After launching its NFT feature in May 2022, Meta will no longer feature NFTs on Facebook and Instagram.
Meta is pulling the plug on non-fungible tokens (NFTs). The news was delivered by Stephane Kasriel, Meta’s head of commerce and financial technologies, via Twitter.
This sudden u-turn by Meta comes only 10 months after the launch of NFTs on Facebook and Instagram. Therefore, questions are being raised as to why the big tech company is abandoning its NFT integration so soon.
According to Kasriel, Meta are going to “focus on other ways to support creators, and businesses”.
He said: “We’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta.”
Judging from Kasriel’s comments, it appears that Meta Pay is a significant priority now for Meta. Indeed, Meta previously filed five trademarks for Meta Pay last year, with a strong indication that it could integrate cryptocurrencies. Currently, it is uncertain what direction Meta is taking with regards to the blockchain and crypto.
However, it’s safe to assume that Meta Pay will be Meta’s vehicle for payment in the company’s own virtual world or metaverse.
Meta is “winding down” its NFT features, which means that it is turning its attention and resources elsewhere. In fact, following huge losses for Meta’s Reality Labs division last year, the company is making a few necessary cutbacks. Part of those cutbacks will be NFTs and its partnership with Flow blockchain.
Despite rolling out NFTs in 100 different countries on Instagram, it appears that Meta is now abandoning this ship. However, all is not lost for those creators who enjoy using Meta’s platform. In fact, Kasriel insists that Meta will continue creating opportunities for creators to monetize their work.
Moreover, Meta will specifically be switching its focus to Reels for messaging and monetization.
Reels is a feature on both Facebook and Instagram, that content creators, marketers and influencers can utilize to publish content. What is more, Reels are short form videos that creators can manipulate and edit, adding various effects for enhancement.
We will keep you in the know as more Meta news comes in.