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In 2021, the size of the global metaverse market managed to reach $59 billion.
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As of today, Nike and Dolce & Gabbana are the brands that have generated the most revenue from their NFT collections.
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After Meta announced the layoff of 10,000 more employees, Facebook and Instagram have decided not to continue their commitment to NFTs, reportedly prioritizing other areas.
Advances in technology have managed to directly influence the consumption habits of the population, who are increasingly responsible for adopting all kinds of virtual products, including one of those that are currently causing the most noise, NFTs.
Non-fungible tokens (NFT) are this type of cryptographic tokens that represent something unique, where although they are mostly sold as pieces of digital art, what truly makes these pieces valuable and unique is found in their internal code.
This market has been constantly growing over the years, being a good business and investment opportunity, if you have the right strategies. According to NonFungible data on the market capitalization of non-fungible token transactions (NFTs) globally, during 2018 these came to register “only” 40 thousand 960 million dollars, but in a couple of years they managed to grow more than 80 percent their growth by obtaining 338 thousand 40 million dollars during 2020, a figure that continues to increase year after year and attracting followers.
Undoubtedly this market of NFT’s are already making some changes in the world of marketingforcing professionals in the area to obtain the knowledge they require in order not to be left behind, but how to do it?
In the middle of the crisis, Facebook and Instagram say goodbye to the NFT’s
Since the end of 2022, the big technology companies entered a major crisis, a fact that led to a series of massive layoffs that, to this day, continues to generate conversation.
According to data from the specialized website layoffs.fyithe companies that cut the most jobs in the last year are: Amazon, with 18 thousand; Goal with 11 thousand, (that is, 13 percent of its workforce); Salesforce with nine thousand; and Twitter with more than seven thousand.
On this day, once again, Meta announced the dismissal of 10,000 more employees. In the words of its CEO, Mark Zuckerberg: “This is going to be hard and there is no way around it.”
Now, in addition to this new wave of layoffs, Facebook and Instagram, platforms owned by Meta, also announced that they will drop their commitment to NFTs. The idea, now, is to focus “on other ways to support creators, people and companies,” Stephane Kasriel, Meta’s director of commerce and financial technologies, reported on Twitter.
In more detail, Kasriel revealed that Meta’s focus will be on “improving messaging, as well as monetization opportunities for Reels and Meta Pay, its payment platform.”
Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. ?[1/5]
—Stephane Kasriel (@skasriel) March 13, 2023
In 2022, both social networks decided, in support of their creators, to promote the development of NFT’s, following the trend that other brands have been joining for a few years.
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