March 14, 2023

Meta Winds down NFTs across Instagram, Facebook

Meta Winds down NFTs across Instagram, Facebook Featured Image

Giant tech firm Meta announced that it would throw away its NFT features across its social media platforms, Facebook and Instagram, after ten months after it first launched, according to Cointelegraph

The announcement was made by Meta’s Head of Commerce and Financial Technologies Stephane Kasriel, when he tweeted that Meta decided to wind down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.

Kasriel pointed out that Meta gives priority to creating opportunities for creators and businesses to connect with its fans and monetize and will focus on pumping investments in fintech tools that people and businesses will need for the future. He also underlined that the company would focus on areas that could make an impact at scale, such as messaging and monetization opportunities for Reels. 

According to him, the company will pay attention to Meta Pay, the firm’s payment platform, which could support cryptocurrency in the future. 

In May, Meta announced that Facebook and Instagram users, who are living in the US only, can connect their digital wallets and share the NFTs that they created or bought across their platforms. But the service was expanded to more than 100 countries in August. 

In its announcement, Meta said its Facebook and Instagram users will be able to automatically tag the NFT creator and collector without any fees for posting or sharing their digital collectibles.

Under this announcement, Instagram and NFT users could connect their crypto wallets such as Rainbow, Trust Wallet, Coinbase Wallet, MetaMask, and Dapper Wallet. The social media giant also said that users would be able to cross-post digital collectibles they have across both platforms.

The crypto community on Twitter, on its part, criticized Meta’s move, saying it is a short-sighted move and Meta scrapped it before it even started. 

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