Meta Winding Down Support for NFTs on Facebook, Instagram

Meta Winding Down Support for NFTs on Facebook, Instagram

U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year.

Meta Platforms Cutting Off Support for Non-Fungible Tokens

California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram to which it introduced NFTs less than a year ago.

Meta provided the option to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales reaching billions of U.S. dollars, Reuters noted in a report. However, crypto markets were hurt by the bankruptcy of major players like the FTX exchange, later in 2022.

The move regarding NFTs, part of the tech giant’s decision to adjust its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta. 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. 🧵[1/5]

— Stephane Kasriel (@skasriel) March 13, 2023

Kasriel assured that the firm will continue supporting NFT creators using Instagram and Facebook in other areas and emphasized that creating opportunities for them to connect with fans and monetize remains a priority.

“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.

The end of the NFT support comes after last year when Meta’s Novi digital wallet was shut down, and the assets of the Meta-backed cryptocurrency project Diem were sold to Silvergate Capital, the parent company of Silvergate Bank. The latter is one of three U.S. banks, two of them crypto-focused, the recent collapse of which affected the situation in the crypto market as well.

Tags in this story Creators, Crypto, crypto assets, crypto industry, Crypto markets, crypto space, Cryptocurrencies, Cryptocurrency, Digital Collectibles, Facebook, Instagram, Meta, nft, NFTs, Non-fungible tokens, Platforms, Social Media, support, Tokens

Do you think other major tech companies will also wind down their crypto-related operations? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major Banks NEWS | 10 hours ago Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders NEWS | 12 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Central Bank Digital Currency Transactions to Reach $213 Billion Annually by 2030, Research Shows

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

Source