Meta, formerly known as Facebook, has decided to reduce NFT support on its platforms Facebook and Instagram. Meta had made strong strides towards the adoption of digital collectibles, but less than a year after these moves came the opposite, which cast doubt on the future of NFT.Facebook and Instagram are ending support for NFT
Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel, announced the decision on Twitter. “We are taking a close look at what we prioritize to increase our focus across the company,” Kasriel said in a statement. We are cutting back on digital collectibles (NFTs) for now to focus on other ways to support creators, people and businesses.” However, it was stated that Meta will focus on money-making areas such as Reels.
NFTs are characterized as unique digital assets that use blockchain technology to verify ownership and authenticity. A wide variety of digital content such as art, music, videos and tweets can be NFT. In this respect, NFT meant a revenue stream for digital content creators and rare digital assets for collectors. Mark Zuckerberg, on the other hand, suggested that NFTs could play a role in Meta’s metaverse plans and conveyed that users’ avatars could move their clothes between different places in the metaverse as NFT. Neither the NFT plans nor the metaverse plans seem to have taken hold of Meta.Meta, on the other hand, is in the process of extensive restructuring. In such periods, we often see that companies close their non-profit enterprises or put them in the background. Zuckerberg defined 2023 as the “productivity year” and laid off tens of thousands of people. However, it is unclear whether the NFTs on the platforms will be removed immediately, as there is no roadmap.
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