Meta, formerly known as Facebook, has decided to reduce NFT support on its platforms Facebook and Instagram. Meta has made strong strides towards the adoption of digital collectibles, but less than a year after these moves...
READING NOW Meta announced: goodbye to NFT from Facebook and Instagram
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.
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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