- Meta Platforms Inc. is discontinuing support for digital collectibles or NFTs on its platforms, less than a year after introducing it.
- The decision to end NFTs on Instagram and Facebook comes as the crypto market faces a meltdown.
- Meta’s fintech head, Stephane Kasriel, tweeted that the company will focus on other ways to support creators, people, and businesses.
- Meta introduced support for creators to share NFTs last year when the crypto asset had soared in popularity, with sales of NFTs reaching billions of dollars.
- The decision follows a drop in the crypto market, worsened by the failure of major exchange FTX and the collapse of three US banks.
- Meta will continue to invest in fintech tools such as Meta Pay, making checkout and payouts easier, and messaging payments across Meta.
- The company will also focus on bringing more avenues for creators on the platform, with a priority on messaging and monetization opportunities for Reels.
Meta bids farewell to NFTs on Facebook, Instagram amid crypto slump
