Meta Ends NFT Support on Instagram and Facebook

Meta Ends NFT Support on Instagram and Facebook

Meta has decided to stop supporting NFT on its social networks Facebook and Instagram. This was announced by the head of commerce and financial technologies Meta Stephane Kasriel.

NFT support was added to the Meta social networks six months ago. At the end of August 2022, the company announced the introduction of digital tokens on Facebook and Instagram, since then users have been able to upload tokens to both social networks by connecting a crypto wallet to an account in either of them. To integrate NFT, Mark Zuckerberg’s company used the Polygon blockchain.

According to Kasriel, the decision to end support for NFT was made to focus on other technologies that allow content creators to monetize content and connect with their audience.

“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.” Kasriel said.

Now the company’s priorities are the creation and implementation of payment instruments on its platform, in the messenger and the Reels short video service. According to Kasriel, Meta will also continue to develop the Meta Pay payment service.

    Newsletter | Every weekday

    Smart Central News Weekly Briefing

    Only top industry news of the week in your inbox