• Meta announced that it will no longer support NFTs on Instagram and Facebook.
• The company introduced the NFT feature roughly a year ago and had expanded to 100 countries.
• Meta said it would focus on other ways to support businesses and creators, including its Reels feature for messaging and monetisation.
Meta Ends Support For NFTs On Instagram And Facebook
Meta has announced that it will end support for nonfungible tokens (NFTs) on its social media platforms, Instagram and Facebook. Stephane Kasriel, Meta’s head of commerce and financial services, said the decision was prompted by the company’s desire to focus on other ways to support creators, people, and businesses.
Introduction Of NFT Feature
Meta introduced the NFT feature approximately a year ago on May 10th 2022 which quickly spread across 100 countries in the Americas, Asia-Pacific, Middle-East, and Africa. The platform provided users with an opportunity to share their digital collectibles across both Facebook and Instagram applications.
Focus On Other Products
Despite winding down support for NFTs, Stephane Kasriel said Meta continues to pursue various avenues that can help creators connect with their fans. The social media giant will now focus on other products such as Reels for messaging and monetisation. They also plan to continue working with web3 content creators who take advantage of their tools to help them grow their community.
Thank You To Partners
Kasriel expressed his gratitude towards all partners who joined them on this journey saying; “A big Thank You to the partners who joined us on this journey and who are doing great work in a dynamic space” . He also mentioned looking forward to supporting many NFT creators continuing using Instagram & Facebook apps for amplifying their work while they learned a ton from this experience which they’ll be able apply in future product developments aiming at helping business & people alike.
Meta’s integration of NFT may have come to an end but it is still continuing its mission of supporting businesses & people by focusing more efforts towards developing different products such as Reels etc.. In addition they plan t0 keep working with web3 content creators so they can benefit from all available resources & tools in order maximize outreach & success of their projects/services etc..