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Meta ends support for NFTs on Instagram and Facebook.
The company introduced the NFT feature roughly a year ago.
Meta says it will focus on other ways to support businesses and creators.
NFT Meta integration ended
Stephane Kasriel, Meta’s head of trading and financial services, announced on Monday that the social media giant is ending its support for non-fungible tokens (NFT) on its social media platforms.
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
According to Kasriel, the decision was driven by Meta’s desire to focus on other ways to support creators, people and businesses. He says;
“A big thank you to the partners who have joined us on this journey and who are doing a great job in this dynamic space. Proud of the relationship we built. And look forward to supporting the many NFT creators who continue to use Instagram and Facebook to power their work. We learned a lot that we can apply to the products we continue to build to support creators, people and businesses in our apps, both today and across the metaverse.”
Meta introduced its NFT feature on May 10, 2022. As of August, the social media giant has had expand the features of NFT to capture 100 countries in the Americas, Asia-Pacific, Middle East, and Africa.
In September, Meta introduced a new feature enabling users on Facebook and Instagram apps share and cross-post their digital collections.
Meta to focus on other products
Despite dropping support for NFTs, Kasriel said Meta continues to pursue ways it can help content creators connect with their fans. The social media giant will focus on other products, including Reels, for messaging and monetization.
Meta added that they will continue to work with NFT and web3 content creators who leverage its tools to help them grow their communities. Kasriel wrote;
“And we will continue to invest in the fintech tools that people and businesses will need in the future. We’re streamlining payments with Meta Pay, making checkout & checkout easier, and investing in messaging payments on Meta.”
Despite the initial traction, the social media giant is changing its strategy in an effort to explore other areas.
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