Meta Winding Down Support for NFTs on Facebook and Instagram

Meta Winding Down Support for NFTs on Facebook and Instagram – Meta, a California-based technology corporation, is winding down digital collectibles support on its platforms. The company introduced NFTs to social media networks Facebook and Instagram less than a year ago.

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Reuters reported that Meta offered the ability to share non-fungible tokens in response to the rising popularity of this form of digital asset, with sales reaching billions of dollars. Later in 2022, however, the bankruptcy of big companies such as the FTX exchange hurt the cryptocurrency markets.

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Meta’s Director of Commerce and Financial Technologies, Stephane Kasriel, revealed the change regarding NFTs as part of the tech giant’s desire to adjust its objectives and pursue efficiency.

On Monday, he tweeted: “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.”

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Kasriel confirmed that the company will continue to help NFT producers via Instagram and Facebook in other areas and stressed that providing them with options to engage with fans and monetize remains a top goal.

“And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,” he elaborated.

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The discontinuation of NFT support follows the shutdown of Meta’s Novi digital wallet and the sale of the Diem cryptocurrency project’s assets to Silvergate Capital, the parent firm of Silvergate Bank, last year. This is one of three U.S. banks, two of which are crypto-focused and whose recent failure has also harmed the crypto market.

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