The move comes less than a year later when Meta rolled out support for creators to share NFTs on both the social media platforms – Instagram and Facebook.
American multinational tech major Meta is winding down its support for non-fungible tokens, or NFTs, on Facebook and Instagram, the company’s head of commerce and financial technologies Stephane Kasriel tweeted today.
“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,” he wrote. “We’re going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels.”
Meta’s Kasriel added that the company will continue investing in fintech tools. The Mark Zuckerberg-led company is streamlining payments with Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta, he said.
The move comes less than a year later when Meta rolled out support for creators to share NFTs on both the social media platforms – Instagram and Facebook. The company began testing the feature in May last year for Instagram and, in July, expanded NFT support in 100 countries for IG creators. It began testing the same for Facebook in June.
The company’s move comes amid the continuous downfall of the crypto market in the last couple of years and also at a time when the global economy is headed towards an expected recession this year. A bigger blow to the crypto sector came after FTX filed for bankruptcy protection in November.
The downfall worsened last week following the collapse of Silicon Valley Bank, which counts many crypto startups and venture-capital firms as its clients, along with the wind-up of Signature Bank and Silvergate Bank, which were two main American banks for crypto.