Social media giant Meta, formerly known as Facebook, has announced that it will sunset its NFT and digital collectibles features on Instagram and Facebook. The company had started testing the features last May with select Instagram creators, expanding NFT support to creators in 100 countries by July. However, less than a year later, Meta is moving on from NFTs to focus on other products and features that support creators, people and businesses.
Stephane Kasriel, Meta’s head of commerce and financial technologies, wrote on Twitter that “We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people and businesses”. A Meta spokesperson confirmed that the company is shifting its investments towards other products such as Meta Pay, features that enable creators to earn money directly on Meta platforms like gifts and testing ways for creators to earn ad revenue on Reels.
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“Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority and we’re going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels”, Kasriel wrote.
Meta has been cutting costs across the company as it struggles to make its metaverse dreams a reality. The company’s division, Reality Labs, which works on AR and VR products, lost $13.7 billion last year. In November, Meta laid off 11,000 employees, marking the largest cuts in company history.