Meta winding down support for NFTs

The company owns social media networks Facebook and Instagram to which it introduced NFTs less than a year ago

U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid continuing turmoil in the crypto sector. The firm permitted creators to share digital collectibles on its leading social networking platforms in 2022.

California-based technology behemoth Meta is winding down support for digital collectibles on its platforms. The firm owns social media platforms Facebook and Instagram to which it introduced non-fungible tokens less than a year ago.

Meta provided the option to share non-fungible tokens amid the rising popularity of this type of digital asset, with sales hitting billions of U.S. dollars, Reuters noted in a report. Though, crypto markets were hit by the bankruptcy of leading players such as the FTX exchange, later in 2022.

The move with regard to non-fungible tokens, part of the tech conglomerate’s decision to modify its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta.

Kasriel assured that the company will continue supporting non-fungible token creators using Instagram and Facebook in other areas and stressed that creating opportunities for them to connect with fans and monetize continues to be a priority.

And we will continue investing in fintech tools that people and businesses will need for the future. We are streamlining payments with Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta, Kasriel explained.

The end of the non-fungible token support comes after last year when Meta’s Novi digital wallet was closed down, and the assets of the Meta-backed crypto currency project Diem were sold to Silvergate Capital, the parent firm of Silvergate Bank. The latter is one of three U.S. banks, two of them crypto-focused, the recent collapse of which impacted the circumstances in the crypto market as well.