Facebook’s parent company, Meta, has announced its plans to discontinue its work with non-fungible tokens (NFTs) on Facebook and Instagram. In a recent Twitter thread, the lead for Meta commerce and fintech, Stephane Kasriel, stated that the company is “winding down” its involvement with NFTs.
This decision will lead to the conclusion of Meta’s testing of minting and selling NFTs on Instagram, as well as the ability to share NFTs on Facebook and Instagram, which will be phased out in the coming weeks, according to Meta spokesperson Joshua Gunter via email to The Verge.
The company’s priorities are under review, with a view to increasing focus, according to a statement by Kasriel. In line with this, the company has decided to temporarily suspend its digital collectibles (NFTs) offering and concentrate on supporting creators, people, and businesses through other means.
In place of NFTs, Kasriel explains the company will now concentrate on “areas where we can make impact at scale,” such as enhancing messaging and monetisation on Reels, along with improving its digital wallet, Meta Pay.
The move underscores the company’s commitment to providing its users with a robust and engaging platform that serves their needs and aspirations. By doubling down on areas with the greatest potential to drive positive change, the company aims to foster a more vibrant and supportive community of creators, entrepreneurs, and innovators.
Non-fungible tokens (NFTs) have become a hot topic in the digital world, with creators and collectors alike embracing their unique benefits. By leveraging blockchain technology, NFTs provide a means to authenticate ownership and verify the authenticity of digital assets.
These digital assets can encompass a diverse range of media, such as music, art, videos, and even tweets. As such, NFTs have rapidly emerged as a popular way for content creators to monetize their work while also offering collectors a chance to own rare and one-of-a-kind digital items.
In March 2021, CEO Mark Zuckerberg had revealed plans for the platform to support NFTs. Two months later, Instagram launched the feature, and in November 2021, it expanded to allow creators to mint and sell collectibles directly on the app. This move aligns with Zuckerberg’s vision for NFTs to play a significant role in the future of the metaverse. He expressed hope that users would be able to mint NFTs of their avatars’ clothing and take them between various locations in the metaverse.
Meta, formerly known as Facebook, has undergone a significant period of restructuring which has resulted in several initiatives being discontinued. This restructuring effort has led to the laying off of thousands of workers, and numerous projects have been shut down. According to Zuckerberg, this is part of Meta’s “year of efficiency.”
One of the affected projects is the company’s crypto wallet, Novi, which was terminated last year. Speculations about the inclusion of NFT support on its roadmap have not come to fruition. Additionally, the company has scaled back its efforts in several areas, including its metaverse division, Reality Labs, and its program that offered bonuses to Reels creators.
