Not Even a Year, NFT Says Goodbye to Instagram and Facebook

Meta reportedly laid off its job with NFT on Instagram and Facebook in less than a year. This was conveyed by the head of Meta commerce and fintech Stephane Kasriel through his Twitter account on Monday.

Meta’s spokesperson Joshua Gunter also said that with this decision Meta will end testing in the creation and sale of NFTs on Instagram and will no longer be able to share NFTs on Instagram and Facebook in the coming weeks.

Kasriel revealed that this decision was made after observing what should be prioritized to increase the company’s focus. The current digital collection shutdown (NFT) to focus on supporting creators, people, and businesses. One of them is with the monetization of Reels and the increase in Meta Pay which shows that the company wants to focus more on areas where the company can make an impact on a large scale.

Alongside the Reels Play bonus program, NFT integration appears to be a casualty of CEO Mark Zuckerberg’s push to make 2023 a year of efficiency.

Diem Cryptocurrency supported by Meta and the Novi Meta digital wallet have both closed in the past year. Now the most recent Reels Play and NFT bonus programs have followed suit for closure.

Nonetheless, as Meta exited NFTs, other companies soon entered the market which collapsed in 2022 and lost billions in value to the stratospheric hype of early 2021. In addition, Starbucks recently sold 2,000 $100 NFTs as part of its Odyssey customer loyalty program, and Sesame Street just announced a partnership with NFTs. Reddit also continues to push their NFT-based “digital collectibles” avatar.

Source: The Verge


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