Update, social network by Mark Zuckerberg It comes after the company laid off thousands of workers and halted numerous projects in what it describes as a “productivity year.”
Meta’s Head of Commerce and Financial Technologies Stephen Kasriel, “We’re reducing digital collections (NFTs) for now to focus on other ways to support creators, people and businesses,” he said in an update shared on Twitter. He added that the company will instead focus on “monetization opportunities for Reels” and “Meta-wide messaging payouts.”
Update, Zuckerberg’s It comes almost exactly a year after Instagram stepped onto the SXSW stage and announced last May that it was working on NFT support. The company also announced another major expansion of the feature back in November when it announced plans to allow creators to print and sell collectibles directly on Instagram.
Meta is cutting NFT support on Facebook and Instagram
Kasriel, Zuckerberg’s that the company suggests could play a role in their metaverse plans Meta’s He did not explain in detail why he reversed course on NFTs. “I hope the outfit your avatar is wearing in the metaverse can be printed basically as an NFT and you can take it between your different places,” Kasriel said during SXSW last year.
But this is not the only attempt that was once ambitious and failed. Meta also shut down its crypto wallet, Novi, which was once said to have NFT support on its roadmap, last year. The company also metaverse department Program that pays bonuses to Reality Labs and Reels creators with related projects have also been suspended.