Meta, formerly known as Facebook, is winding down its support for non-fungible tokens (NFTs) on Facebook and Instagram. The social network’s head of commerce and financial technologies, Stephane Kasriel, announced the move in a tweet, citing a shift in focus to other monetization opportunities for creators, people, and businesses. Kasriel did not give any further details on why Meta was reversing its stance on NFTs, which were previously touted by CEO Mark Zuckerberg as having a role in the company’s metaverse plans.
The move comes as Meta looks to streamline its operations and improve efficiency, with thousands of layoffs and project shutdowns in recent months. The company had previously been working on NFT support for Instagram, with plans to allow creators to mint and sell the collectibles directly on the platform. However, with this new update, the company is shifting its focus to other monetization opportunities, such as messaging payments across Meta and monetization opportunities for Reels.
Despite the shift in focus, Meta’s decision to wind down NFT support may come as a disappointment to some creators who were looking to monetize their content through the sale of digital collectibles. However, Kasriel suggested that the company had learned a lot from its experience with NFTs and would be able to apply this knowledge to other products in the future.
In the past year, Meta has also shuttered its crypto wallet Novi, which was once rumored to have NFT support on its roadmap. The company has also cut projects with its metaverse division, Reality Labs, and its program that paid bonuses to Reels creators. This suggests a broader strategy to streamline operations and focus on core products and initiatives.
While this may come as a disappointment to some, the move reflects Meta’s broader strategy to streamline operations and focus on core products and initiatives. The company’s experience with NFTs will undoubtedly inform future products, and it remains to be seen what other monetization opportunities Meta will pursue in the coming months and years.
News Source: Consumer Tech News