Meta will stop supporting NFTs on Instagram and Facebook
The company will focus on other ways to encourage content creators
14.03.2023 - 13:20
357
2 min
0
What’s new? Meta, the parent company of Facebook and Instagram, has announced that it will stop supporting non-fungible tokens (NFTs) on both social networks. Meta plans to focus on other ways to support content creators and businesses. Stephane Kasriel, Meta’s head of commerce and financial technology, announced this on Twitter.
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5] — Stephane Kasriel (@skasriel) March 13, 2023
What else is known? Kasriel thanked all partners and added that developing new ways to connect with their fans and monetize for content creators and businesses remains Meta’s priority. The team will focus on areas where it can make a large-scale impact, such as messaging and monetization opportunities for Reels.
Meta will also continue to invest in fintech tools, including optimizing payments with Meta Pay, simplifying checkout and payouts, and payments through messaging within the company’s products.
NFT posting and reposting features appeared on Instagram and Facebook in September 2022. The company later announced the option to create and sell non-fungible tokens through Instagram.
In March 2023, the media reported that Meta was developing a plan to create a decentralized social network to share text content. The project, codenamed P92, will support the ActivityPub decentralized protocol, which is also used by Twitter’s competitor, the Mastodon app.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 891
BTC
+0.27%
-
Ethereum
$3 327.98
ETH
-1.21%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+19.43%
-
Dogecoin
$0.409701
DOGE
+5.81%
-
Cardano
$1
ADA
+22.53%
-
Stellar XLM
$0.340281
XLM
+32.6%
-
Bitcoin Cash
$488.29
BCH
+0.28%
-
Polkadot
$6.64
DOT
+11.8%
-
Litecoin
$91.77
LTC
+2.59%