Meta scraps NFTs on Instagram and Facebook: Nifty Newsletter, 8-14 March
Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay updated with the latest stories about non-fungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.
In this week’s newsletter you can read about why Meta decided to “decommission” its nonfungible token (NFT) tools on Instagram and Facebook, and check out the metaverse greenhouse full of dynamic, “farmable” NFT flowers. Find out more about Binance NFT’s addition of Polygon network support to the marketplace, and last but not least, Nifty News highlights the new artificial intelligence (AI) tools that can bring security and transparency to the NFT market, and why German regulators are considering a case-by-case approach to NFTs.
Meta pulls the plug on NFTs on Instagram and Facebook
Tech giant and Facebook’s parent company, Meta, said it is scrapping NFT features across its social media platforms, Facebook and Instagram. This comes just 10 months after the integrations were first launched.
Stephane Kasriel, head of trading and financial technology at Meta, revealed the news in a tweet on March 13. He said the company is “winding down” its NFT support and will “focus on other ways to support creators, people and businesses.” while prioritizing monetization and connecting with fans.
The metaverse gets a greenhouse and garden full of NFT flowers
On March 8th, the Heterosis project introduced collectable, breedable and dynamic NFTs of digital flowers. After the initial minting of the NFT flower, users can view the larger catalog of available flowers and “breed” flowers to create a hybrid species.
According to the project’s announcement, when a new floral trait is discovered, it spreads throughout the population, “just as diversification in nature works.” All the flowers will be kept in a meta-world greenhouse, designed as a digital reproduction of London’s National Gallery.
Binance NFT adds Polygon network support to its marketplace
Binance NFT – the NFT arm of the cryptocurrency exchange – announced that it had added support for the Polygon network to its marketplace.
The move continues the expansion of Binance’s NFT ecosystem. The new integration allows Binance NFT Marketplace users to trade NFTs on various blockchains, including Ethereum, BNB Smart Chain and Polygon, via their Binance accounts.
German regulator BaFin proposes a “case-by-case” approach for NFTs
Germany’s Federal Financial Supervisory Authority (BaFin) said it is not yet ready to assign a classification to NFTs and suggests classifying them on a case-by-case basis.
The regulators said that NFTs do not meet the criteria to be considered securities, although they may be in the future. However, the supervisory authorities also gave the example of an NFT containing documentation of exploitation rights or ownership, such as a distribution obligation, which could be considered an investment.
AI-based tools bring security and transparency to the NFT market
Fragmentation and lack of standardization in the NFT area has led to confusion for users between different marketplaces. Different collections and inconsistent pricing methods complicate transactions.
As AI and machine learning become more available, they can benefit users in the NFT space by detecting security threats, providing users with a safer and more reliable experience.
Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.