Meta Winds Down Support For NFTs On Facebook And Instagram

Meta Winds Down Support For NFTs On Facebook And Instagram

One year later, the plan didn’t work out for Mark Zuckerberg.

Meta has announced it is winding down support for non-fungible tokens (NFTs) on Facebook and Instagram. The social media giant had previously made a push to adopt digital collectibles across its platform, but is now seeking to focus on monetization opportunities for Reels and messaging payments across Meta. Stephane Kasriel, Meta’s Head of Commerce and Financial Technologies, said: “we learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.”

Mark Zuckerberg had previously suggested that NFTs could play a role in the company’s metaverse plans, and announced Instagram’s NFT support at SXSW last year. However, the company has struggled in the past year, with thousands of layoffs and the closure of various projects under the banner of what Zuckerberg dubbed “the year of efficiency”.

Meta’s recent decision to wind down support for NFTs is one of several initiatives that have failed to pan out for the company, including the closure of its crypto wallet, Novi, and the cutting of projects with Reality Labs – Meta’s metaverse division, and its program that paid bonuses to Reels creators.

Source: Engadget

Pokdepinion: Meta has truly fallen flat in a huge bet – no surprise to see Mark Zuckerberg trying all he can to recoup the losses from it.