• Meta announced it would no longer be supporting NFTs on Facebook and Instagram.
• The company introduced the feature roughly a year ago but has now decided to focus its attention elsewhere.
• Meta will continue to work with NFT and web3 content creators who take advantage of its various tools to help them grow their community.
Meta Ends Support for Non-Fungible Tokens
Meta, the social media giant, announced that it is ending its support for nonfungible tokens (NFTs) on both Instagram and Facebook. The decision was motivated by a desire to focus more resources on other ways to support creators, people, and businesses.
History of NFT Support
The company first introduced the NFT feature in May 2022, and by August had expanded access to 100 countries across the Americas, Asia-Pacific, Middle-East, and Africa. In September 2022 it added a new feature that allowed users on both apps to share their digital collectibles cross-platform.
Despite winding down support for NFTs, Meta will continue to pursue various ways it can help creators connect with their fans. It will focus on other products such as Reels which allow for better messaging capabilities and monetization options.
Meta will also continue to work with NFT and web3 content creators who take advantage of its various tools in order to help them grow their communities. Stephane Kasriel, head of commerce at Meta said “We learned a ton that we’ll be able to apply to products we’re continuing to build…”
In conclusion, while Meta is ceasing integration of NFTs into its platforms it will still maintain support for those using the technology in order ensure they can reach their audiences effectively and efficiently