Meta disables non-fungible tokens (NFTs). Stefan Kasriel, Meta’s head of trading and financial technology, announced this on Twitter.
This sudden U-turn from Meta comes just 10 months after NFT launched on Facebook and Instagram. So questions arise as to why a major tech company is so quick to abandon NFT integration.
According to Kasriel, Meta is going to “focus on other ways to support creators and businesses.”
He said: “We will continue to invest in the financial technology tools that people and businesses will need in the future. We’re simplifying payments with Meta Pay, simplifying checkout and payouts, and investing in messaging through Meta.”
Judging by Kasriel’s comments, it seems like Meta Pay is a big priority for Meta right now. Indeed, last year Meta has applied for five trademarks for Meta Pay , with strong indications that it can integrate cryptocurrencies. At the moment, it is not known in which direction Meta will develop in relation to blockchain and cryptocurrency.
However, it’s safe to assume that Meta Pay will be Meta’s means of making payments in the company’s own virtual world or metauniverse.
A failed experiment
Meta is “winding down” its NFT functions, which means it is directing its attention and resources elsewhere. In fact, after the Meta Reality Labs division suffered huge losses last year, the company is making some necessary cuts. Part of these cuts will be NFTs and their partnership with the Flow blockchain.
Despite deploying NFTs in 100 different countries on Instagram, it looks like Meta is abandoning that ship. However, all is not lost for those creators who enjoy using the Meta platform. In fact, Kasriel insists that Meta will continue to create opportunities for creators to monetize their work.
Also, Meta will specifically switch to Reels for messaging and monetization.
Reels is a feature on both Facebook and Instagram that content creators, marketers, and influencers can use to publish content. What’s more, Reels are short video clips that creators can manipulate and edit, adding various effects for enhancement.