Crypto Opinions & News Meta to end support for NFTs on Facebook and Instagram

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Ink

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Jan 8, 2011
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Meta will be winding down digital collectibles, a.k.a. NFTs, across Facebook and Instagram, said the company's commerce and fintech head, Stephane Kasriel, in a Twitter thread. It appears Meta is shifting its focus. The news comes soon after the news of Meta working on a potential Twitter rival.
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]

First: a big Thank You to the partners who joined us on this journey and who're doing great work in a dynamic space. Proud of the relationships we built. And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work. [2/5]

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. [3/5]

Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels. [4/5]

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. [5/5]

 

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