Meta announced that it will remove NFT functionality from its social media platforms Facebook and Instagram. The announcement comes less than a year after the NFT feature was launched.
Big Tech Meta Scrap #NFT close up #facebook and #Instagram @azcoinnews https://t.co/35WxFeBZdi
— Kyptos (@azcoinnews) March 14, 2023
Meta’s head of business and financial technology, Stephane Kasriel, tweeted on March 13 that the company is focusing on supporting creators, individuals and businesses in other ways. According to Kasriel, Meta is currently phasing out digital collections (NFTs), but the company is proud of the relationships it has built with partners who join their NFT journey. The company will continue to support NFT creators who showcase their work using Instagram and Facebook.
NFT products have a relatively short lifespan and will be tested on Instagram with select US creators starting in May 2022. It then expanded to Facebook in June of the same year, and by July, Instagram provided NFT tools to more than 100 countries.
While the removal of the NFT feature may come as a surprise to some, Meta’s decision to focus on other areas where the feature could have a large-scale impact is consistent with the company’s mission to support creators and businesses. As Kasriel noted, Meta will invest in fintech tools that people and businesses will need in the future, simplifying payments with Meta Pay, making payments and settlement easier, and investing in payments with Messenger on Meta.
Still, the announcement may come as a disappointment to some NFT creators who rely on Instagram and Facebook to showcase and sell their digital artwork.
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according to Kyptos
