• Meta is ending support for non-fungible tokens (NFTs) on its social media platforms.
• The decision was prompted by the company’s desire to focus on other ways to support creators, people, and businesses.
• Despite winding down support for NFTs, Meta will focus on other products such as Reels and will continue to work with NFT content creators.
Meta To End Support For NFTs On Facebook And Instagram
Meta has announced that it will be ending its integration of non-fungible tokens (NFTs) on its social media platforms, including Facebook and Instagram. The decision comes after the company said that it would focus on other ways to support businesses and creators.
Why Is Meta Ending Its Support For NFTs?
Stephane Kasriel, head of commerce and financial services at Meta, stated that the company wants to prioritize certain areas in order to increase its focus. He also mentioned that winding down digital collectibles (NFTs) would allow them to concentrate their resources in supporting businesses, people, and creators through a variety of tools available on both Facebook and Instagram apps.
When Was The NFT Feature Introduced?
The feature was first introduced by Meta back in May 2022; however, it had only been available in 100 countries across the Americas, Asia-Pacific, Middle East and Africa by August 2022. In September 2022, users were able to share their digital collectibles across both Facebook and Instagram apps using a new cross-posting feature.
What Other Products Will Meta Focus On?
Despite winding down support for NFTs across their platforms, Kasriel states that they will still be pursuing various ways which can help creators connect with their fans. These include focusing on other products such as Reels which provides messaging capabilities as well as monetization options for content creators.
What Does This Mean For Content Creators?
While Meta is ending its integration of non-fungible tokens (NFTs), they are still actively working with various web3 content creators who take advantage of their various tools in order to help them grow their community base or reach out to more potential users.