Meta Platforms, the parent company of Instagram and Facebook, is winding down its integration of non-fungible tokens (NFT) on its platforms.
Stephane Kasriel, Meta’s head of commerce and financial services, wrote in a Twitter thread on Monday that the shutdown will allow the company “to focus on other ways to support creators, people and businesses.”
“A big thank you to the partners who joined us on this journey and who're doing great work in a dynamic space,” Kasriel tweeted. “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.”
Kasriel specified that Meta won’t give up on its mission to help creators connect with their fans, and will pivot focus on other products such as Reels for messaging and monetization. Meta will also continue to work with NFT and Web3 content creators who leverage its suite of tools to help them grow their community.
Meta began testing its Digital Collectibles feature in May 2022, allowing select platform users to display their NFTs. The company opened up support for the feature in September, and by November it allowed a small group of U.S. creators to mint and sell NFTs on the Polygon blockchain directly from its platforms. While the feature gained some traction, it appears Meta is shifting its strategy to explore other areas, including decentralized social media platforms.
On Friday, The Wall Street Journal reported Meta is planning multiple rounds of layoffs in the coming months. People familiar with the matter told WSJ the company was also expected to “shut down some projects and teams.”
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