Meta is winding down the support for NFTs on Instagram and Facebook apps – as noted by the company’s Head of Commerce and Financial Technologies.
This comes exactly a year after launching these ‘digital collectables’ on Meta apps, and letting users create, share and sell their work. Shutting them down, the company will focus on “monetization opps for Reels” and messaging payments across Meta.
Meta Killing NFT Support For Good
Meta is one of the few tech giants that embraced cryptocurrency and NFT technology in their early days. The company ventured into blockchain by creating its own cryptocurrency (Libra) and later shut down.
Last year, the company announced support for hosting NFTs on its partner apps – allowing users to create, share and even sell their digital collectibles for money. Well, this is now ending – as noted by Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel.
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. ????[1/5] — Stephane Kasriel (@skasriel) March 13, 2023
