Meta will stop supporting NFTs on Instagram and Facebook.
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
Meta’s head of commerce and financial services Stephane Kasriel tweeted on March 13 that the suspension will allow the company to “focus on other ways to support creators, people and businesses.”
“We are extremely grateful to our partners who have joined us in this effort and are doing great work in this dynamic space. We are committed to supporting creators, people and businesses with our apps both now and in the metaverse.” I learned a lot that I can apply to the product I’m building for.”
Kasril said Meta will not give up on its mission of helping creators and fans connect and will pivot to other products like Reels for messaging and monetization. Meta will also continue to work with content creators at NFT and Web3 who are leveraging the company’s tools to develop their communities.
In May 2022, Meta began testing the NFT feature and began using it with some users. In September, we expanded support, and in November, we allowed a limited number of American creators to issue and sell NFTs on the Polygon blockchain directly from the Meta platform.
While the feature has gained some popularity, Meta appears to be shifting its strategy to other areas, such as decentralized social media platforms.
The Wall Street Journal reported on Thursday that Meta is planning multiple layoffs in the coming months. In the article, a source said Meta is expected to “close multiple projects and teams.”
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Meta Will End Support for NFTs on Instagram, Facebook