21. Februar 2024

Meta to End Support for NFTs: Focus on Other Ways to Support Creators

  • Meta is ending its support for nonfungible tokens (NFTs) on Facebook and Instagram.
  • The decision was prompted by the company’s desire to focus on other ways to support creators, people, and businesses.
  • In lieu of NFTs, Meta will focus on other products like Reels for messaging and monetization.

Meta Ends Support for NFTs

Meta announced that it would be ending its support for non-fungible tokens (NFTs) on its social media platforms. Stephane Kasriel, head of commerce and financial services at Meta, stated that the company’s priority is now focused on other ways to support businesses and creators.

Reason Behind Decision

Kasriel noted that the decision was motivated by the desire to prioritize other projects that could benefit creators, people, and businesses more than NFTs do. He expressed gratitude to all partners involved in the journey of introducing NFTs last year.

Expansion Efforts

Meta first introduced the feature back in May 2022 and had expanded it to 100 countries in August across four regions including Americas, Asia-Pacific, Middle-East, and Africa. In September of the same year, a new feature was added which allowed users of both Facebook and Instagram apps to share cross-post their digital collectibles as well.

Focus Shifts Away from NFTs

Despite winding down support for NFTs, Kasriel said Meta still plans to pursue various ways it can help creators connect with their fans. The company will now focus on other products like Reels for messaging purposes as well as monetization opportunities. Kasriel also noted that they will continue working with content creators who take advantage of Meta’s tools in order to help them grow their community further.

Conclusion
Overall, this news marks an end for NFT integration into Facebook and Instagram but opens up opportunities for other projects that could potentially benefit creators even more so than before. It’ll be interesting to see what new features Meta introduces in order to make up for this loss while still helping out content creators around the world!