Meta cuts 10,000 jobs as it ditches NFT plans

Despite its leadership in the Metaverse market, Meta appears to be scrapping future plans to work with non-fungible tokens (NFTs) as tech companies suffer from the latest market downturn. Facebook’s parent company meta decided to cut 10,000 jobs in a trend that is already affecting several technology companies. This comes after many years where Meta employees shot into the air and showed off their working conditions on several social media.

Meta cuts 10,000 jobs and ditches NFT plans

We may not see Facebook’s NFT collection in the near future. In a recent post shared by Mark Zuckerberg with Meta employees, he explained that they are reducing their team size by about 10,000 and closing about 5,000 additional open roles that they have yet to fill.

In addition, the company has also informed about the timeline that employees should expect over the next couple of months. There will be new restructuring plans to flatten the organization, cancel low-priority projects and reduce employment.

Mark Zuckerberg wrote in this letter to Meta employees:

“Our timelines for international teams will also look different and local managers will follow up with more details. Overall, we expect to reduce our team size by around 10,000 people and close around 5,000 additional open roles that we have not yet filled.”

In addition, he mentioned that some of the changes such as restructuring and layoffs may take until the end of the year before they are completed. This is something we have seen for other companies, such as Amazon, in recent months as well. Therefore, the market is showing signs of stagnation at this point, and Facebook, despite its leadership, seems to be affected as well.

Meta has focused on several solutions and projects, including artificial intelligence (AI) and Metaverse. Nevertheless, it was lacking for Facebook to discuss and expand its NFT solutions. Stephane Kasriel, head of Meta commerce and fintech, explained on Twitter that some of the products they are discontinuing include digital collectibles (NFTs), with the aim of focusing on other projects and offering new ways to support creators, people and businesses.

Some product news: across the company, we’re taking a hard look at our priorities to increase our focus. We are discontinuing Digital Collectibles (NFT) for now to focus on other ways to support creators, people and businesses. 🧵[1/5]

— Stephane Kasriel (@skasriel) March 13, 2023

“A big thank you to the partners who joined us on this journey and are doing a great job in a dynamic space,” Kasriel wrote on Twitter. “And look forward to supporting the many NFT creators who continue to use Instagram and Facebook to amplify their work.”

Other companies are searching for new NFT solutions

The NFT industry has been booming in recent years, with many companies looking to capitalize on the growing demand for digital collectibles. One such company is NBA Top Shot, which has created a platform where fans can buy, sell and trade officially licensed NBA highlights in the form of NFTs. This has been a huge success, with some individual NFTs selling for hundreds of thousands of dollars.

Other companies have also joined the NFT craze, such as luxury brand Gucci, which launched its own NFT platform in 2021. The platform features unique digital artworks and allows users to purchase them using cryptocurrency. Similarly, the music industry has explored the use of NFTs, with artists such as Grimes and The Weeknd releasing their own NFT compilations.

Aside from being a new way to engage with fans and consumers, NFTs also offer opportunities for artists and creators to monetize their digital content. This has led to the emergence of various platforms that allow creators to sell their digital artwork as NFTs directly to buyers. In addition, some companies are exploring the use of NFTs for more practical applications, such as proof of ownership for real estate or luxury goods.

Overall, the NFT industry is still in its early stages, but the potential for innovation and growth is huge. While Meta/Facebook may have decided to pivot away from NFTs for now, other companies continue to explore the possibilities of this new technology and find ways to use it to increase engagement and revenue