Meta, the parent company of Instagram and Facebook, is winding down its integration of non-fungible tokens (NFTs) on its platforms.
Stephane Kasriel, Meta’s head of commerce and financial services, wrote in a Twitter thread on Monday: „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„.
Kasriel specified that Meta won’t give up on its mission to help creators connect with their fans, and will pivot focus on other products such as Reels for messaging and monetization. Meta will also continue to work with NFT and Web3 content creators who leverage its suite of tools to help them grow their community.
„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.” – Kasriel added.
Meta began testing its Digital Collectibles feature in May 2022, allowing select platform users to display their NFTs.
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