Meta Ends Support for NFTs on Facebook, Instagram

• Meta is ceasing operations with non-fungible tokens (NFTs) on its leading social media platforms like Facebook and Instagram.
• The decision came amidst the growing turbulence in the crypto market, such as the bankruptcy of major players like FTX exchange.
• Stephane Kasriel, head of Commerce and Financial Technologies at Meta, assured that they will continue to invest in fintech tools that people and businesses need for the future.

Meta Winding Down Support for NFTs

U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year, but has now decided to focus on other areas and streamline payments systems instead.

Platforms Cutting Off Support for Non-Fungible Tokens

California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. This move was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta. He assured that the firm will continue supporting NFT creators using Instagram and Facebook in other areas but emphasized that creating opportunities for them to connect with fans and monetize remains a priority.

Recent Collapse Affected Crypto Market

The end of the NFT support comes after last year when Meta’s Novi digital wallet was shut down, and Diem’s assets were sold to Silvergate Capital – parent company of Silvergate Bank – one of three U.S banks, two of them crypto-focused which recently collapsed affecting the situation in the crypto market as well.

Focus On Other Ways To Support Creators

Kasriel tweeted: “We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses“. He also added that they would continue investing in fintech tools that people and businesses will need for the future such as streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta services.

Major Tech Companies Winding Down NFT Services?

It remains unclear whether other major tech companies will follow suit by winding down their own NFT services or if this decision only affects Meta’s platforms so far.