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

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2 min

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.

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