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American tech giant Meta is abandoning non-fungible tokens (NFT) operations amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year.
California-based tech conglomerate Meta is ending support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram with which it introduced NFTs less than a year ago.
Meta provided the ability to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales in the billions of US dollars, Reuters noted in a report. However, crypto markets were hurt by the bankruptcy of major players such as the FTX exchange, later in 2022.
The move regarding NFTs, part of the tech giant’s decision to realign its priorities and seek efficiencies, was announced by Stephane Kasriel, head of trading and financial technology at Meta. On Monday he tweeted:
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
Kasriel assured that the firm will continue to support NFT creators using Instagram and Facebook in other areas, stressing that creating opportunities for them to connect with fans and monetize remains a priority.
“And we will continue to invest in fintech tools that people and businesses will need for the future. We are streamlining payments with Meta Pay, making withdrawals and withdrawals easier, and investing in messaging payments across Meta,” he elaborated.
The end of NFT support comes after last year when Meta’s Novi digital wallet was shut down and the assets of Meta-backed cryptocurrency project Diem were sold to Silvergate Capital, the parent company of Silvergate Bank. The latter is one of three American banks, two of them crypto-focused, whose recent collapse also affected the situation in the crypto market.
Do you think other big tech companies will also liquidate their crypto-related business? Share your thoughts on the topic in the comments section below.
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