Meta Stopping Support For NFTs on Facebook, Instagram: Here's Why

Meta will now focus on areas where it can make an impact at scale, such as messaging and "monetisation opps" for Reels.

By : ABP News Bureau | Updated at : 14 Mar 2023 04:07 PM (IST)

Meta Stopping Support For NFTs on Facebook, Instagram: Here's Why Meta Stopping Support For NFTs on Facebook, Instagram: Here's Why

Meta started testing NFTs on Instagram in May 2021.

Source : Meta

Meta, the parent company of social media platforms such as Facebook, Instagram, and WhatsApp, has decided to "wind down" support for non-fungible tokens (NFTs) on Facebook and Instagram. The announcement was made by Stephane Kasriel, the head of commerce and financial technologies at Meta, who said that the company is looking closely at its priorities and will now focus on other ways to support creators, people, and businesses.

Kasriel also stated that the company's priority is to create opportunities for creators and businesses to connect with their fans and monetize their content. Meta will now focus on areas where it can make an impact at scale, such as messaging and "monetisation opps" for Reels. The company will also continue to invest in fintech tools that people and businesses will need for the future, including streamlining payments with Meta Pay and investing in messaging payments across Meta.

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Meta started testing NFTs on Instagram in May 2021, with similar functionality expected to be rolled out on Facebook. In July of the same year, the company started testing support for NFTs on Facebook. In November 2021, Meta announced that it was testing the minting and selling of NFTs on Instagram.

Despite the company's decision to wind down NFT support, Kasriel stated that Meta is committed to supporting creators, people, and businesses on its apps.

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Meanwhile, Meta is reportedly planning to lay off even more workers as soon as this week and in the following months as well. The fresh round of job cuts will follow Meta’s November layoffs, which resulted in the culling of around 11,000 jobs, or about 13 per cent of the company’s workforce.

As per media reports, Meta’s fresh cuts will focus on the company’s recruiting division. Then, in April, Meta may lay off technical workers, followed by non-technical employees in May. Meta is yet to confirm the details.

Apart from the layoffs, Meta is also looking to reduce the leadership layers between CEO Mark Zuckerberg and interns. The company is also planning to invest in automation to help boost efficiency and also shutter projects and move resources away from some teams.