Meta will be winding down its work with digital collectibles on Facebook and Instagram.
A report by The Verge stated that Meta will halt its tests of minting and selling non-fungible tokens (NFTs) on Instagram. Users’ ability to share NFTs on Facebook and Instagram will also be discontinued.
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According to a Twitter thread by Meta commerce and fintech lead, Stephane Kasriel, the company will be focusing on “other ways to support creators, people, and businesses.”
Kasriel in his thread stated that Meta will focus on areas where it can make an impact at scale, including messaging and monetisation on Reels, and improving Meta Pay.
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Meta announced NFT support to Instagram and Facebook in August 2022.
Recently, Meta discontinued its Reels Play bonuses for Facebook and Instagram creators based in the US.