Just under a year after its launch, tech giant Meta has removed the non-fungible tokens (NFT) feature from its social media platforms Facebook and Instagram.
Stephane Kasriel, Meta’s head of trading and financial technologies, tweeted the news on March 13, saying that Meta is “winding down” its support for NFTs as it wants to “focus on other ways to support creators, people and businesses.”
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]
—Stephane Kasriel (@skasriel) March 13, 2023
Some product news: Across the company we are taking a hard look at what we are prioritizing so that we can focus more on that. We are currently winding down digital collectibles (NFTs) to focus on other ways to support creators, individuals, and businesses.
Kasriel added that the company continues to prioritize ways for users to “connect with their fans and monetize” and will focus on things like creating checkout lanes on its platform and through its messaging apps and monetizing Reels. , the company’s short-form video tool.
The product was relatively short-lived, testing began in May 2022 with select US creators on Instagram, before expanding to Facebook in June. In July it expanded again, as Instagram made NFT tools available to more than 100 countries.
This is a developing story, and more information will be added as it becomes available.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.