Facebook and Instagram dropping NFT support

3 years ago 1

ARTICLE AD BOX

Meta Platforms is cutting non-fungible token (NFT) support on Facebook and Instagram, the company’s commerce and fintech lead Stephane Kasriel said on Twitter.

A company spokesperson told The Verge they would end tests of minting and selling NFTs on Instagram and the ability to share NFTs on Facebook and Instagram over the coming weeks.

“Across the company, we’re looking closely at what we prioritise to increase our focus,” Kasriel said.

“We’re winding down digital collectables (NFTs) for now to focus on other ways to support creators, people, and businesses.”

However, Meta will continue prioritising helping creators and businesses connect with their fans and monetise.

To do this, Kasriel said the company would “focus on areas where we can make impact at scale”. This includes aspects like messaging and monetisation on Reels and improving Meta Pay.

“We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,” Kasriel added.

In March 2022, Meta CEO Mark Zuckerberg confirmed that the company was adding NFT support to Instagram, including the ability to “mint” the tokens.

Facebook and Instagram received NFT support in August 2022, meaning users could link their digital wallets to post collectables on the platforms.