Meta just lost the NFT game ❌ 🖼; Sezzle is having a moment 🚀; Proof-of-Solvency - the next big thing? 🤔

FinTech is Eating the World, 15 March

Hey Everyone,

Happy Wednesday! Today’s issue is really interesting as we’re going to look at Meta that just lost the NFT game (who’s the winner here?), Sezzle which is having a moment right now (BNPL can be profitable!), and question whether Proof-of-Solvency could be the next big thing. Let’s jump straight into the spicy stuff 🌶

Meta just lost the NFT game ❌ 🖼

The news 🗞 Meta Platforms META 0.00%↑ is winding down NFTs on Instagram less than a year after launch, CoinDesk reported. The Facebook parent company will focus on other ways to support creators and businesses, tweeted Meta head of commerce and financial services Stephane Kasriel.

More on this 👉 We must remember that Meta, which owns both social media giants FB & IG, had jumped head first into digital collectibles, rolling out this functionality to 100 countries.

However, their efforts have not yet yielded any significant result, and a bear market that has dampened demand for NFTs didn’t help either.

But it’s not alone here.

Even well-known names in the space, such as Coinbase and OpenSea, have struggled to gain traction with their NFT marketplaces. OpenSea, once the world's largest marketplace, has faced challenges due to the ongoing revolt over commission fees and royalties.

What does it tell us? 🤔 This one is obvious - Meta has admitted it lost the NFT game. But there’s more to that, so here’s the takeaway + the proper way of doing NFTs & one big winner out of this: