Meta says goodbye to NFTs after just 10 months of experimentation on Facebook and Instagram. Stéphane Kasriel, head of commerce and technology for the company, announced the end of these features. Nevertheless, Meta will continue to support creators by focusing on other products.
Towards new horizons, Meta says goodbye to NFT!
The technology company Meta announced yesterday the end of the integration of NFTs and other digital collectibles on Facebook and Instagram. According to Stephane Kasriel, Head of Commerce and Fintech at Meta, this decision was made to allow the company to focus on other ways to support creators.
We’re ending digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.Statement by Stefane Kasriel
Despite this announcement, Meta has not abandoned its mission to support creators. The company now focuses on products such as Reels for messaging and monetization. This decision could be related to the insufficiency of benefits brought by the Web3.
When the NFT feature launched, only certain Instagram and Facebook creators could use the feature. 2 months later, Meta had given a group of 100 American creators the opportunity to create and sell NFTs on the Polygon blockchain directly from its platforms.
Meta will now direct its NFT investments towards other products such as Meta Pay and monetization features, called “gifts”. These will allow creators to earn money directly on the platforms.
Meta continues its journey into the world of NFTs
In May 2022, Meta had taken off on Web3 by adding NFTs to its platforms. At the time, the company’s objectives converged with its Metaverse project.
The CEO of the company, mark Zuckerberg said that through the combination of its Metaverse project and Web3 functionality, creators could, for example, design virtual clothing in the form of NFTs. Unfortunately, Meta decided to drop anchor before reaching her destination.
Meta faced numerous setbacks and had to abandon its launch plans due to financial difficulties. Last November, it made a massive layoff, affecting nearly 11,000 employees, or 13% of its workforce, to survive. Alas, there may be more layoffs to come… wait and see.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.