Meta, formerly known as Facebook, is discontinuing its support for NFTs on Facebook and Instagram, less than a year after debuting the digital collectibles on its platforms. The move comes as the social media giant continues its “year of efficiency,” which has seen it lay off thousands of workers and shutter numerous projects. Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel, confirmed the decision in a recent update on Twitter, stating that the company had learned a lot from the NFT experiment and would now focus on other ways to support creators, people, and businesses.
The company will now focus on monetization opportunities for Reels and messaging payments across the Meta platform. The reason for the reversal was not elaborated on, but it is not the only initiative that has fallen flat in the last year. Meta also shut down its crypto wallet, Novi, which was once rumored to have NFT support on its roadmap. The company has also cut projects with its metaverse division, Reality Labs, and its program that paid bonuses to Reels creators.
