Big Tech Meta is removing its non-fungible token (NFT) feature on its social media platforms Facebook and Instagram just under a year after launch.
Stephane Kasriel, Meta’s head of trading and fintech, tweeted the news on March 13, saying that Meta is “winding down” its NFT support as it wants 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
Kasriel added that the company is still prioritizing the ways users “connect with their fans and monetize” and will focus on building pay-rails on its platform and through its messaging apps and monetizing Reels, the video tool for company short form.
The product was relatively short-lived, testing beginning in May 2022 with select US creators on Instagram before expanding to Facebook in June. It expanded again in July when Instagram made NFT tools available to more than 100 countries.
This is a developing story, and more information will be added as it becomes available.
