Meta discontinues NFT services on Instagram and Facebook, and Binance NFT marketplace adds support for trading NFTs on the Polygon blockchain network.
Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible 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, read about why Meta decided to “wind down” its nonfungible token (NFT) tools on Instagram and Facebook, and check out the metaverse greenhouse full of dynamic, “breedable” NFT flowers. Find out more about Binance NFT’s addition of Polygon network support to its 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 pulling the plug on NFTs on Instagram and Facebook
Tech giant and Facebook parent company, Meta, said it’s scrapping its NFT features across its social media platforms, Facebook and Instagram. This comes only 10 months after the integrations first launched.
Stephane Kasriel, the head of commerce and financial technologies 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 is getting a greenhouse and garden full of NFT flowers
On March 8, the Heterosis project introduced collectible, breedable and dynamic NFTs of digital flowers. After the initial mint of the NFT flower, users can look into the greater catalog of flowers available and “breed” flowers to create a hybrid species.
According to the project’s announcement, when a new flower trait is discovered, it spreads across the entire population, “just like the diversification in nature works.” All flowers will be held in a metaverse greenhouse, designed as a digital rendition 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 suggests a ‘case-by-case’ approach for NFTs
The Federal Financial Supervisory Authority of Germany (BaFin) said it’s not yet ready to assign a classification to NFTs and suggests classifying them on a case-by-case basis.
The regulators said NFTs don’t meet the criteria to be considered securities, though they could be in the future. However, regulators also gave the example of an NFT containing documentation of exploitation rights or ownership, like a distribution commitment, which could be considered an investment.
AI-based tools bring security and transparency to the NFT market
Fragmentation and the lack of standardization in the NFT space have led to confusion for users between different marketplaces. Diverse collections and inconsistent pricing methods complicate transactions.
As AI and machine learning become more available, they could benefit users in the NFT space by detecting security threats, providing users with a safer and more trustworthy experience.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.