Meta has announced that it is discontinuing support for digital collectibles or NFTs (Non-Fungible Tokens) on Instagram and Facebook. The announcement was made by Stephen Kasriel, Meta’s head of commerce and fintech, via a tweet thread on Twitter, in which he said that while the company was discontinuing support for NFTs on its platforms, it was looking for ways to support creators. will continue to engage influencers, businesses and people in other ways across the two platforms.
“…across the company, we are looking carefully at what we prioritize to grow our focus. For now we are discontinuing digital collectibles (NFTs) to focus on other ways to support creators, people and businesses,” he wrote in a tweet.
Meta Executive also said it will use products it is already working on to support the creators, people and businesses in its apps and metaverse.
Some product news: Across the company, we’re looking carefully at what we prioritize to grow our focus. For now, we’re retiring digital collectibles (NFTs) to focus on other ways we can help creators, people and businesses.[1/5]
— Stephen Kasriel (@skasriel) March 13, 2023
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However, Meta CEO Mark Zuckerberg didn’t elaborate on why Meta was giving up on its ‘digital collectibles’ dream nearly a year after flagging NFT support while speaking at SXSW last year. “We are working on bringing NFTs to Instagram in the near future… I’m not quite ready to announce what’s going to happen today. But over the next several months, the ability to bring some of your NFTs, hopefully over time, to be able to mold things into that environment,” he said at the time.
His statement made in March 2022 was followed by a more formal announcement in May 2022 in which Meta said it was giving select users the ability to share NFTs on Instagram. Then throughout the year, the company kept expanding support for NFTs, eventually Facebook To enable creators in the fold and on Instagram to be able to build their own digital collections on Instagram and sell them to fans on and beyond Instagram.
Notably, NFTs are not the only ambitious project that Meta has kicked off in recent days. Last year, Meta also shut down its crypto-wallet Novi, which was also expected to eventually get NFT support.
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