Meta has recently declared that it will no longer provide support for non-fungible tokens (NFT) on its social media platforms, Facebook and Instagram.
This feature was introduced merely 10 months ago. According to Stephane Kasriel, the head of commercial and financial technology at Meta, the decision was made to concentrate on other ways to assist content creators, people, and businesses.
Kasriel stated, “We are continually and thoroughly assessing our priorities to enhance our efforts in specific areas. We are now discontinuing the use of digital collectible tokens to help our users in alternative ways.”
The Meta executive added that the company will continue to concentrate on methods of “interacting with its fans and monetizing content.”
A top priority will be the creation of payment tools and their integration into platforms, instant messaging apps, and the Reels short video service.
Additionally, Meta will continue to develop its payment service, Meta Pay, which may include support for cryptocurrencies in the future. It is important to recall that NFT testing began on Facebook and Instagram in May of last year.
By August, users from more than 100 countries had access to collectible tokens, and by November, Meta had launched tools for trading NFTs on Instagram.