Meta “Winding Down” NFT Support Facebook Instagram
Meta appears to be taking a step back on its words of support for NFTs following a recent series of tweets from the company’s head of trading and financial technology, Stephane Kasriel.
Kasriel alerts its consumers in a tweet saying that Meta is “discontinuing” support for NFTs on its Facebook and Instagram platforms. This comes just less than a year after Meta pushed to adopt “digital collectibles” and after Mark Zuckerberg called 2023 “the year of efficiency.” The note away from NFTs is not surprising after Zuckerberg announced in the 2022 earnings call that the company has suffered large net losses, indicating that his metaverse-obsessed direction may not be promising.
In a thread on Twitter, Kasriel said: “We are discontinuing digital collectibles (NFT) for now to focus on other ways to support creators, people and businesses.” The update also said, “We’ve learned a ton that we’ll be able to apply to products we continue to build to support creators, people and businesses on our apps, both today and in the metaverse.” The company will now shift its focus to “revenue apps for wheels” as well as “message payments across Meta.” While Kasriel has noted the new direction, he did not explicitly say why Meta is reversing course on NFTs. In the past, Zuckerberg has been fully supportive of the company’s metaverse plans, hoping to take them into the future.
Take a look at the tweets below.
First: a big thank you to the partners who joined us on this journey and who do a great job in a dynamic area. Proud of the relationships we built. And look forward to supporting the many NFT creators who continue to use Instagram and Facebook to amplify their work. [2/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Let me be clear: creating opportunities for creators and businesses to connect with fans and monetize remains a priority, and we’re going to focus on areas where we can make an impact at scale, such as messaging and monetization for Reels . [4/5]
— Stephane Kasriel (@skasriel) March 13, 2023
And we will continue to invest in fintech tools that people and businesses will need for the future. We’re streamlining payments with Meta Pay, making withdrawals and payouts easier, and investing in message payments across Meta. [5/5]
— Stephane Kasriel (@skasriel) March 13, 2023
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