The announcement was made through Twitter on March 13 by Stephane Kasriel, Meta’s head of e-commerce and financial technology.
He stated that Meta is “winding down” its NFT support to “concentrate on other methods to serve creators, people, and enterprises.” According to Stephane Kasriel, head of Meta commerce and fintech, the company is “scaling down” its cooperation with NFTs on Facebook as well as Instagram. A spokesperson for Meta, Joshua Gunter, stated in a letter to The Verge that the decision means that Meta will soon stop testing the ability to mint and sell NFTs on Insta in addition to the capacity to post NFTs on Facebook and Instagram.
Meta Ends All NFT Plans
To sharpen our focus, the entire firm is rigorously scrutinizing what we prioritize, according to Kasriel. To concentrate on other methods to help creators, individuals, and businesses, we are currently shutting down digital collectibles (NFTs). The business is instead concentrating on “areas where we can create an effect at scale,” such as communication and monetizing on Reels and enhancing Meta Pay.
The NFT integration appears to be one victim of CEO Mark Zuckerberg’s drive to make 2023 the “year of efficiency,” along with the Reels Play bonus scheme. Yet they were shut down last year along with their Novi digital wallet and Diem, a cryptocurrency it had backed.
Yet, other businesses are racing into a market that crashed in 2022 and lost billions of dollars in value following stratospheric levels of excitement in early 2021 while it departs NFTs. Starbucks ended up selling out of a choice of 2,000 $100 NFTs inside its Odyssey loyalty scheme, and Sesame Street has just announced an NFT cooperation. Reddit continues to advertise its “digital collectible” avatars which are NFTs.