Meta Shuts Down Non-Fungible Token Support on Facebook and Instagram

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U.S company Meta has decided to stop its dealings with the non-fungible tokens (NFTs). Last year, this tech giant offered people the chance to share virtual collectibles on their popular social media networks.

Meta Shifts Focus Away From Digital Collectibles in Response to Market Changes

Meta, a tech company based in California, is stopping the usage of digital collectibles on their websites. This company owns two well-known social networks – Facebook and Instagram – where they introduced NFTs (These are special types of digital products) less than one year ago.

Meta introduced a new way for people to trade a type of digital thing called non-fungible tokens. These have become very popular, with some trades being worth billions of dollars! However, some big companies that kept these tokens went bankrupt in 2022, which had an effect on the crypto markets.

An important announcement was made on Monday by Stephane Kasriel, who is the guy in charge of Commerce and Financial Technologies at Meta. He said on Twitter, that they are going to adjust all of their priorities so that they become more productive. As part of this decision, they will be stopping with NFTs – digital collectibles – for now. Part of this move is to focus more on supporting people and businesses.

Kasriel said that the company will keep helping NFT creators use Instagram and Facebook. The main goal is to give them a chance to talk with their fans and make money.

He also added that they are working hard on creating new digital finance tools for people and businesses. Such as making payments easier and launching messaging payments through Meta Pay.

Last year, the Meta digital wallet got closed and the Crypto project called Diem had to sell its assets to Silvergate Capital. That company is owned by Silvergate Bank, one of three US banks that used to be focused on Cryptocurrency. The closing of these banks caused changes in the Crypto market.

Do you think big tech companies will stop dealing with crypto-related stuff? Let us know what you think in the comments.

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