If you’re a fan of non-fungible tokens (NFTs), we have some news for you. Meta discontinues support for NFTs on Facebook and Instagram. Meta, the parent company behind these social media giants, has decided to discontinue its integration of NFTs on its platforms.
The head of commerce and financial services at Meta, Stephane Kasriel, announced on Twitter that the shutdown will allow the firm to focus on other means to motivate and support creators and businesses.
Meta began testing its new non-fungible token (NFT) initiative with select Instagram producers and some Facebook users in May and June of last year, respectively; however, the company has now decided to shift away from that focus.
NFTs have rapidly gained popularity in recent years, with digital artwork, collectibles, and other items selling for millions of dollars in online auctions. However, the frenzy around NFTs appears to be cooling off, with sales of NFTs decreasing significantly since their peak earlier last year.
Despite this, some enthusiasts remain optimistic that NFTs will continue to play a significant role in the future of digital art and collectibles. While Meta will no longer support NFTs on its platforms, it will continue to collaborate with NFT and Web3 content creators that utilize its suite of tools to assist them in expanding their communities.
It’s important to note that Meta’s decision to discontinue NFT support is part of a larger cost-cutting effort. The Wall Street Journal reported on Friday that Meta intends to conduct additional waves of layoffs in the months ahead. In November 2022, Meta laid off 11,000 workers, or almost 13% of its global workforce, marking the biggest reduction in company history.
Despite the challenges that Meta and other tech companies face, we remain hopeful that they will continue to innovate and provide new ways for creators and businesses to engage with their audiences. We’ll be keeping an eye out for what’s next from Meta and other industry leaders.