Prioritize businesses other than NFT
Stephane Kasriel, head of commerce and financial technology at Meta, announced today that it will stop working on non-fungible tokens (NFTs).
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
Kasrille explained that the reason for this is that other businesses have been prioritized within the company. Supporting creators remains a priority, he said.
Creating opportunities for creators and businesses to connect with and monetize their fans remains a priority.
Going forward, we plan to focus on areas where we can make an impact at scale, such as messaging capabilities and monetization opportunities in reels (short videos).
Meta operates Instagram and Facebook, and in May 2022, it will start supporting NFT within the app on a trial basis only in the United States. In August of the same year, NFT posting and sharing functions compatible with Ethereum (ETH), Polygon (MATIC), etc. were expanded to 100 countries, including the Americas, the Asia-Pacific region, the Middle East, and Africa.
connection: US Instagram supports Polygon and Solana NFTs
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. In addition to being used for exchanging “digital items” in blockchain games, it is also an epoch-making way for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales, as well as proof of ownership of high-priced art works. It is also attracting attention as a means of reduction.
Meta’s Focus Areas
A Meta spokesperson also commented on the suspension of the NFT business, shifting investment from the NFT sector to payment services like Meta Pay and chip functions that allow creators to earn money directly on the Meta platform. commented.
Meta Pay is a payment service provided by Meta in some regions. It can be used on Facebook, Messenger, Instagram, WhatsApp, etc. to shop, donate and send money. As of June 2022, Meta CEO Mark Zuckerberg said he wanted Meta Pay to be the Metaverse wallet in the future.
Proof of ownership is also important when buying and selling digital clothing, art, videos, music, etc., especially when transporting it between different services.
As a recent move, it was also reported that the company is considering releasing a decentralized SNS app similar to Twitter.
connection: US meta company considers release of decentralized SNS app similar to Twitter = report
Meta is focusing on the Metaverse as a long-term initiative, but the Metaverse division is still unprofitable. Reality Labs, the division that works on metaverse-related products such as AR and VR, will lose about 1.8 trillion yen ($13.7 billion) in 2022.
In November 2010, Meta laid off about 11,000 people, or about 13% of its global workforce. It has been reported that there will be thousands of new job cuts this month.
What is the Metaverse
A multiplayer 3D virtual reality world built on the Internet. You can enjoy various ways using avatars. For example, the in-game metaverse called “The Sandbox” provides voxel art creation tools and game creation tools, allowing users to create their own games and facilities.