No More NFT’s on FaceBook (for now)
Meta has decided to wind down its plans to integrate NFTs into its platforms due to a significant increase in NFT-related complaints in China. The rise in complaints has caused Meta to reevaluate its plans. NFTs have been criticized for their potential use in scams and fraud. Despite this PR setback, NFTs will continue to evolve and play a role in the art and digital asset markets in the future.
The DAPTake: Regulatory issues in China sound more like a convenient excuse to cut costs as a massive, centralized data pilferer like FaceBook has little incentive to allow users to swap value peer-to-peer, or move value outside the “Metaverse.” NFT’s have incredible potential, but the technology is still in its infancy so proceed with extreme caution. Anything NFT related at this point is either a far-off speculation or something bought for fun.