facebook soon, too. This way, creators can offer their work, collectors can buy it, and Instagram gets yet another purpose that’s not photography.
You’ll soon be able to buy and sell NFT on Instagram, Zuckerberg confirms
From a photo-sharing platform, Instagram has almost become everything but one. So maybe this doesn’t come as a surprise – non-fungible tokens (NFTs) are soon to come to Instagram and join a bunch of non-photographic options that are already there.
This information is not merely a rumor. Meta CEO Mark Zuckerberg recently confirmed it, saying that NFTs are coming to Instagram over the next several months.
AP accused of profiting from suffering, cancels sale of NFT showing migrants on a boat
Earlier this year, the Associated Press (AP) joined the NFT craze with its own marketplace. But, a recent video clip offered in the marketplace caused so many negative reactions that AP decided to cancel the sale.
The video shows migrants in an overcrowded boat in the Mediterranean. After posting the NFT for sale, the AP came under fire over “profiting from suffering.”
Historical glass negatives sold as NFTs and buyers told to smash originals
An auction house based in New Zealand sold two historically significant glass plate negatives as NFTs and allegedly encouraged the buyers to smash the originals in order to increase the value of the NFT.
The photographs were of the artist Charles Goldie who was well known for his Portraits of Maori elders. The photographs were taken by Rupert Farnall and date back to anywhere between 1910 and 1920. Webb’s auction house based in Auckland listed the plates as NFTs on the platform OpenSea, and included a framed contact print of the image and the original glass plate negative presented in a custom-built pine box.
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