Meta’s decision to test an initiative that allowed artists to sell NFTs on Instagram was widely considered a positive development for the struggling industry. Now that the tech giant has pulled the plug on the project, web3 enthusiasts’ reaction to the sudden move is all over the place.
Krugman’s frustration may resonate with many independent artists. The photographer said he has been making money online with his work for more than a decade. And all the while he has been slowly building an audience on Instagram where he has nearly 320,000 followers.
Meta’s new NFT feature allowed him to interact directly with his audience and he could seamlessly sell NFTs on the platform rather than having to redirect potential buyers to third-party marketplaces like OpenSea. Krugman did only one drop on Instagram of 100 NFTs at $50 a piece, which he said sold in under a minute.
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