Meta has announced that it will be scrapping its non-fungible token (NFT) feature across its social media platforms, Facebook and Instagram. The announcement came just under a year after the NFT feature was launched.
Stephane Kasriel, Meta’s head of commerce and financial technologies, tweeted the news on March 13th, stating that the company is focusing on other ways to support creators, people, and businesses. According to Kasriel, Meta is winding down digital collectibles (NFTs) for now, but the company is proud of the relationships it built with partners who joined them on the NFT journey. The company will continue to support NFT creators who use Instagram and Facebook to showcase their work.
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
The NFT product was relatively short-lived, with testing beginning in May 2022 with select United States-based creators on Instagram. It then expanded to Facebook in June of the same year and Instagram made NFT tools available to over 100 countries in July.
While the decision to scrap the NFT feature may come as a surprise to some, Meta’s decision to focus on other areas where it can make an impact at scale is consistent with the company’s mission to support creators and businesses. As Kasriel pointed out, Meta will be investing in fintech tools that people and businesses will need for the future, streamlining payments with Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta.
The announcement may come as a disappointment to some NFT creators who relied on Instagram and Facebook to showcase and sell their digital art. However, Meta’s decision to focus on other areas where it can make an impact at scale should be seen as a positive move, as the company continues to invest in and support creators and businesses in other ways.
Overall, Meta’s decision to scrap the NFT feature may be viewed as a strategic move to focus on other areas where the company can make a greater impact, and it will be interesting to see how the company’s investment in fintech tools and messaging payments across Meta will shape the future of social media and e-commerce.
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