Meta has decided to abandon support for NFTs on Instagram and Facebook. This, less than a year after Meta founder Mark Zuckerberg announced that NFTs would be coming to Instagram.

This makes one wonder as to why Meta has made this decision. As we know, Meta and other large internet companies are intensely profit driven. Are they indicating there is no money to be made with NFTs?

Facebook and Instagram thrived in the Web2 space where centralized entities such as themselves possessed all the power over creator’s revenue streams across their platforms. Web3 turns this “arrangement” on its head.

Meta’s decision to leave the NFT space is most likely profit(or lack thereof) driven. Is this a negative for NFT’s? Maybe, but it may just be a clarification of the power of a decentralized market and the potential for revenue streams controlled from the bottom up instead of the top down.