Meta Announces Plans to Ditch NFT

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Last Updated on March 15, 2023 by Bitfinsider

According to Stephane Kasriel, Meta’s director of trade and finance technologies, the company is abandoning its chase of NFTs in order to prioritize.

“Some product news: we’re looking carefully at what we prioritize across the business to improve our focus. We’re discontinuing digital artifacts (NFTs) for the time being in order to concentrate on other methods to support artists, individuals, and companies “Kasriel stated this in a Twitter conversation.

Meta earlier stated that NFTs could assist in the expansion of the creator economy. Instagram recently revealed plans for a Polygon-supported NFT store.

“The NFT market is still early compared to where we believe it’s heading,” Kasriel wrote in a blog entry in November. “By making NFTs simpler to use directly on Instagram, we’re opening up new methods for the billions of people who use our applications to interact with and support their beloved artists, unlocking more economic opportunity.”

While providing chances for creators and businesses to interact with and monetize user bases remains a goal, the company will concentrate on areas where it can have a large effect. Kasriel specifically mentioned “messaging and revenue possibilities for Reels.”

Meta will continue to help “the many NFT creators who continue to use Instagram and Facebook to promote their work,” Kasriel said.
“With Meta Pay, we’re simplifying payments, making checkout and payouts simpler, and investing in messaging payments across Meta,” he finished.

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