Image: Meta
Meta is ending its support for NFTs on both Facebook and Instagram. The move comes less than a year since it pushed to adopt these "digital collectibles" across the platform. This update comes as the social network laid off thousands of workers and shuttered numerous projects. It wasn't elaborated on why Meta is reversing course on NFTs, but it hasn't been the only product or initiative that the company has shuttered.
“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses,” Stephane Kasriel, Meta’s Head of Commerce and Financial Technologies wrote in an update shared on Twitter. “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.” In its place, the company would be focusing on “monetization opps for Reels” and “messaging payments across Meta.”