Meta to End Support for NFTs on Facebook and Instagram
• Meta will no longer support nonfungible tokens (NFTs) on its social media platforms.
• The company introduced the NFT feature roughly a year ago, but has decided to focus on other ways to support creators, people, and businesses.
• Meta will continue to work with NFT and web3 content creators who take advantage of its various tools to help them grow their community.
Background
Meta introduced its NFT feature on May 10, 2022. By August, the social media giant had expanded the NFT feature to capture 100 countries in the Americas, Asia-Pacific, Middle-East, and Africa. By September, Meta introduced a new feature that allowed users on both Facebook and Instagram apps to share and cross-post their digital collectibles.
Announcement
Stephane Kasriel, Meta’s head of commerce and financial services, announced on Monday that the social media giant is ending its support for nonfungible tokens (NFTs) on its social media platforms. He said; „A big Thank You to the partners who joined us on this journey and who are doing great work in a dynamic space. Proud of the relationships we built. And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.“
Focus Going Forward
Despite winding down support for NFTs, Kasriel said Meta continues to pursue various ways it can help creators connect with their fans. The social media giant will focus on other products such as Reels for messaging and monetisation. Meta added that it would continue to work with NFT and web3 content creators who take advantage of its various tools to help them grow their community.
Conclusion
Meta’s decision comes as no surprise given how quickly trends change in technology. Despite ending support for NFTs, Meta continues to find ways it can help creators connect with their fans through other products such as Reels for messaging and monetization purposes