Giant Social Media Company Suspends NFT Plans!

Cryptocurrency negatives in the market NFT affected the industry. social media company Meta’s Stephane Kasriel, head of commerce and financial technologies, announced that they have decided to abandon the search for NFT while setting the priorities of Meta.

Social Media Company Meta Announces Plans to Stop Working on NFTs

“Across the company, we’re taking a close look at what we prioritize to increase our focus,” Kasriel wrote on Twitter.

“We’re ending digital collections (NFTs) for now to focus on other ways to support creators, people 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

Meta has previously said that NFTs can help expand the creator economy. Instagram announced plans for a Polygon-powered NFT marketplace in November.

“It’s still early for the NFT market compared to where we think it’s going,” Kasriel said in a November blog post.

“By making NFTs easy to use natively on Instagram, we’re opening up new ways for the billions of people who use our apps to connect and support their favorite creators. This unlocks even more economic opportunities.”

Generating opportunities for creators and businesses to connect with and monetize their user base remains a priority, while the company will focus on areas where it can make a big impact.

Kasriel points to product lines like “Messaging and monetization opportunities for reels.”

Kasriel added that Meta will continue to support “the many NFT creators who continue to use Instagram and Facebook to grow their work.”

“With Meta Pay, we make payments easy, streamline payment and payment transactions, and invest in messaging payments across Meta,” he concluded.

*Not investment advice.