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Metathe company behind popular social media platforms like Facebook, Instagram, and WhatsApp, has just announced it “winding down” support for non-fungible tokens (NFTs) on the platform.
On March 14th, Stephane Kasriel, Meta’s head of trading and financial technology took to Twitter to reveal that the company will be ending its test printing and selling of NFTs on Instagram as well as the ability to share NFTs on Instagram and Facebook in the coming weeks.
He further noted that the shutdown would allow the company “to focus on other ways to support creators, people and businesses.” Meta executives emphasized that the company is currently focusing on “areas where we can make an impact at scale” such as messaging and monetization on Reels and to increase Meta Pay. Kasriel said,
“Across the company, we are looking at what we prioritize to increase our focus. We’re discontinuing digital collections (NFT) for now to focus on other ways to support creators, people, and businesses.”
Some product news: across the company, we’re looking at what we prioritize to increase our focus. We’re discontinuing digital collections (NFT) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Meta Ending NFT Support
As per the series of tweets, Kasriel stated that although Meta has decided to remove NFT from Facebook and Instagram, it will continue creating opportunities for creators and businesses to connect with their fans, and to earn money.
He added that the social media giant will continue to invest in the fintech tools that people and businesses will need in the future. It will also continue to work with NFT and Web3 content creators who leverage its suite of tools to help them grow their communities. Kasriel wrote,
“Creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we will focus on areas where we can make an impact at scale.”
Another round of layoffs
This comes after the Wall Street Journal reported last week, that Meta is planning another round of layoffs over the coming months. The company is also expected to close several projects and teams in light of these cuts.
Last year, the company cut about 11,000 jobs, or about 13% of its employees. Recently, at the Morgan Stanley 2023 Technology, Media & Telecom Conference, Susan Li, Chief Financial Officer of Meta said,
“We are continuously looking across the company, at both Family of Apps and Reality Labs, and really evaluating whether we are deploying our resources toward the highest impact opportunities. This is going to make us make some tough decisions to finish the project in some places, to divert resources away from some of the teams.”
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