Meta, formerly known as Facebook, has announced that it will no longer pursue non-fungible tokens (NFTs) for its social media platforms, including Instagram and Facebook. The decision means that Meta will end its tests of minting and selling NFTs on Instagram, as well as the ability to share NFTs on Instagram and Facebook in the coming weeks.
Stephane Kasriel, head of commerce and financial technologies at Meta, explained the decision on Twitter, saying that the company is winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.
The move comes after Meta expressed interest in NFTs and their potential to expand the creator economy. However, the company is now looking to focus on areas where it can make a more significant impact at scale.
Despite the decision to no longer pursue NFTs, Meta will continue to support NFT creators who use Instagram and Facebook to amplify their work. Additionally, the company is streamlining payments with Meta Pay and investing in messaging payments across Meta.
The decision by Meta to give up on NFTs is a significant one, given the recent interest in the technology across the social media and tech industries. Nonetheless, the move is in line with Meta’s efforts to prioritize its focus and resources on areas where it can make a more significant impact.