Meta will stop nft support for Facebook and Instagram for now

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Meta is temporarily discontinuing NFT support for its social media platforms Facebook and Instagram. This is what Meta’s head of commerce and fintech says. The change will be implemented on the platforms in the coming weeks.

Meta’s commerce and fintech head Stephane Kasriel confirmed the decision Monday evening in a thread on Twitter. Kasriel says the company is “stopping digital collectibles for now.” A spokesperson says to The Verge that the tech giant is ending its tests for minting and selling NFTs on Instagram, as well as the ability to share such non-fungible tokens on Instagram and Facebook. According to the spokesperson, this will happen ‘in the coming weeks’. Meta introduced the testing features last year.

“Across the company, we’re looking closely at what we’re prioritizing to increase our focus,” Kasriel said. “We’re moving away from digital collectibles for now to focus on other ways to support creators, people and businesses.” The company says it wants to focus more on other areas in the future, such as messaging, improving the payment service Meta Pay and opportunities for creators to earn money with Instagram Reels. meta says to TechCrunch that the company will keep an eye on cryptocurrency for the long haul.

Meta previously suggested that it will scrap more projects in the coming year. CEO Mark Zuckerberg previously called 2023 a “year of efficiency” for Meta. “As part of this, we are taking a more proactive approach to scrapping projects that are not performing or are no longer as critical,” the CEO told shareholders in February. The company is trying to cut costs and laid off 11,000 employees in November, representing 11 percent of its workforce.

Nft support on Facebook and Instagram. Source: meta

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