Meta Suddenly Stopping NFT Support On Facebook And Instagram
- The parent company of Facebook and Instagram suddenly announced that they would stop supporting NFT after only half a year of providing this feature.
- The reason is to focus on better-supporting content creators, users, and businesses.
- Meta will return to products like Reels or Meta Pay to increase engagement and generate more revenue.
In the context of constantly suffering losses from Metaverse development policies, the parent company of Facebook and Instagram suddenly announced that it would stop supporting NFT after half a year of providing this feature.
Specifically, as revealed by Mr. Stephane Kasriel, Director of Commerce and Financial Services of Meta, the company has decided to stop pursuing NTF to focus on ways to support content creators and users. and better business.
“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.”He said.
The company said it would continue to invest in the fintech tools that people and businesses will need in the future. Billionaire Mark Zuckerberg’s company is also streamlining payments with Meta Pay, making payments and payouts easier, and investing in Meta messaging payments.
Meta has been testing the integration of NFT into its social networks since early 2022, mimicking Twitter’s move. By the end of the third quarter and the beginning of the fourth quarter, billionaire Mark Zuckerberg’s company gradually expanded the ability to share NFT and set it as a profile picture on Facebook and Instagram through a partnership with Polygon.
The parent company of Facebook and Instagram in late 2022 has encountered many difficulties because the metaverse’s development direction needs to be corrected. According to the financial report for 2022, the company lost up to $14 billion for the metaverse alone and had to cut up to 11,000 jobs globally. Its stock value also plummeted in the early part of 2022.
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