Stephane Kasriel, Meta’s head of Commerce and Financial Technologies, said March 13 that his company plans to retire the non-fungible token (NFT) feature.
Meta pursues fintech instead of NFTs
Castiel is twitter thread:
“At this time, we are scaling back our Digital Collectibles (NFTs) and focusing on other ways to support creators, people and businesses.”
Kasriel hinted that NFT functionality will no longer be available on Facebook and Instagram, and said Meta aims to support creators who continue to use those platforms.
He further said the company will offer users other ways to monetize their work. said it aims to provide opportunities for He emphasized that the company will “continue to invest in fintech tools.”
The decision to discontinue NFT support has drawn significant backlash as commenters have criticized the company’s brief and relatively short involvement in the NFT space.
Facebook’s Failed NFT Plan
Meta first hinted at NFT support in December 2021. We started rolling out the feature on Instagram in May and gradually expanded support over the following months. By September 2022, Meta allowed all US users to share his NFTs on Facebook and Instagram.
Additionally, in May 2022, Meta partnered with Polygon to begin work on the NFT platform.Its effort to allow users to create and sell NFTs was still in the testing stage at this time. November 2022, according to a report from Polygon itself. Today’s news probably means that the project has been or will be cancelled.
Expectations for NFT support also went hand in hand with Meta’s virtual reality (VR) and “Metaverse” efforts. However, these products did not end up using his NFTs for tradable items, and the company’s entire VR division suffered a heavy loss in his second half of 2022.
Facebook’s declining appetite for NFTs may be related to lower activity in the NFT market.According to data from DApp Radaran unrelated NFT platform, OpenSea, had just $750,000 in daily volume on March 13th.
Facebook’s main competitor, Twitter, continues to offer support for NFTs in the form of profile pictures (PFPs) and marketplace links.
