Meta plans to end support for NFTs on Facebook and Instagram, less than a year after jumping on the digital asset bandwagon.
The move was announced on Monday by Meta Commerce and fintech Stefan Kasrel.
“Across the company, we’re looking closely at what we’re prioritizing to further our focus,” Cassrill Books in a tweet. “We’re winding down digital collectibles (NFTs) right now to focus on other ways to support creators, individuals, and businesses.”
Some product news: Across the company, we’re looking closely at what we’re prioritizing to further our focus. We’re winding down digital collectibles (NFTs) right now to focus on other ways to support creators, individuals, and businesses. 
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– Stefan Kasriel (@skasriel) March 13, 2023
that NFT, or Non-Fungible TokenIt is a blockchain-based technology used to determine ownership of unique digital or physical items such as art, music, or even a tweet. NFTs are starting to pop up everywhere in 2021, with some NFTs even coming out Hundreds of thousands or even Millions of dollars.
NFTs can be part of a collection or stand alone pieces of art. It can cost hundreds of thousands of dollars to buy a single NFT from popular groups Likes Monkey Yacht Club Boredom And cryptopunkswhile sales of the rarer NFTs can run into the millions.
NFTs got early support from crypto investors, and have become Status symbols of famous and wealthy people with cryptocurrency. But interest has waned in recent months as the cryptocurrency sector has taken a beating.
Instagram Testing of NFTs began last May, allowing a few artists and collectors in the US to share NFTs on the social media platform. In August, Meta CEO Mark Zuckerberg announced that Instagram would do so Expanded support for NFTs to over 100 countries.
Although Meta is pausing its focus on NFTs, the company still plans to work on integrating its technology offering with the financial industry.
“We will continue to invest in fintech tools that people and businesses will need in the future. We are simplifying payments with Meta Pay, making checkout and payment easier, and investing in messaging payments via Meta,” Kasrill wrote.
A Meta representative could not immediately comment on when it expects to end support for NFTs.
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