Meta Platforms Ends NFT Support: AI Impact on Web3 Creators

• Meta Platforms announced the end of their NFT program, setting back Web3 creators.
• AI is continuing to progress in Web3 and IP rights are being discussed.
• NFT artists are considering utilizing AI in their work.

Meta Platforms Ends Support for NFTs

Meta Platforms, the parent company behind Facebook and Instagram, announced this week it would be winding down its support for Non-Fungible Tokens (NFTs). This decision could hinder Web3 creators who use social media to promote their art or interact with their community. Stephane Kasriel, Meta’s head of commerce and financial services, said they learned a lot from the program and that they would continue to build products that support creators and collectors.

AI Impact on Web3

Artificial Intelligence (AI) is increasingly making its way into Web3 as well. Discussions have been held about intellectual property (IP) rights of works created with AI’s help. Some NFT artists are also exploring using AI in their work.

Yuga Labs New CEO

Daniel Alegre has recently assumed the position as Yuga Labs’ new CEO and he made his first public appearance this week since assuming the role. He will be speaking about what his plans are for Yuga Labs moving forward in his address today at 7:00 p.m UTC – secure your seat now!

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Despite Meta Platforms ending its support for Non-Fungible Tokens (NFTs), Artificial Intelligence (AI) continues to make its way into Web3 while discussions of IP rights remain ongoing. NFT artists are also exploring utilizing AI in their work while Daniel Alegre assumes his new position as Yuga Labs’ CEO – stay updated by signing up for The Airdrop newsletter!