Meta Plans to Remove NFT Integration from Its Platforms Due to Unpredictable Crypto Market within a Year of Launch
Facebook’s Meta Platforms has announced that it is winding down support for digital collectibles or non-fungible tokens (NFTs) on its platforms, less than a year after introducing the feature.
This decision is a result of the unstable crypto market, especially after the bankruptcy of major exchange FTX and the collapse of three US banks, two of which were crypto-focused.
The social media firm’s fintech head, Stephane Kasriel, tweeted that they will focus on other ways to support creators, people, and businesses, and will continue investing in fintech tools that people and businesses will need for the future.
Last year, Meta had added a host of new features to Instagram, including a tool to trade digital collectables to help content creators monetize their presence on the social media platform. Users could support creators by buying their NFTs directly within Instagram.
Meta is exploring a standalone decentralized social network for sharing text updates in direct competition with Elon Musk’s Twitter.
Key takeaways from the article:
– Meta Platforms is cutting off support for NFTs on its platforms due to the unstable crypto market.
– The company will focus on other ways to support creators, people, and businesses, and will continue investing in fintech tools.
– Last year, Meta added a tool to trade digital collectibles on Instagram to help content creators monetize their presence on the platform.
– Meta is exploring a decentralized social network for sharing text updates to compete with Elon Musk’s Twitter.