Meta is “winding down” its NFT efforts on Facebook and Instagram.
In a Twitter thread, Meta commerce and fintech lead Stephane Kasriel details the company’s shift in focus as it explores other ways to support creators, users and businesses.
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
“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,” explains Kasriel.
This decision will mean the end of NFT-sharing on Instagram and Facebook, as well as NFT-minting and selling on Instagram.
Instead, Meta will focus on improving its monetization for content creators, investing in fintech tools and refining Meta Pay.
“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,” she added.
The tech giant started testing its NFT-supported app features on select Instagram content creators and Facebook users last May 2022. Soon after, they became available to Instagram users across 100 countries. The company is now moving on from the short-lived NFT venture and thanks those that utilized it.
“Proud of the relationships we built. And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work,” Kasriel wrote.
Meta’s decision to wind down on NFTs comes after a series of cost-cutting and new monetization efforts as Meta CEO Mark Zuckerberg dubs 2023 its “year of efficiency.”