After more than a year of research and experimentation, the tech giant, Goal, he will not continue with his NFT project. The social media factory has decided to take non-fungible tokens offline from its Facebook and Instagram platforms. The announcement was made by Stephane Kasriel, Meta’s head of trading and financial technologies. In a series of tweets posted on March 13, Kasriel notes that Meta was “liquidation of digital collectibles (NFT)” from Instagram and Facebook “to focus on other ways to support creators, people and businesses.”
Some product news: Across the company, we’re taking a hard look at what we prioritize to increase our focus. We’re phasing out NFTs for now to focus on other ways to support creators, individuals, and businesses. 🧵[1/5]
—Stephane Kasriel (@skasriel) March 13, 2023
Meta’s year-long NFT experiment
News of Meta’s interest in NFTs emerged in late 2021 amid growing interest in the technology. Instagram then began rolling out NFT support in May 2022, before the same functionality was expanded to Facebook a month later. Initially, the feature was only available to a select number of creators. Then, in August, Instagram made its NFT tools available in more than 100 countries, before adding a “end-to-end toolkit” which allowed Instagram users to mint and trade NFTs. However, it seems that the experiment has not given the desired results.
Despite dropping NFT support on both Instagram and Facebook, Meta aims to prioritize finding ways that users can “connect with their fans and monetize (content)”. However, the news also coincides with a period of great turmoil for the once-unstoppable social media empire, which has also announced that it will reduce its workforce by another 10,000 employees. This comes just 4 months after initially laying off 11,000 members in November.
The news of the liquidation has not been well received within the NFT community. An NFT artist by the name of Dave Krugman has been critical of the decision, qualifying the entire Meta approach as “myopic” before indicating the company “Give up before it started.”
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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