Meta to End Trial of NFTs on Instagram, Facebook
Meta’s involvement in digital items on Facebook and Instagram will come to an end. According to an article by The Verge, Meta will stop testing the minting and sale of non-fungible tokens (NFTs) on Instagram. Customers will no longer be able to distribute NFTs on Facebook and Instagram.
The organization will concentrate on “other methods to assist developers, individuals, and companies,” as per a tweet by the trade and financial technology director at Meta, Stephane Kasriel.
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Kasriel indicated in his discussion that Meta will concentrate on sections where it can have significant consequences at scale, such as communications and revenue generation on Reels and the enhancement of Meta Pay. In August 2022, Meta revealed NFT support for Instagram and Facebook. In recent years, Meta halted its Reels Play incentives for American-based Facebook and Instagram content creators.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.