The meta manager has announced that they plan to stop working on NFTs.
According to Meta executive Stephane Kasriel, Meta is giving up on NFT efforts for now. Meta has directed the majority of its investments into Blockchain and Metaverse.
Stephane Kasriel: Meta Will Stop Working on NFTs for Now
According to Stephane Kasriel, Meta’s head of commerce and financial technologies, Meta is abandoning its NFT efforts because the company is considering changing its priority.
Stephane Kristel made the statement on the subject on Twitter. Kristel said in her statements:
“Some product news: we’re taking a close look at what we prioritize to increase our focus across the company. We’re cutting back on digital collectibles (NFTs) for now to focus on other ways to support creators, people and businesses.”
https://twitter.com/skasriel/status/1635386565487898624
Meta has previously said that NFTs can help expand the creator economy. Instagram announced plans for a Polygon-powered NFT marketplace in November.
Kasriel spoke about NFTs in a statement in November. “It’s still early for the NFT market compared to where we think it’s going,” Kasriel said of NFTs. “By making NFTs easy to use natively on Instagram, we are opening new avenues for the billions of people who use our apps to connect and support their favorite creators, which in turn paves the way for more affordable opportunities,” he said.
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