- Meta is halting support for NFTs on Instagram to focus more on NFT creators
- Meta will continue investing in fintech tools for the future and messaging payments
- The social media giant is moving away from NFTs less than a year after launching the feature on Instagram and Facebook
Social media giant Meta has revealed that it’s pausing support for its NFT Instagram initiative less than a year after announcing the project. Meta said that it’s not entirely abandoning digital collectibles as it’ll focus more on creators and continue investing in the metaverse. Meta’s fintech head Stephane Kasriel noted that the lessons learnt when supporting NFTs on the company’s social media platforms will help in charting the next way forward for people and businesses across the Meta ecosystem.
Halting Support but not Abandoning NFTs
In a Twitter thread, Kasriel said that the move came after a review of what matters most “across the company.” According to the Meta executive, the company isn’t completely abandoning the collectibles space as it’ll continue looking for the most productive ways to support participants in the space, such as how creators engage with their audiences including monetization options.
Some product news: across the company, 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. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Kasriel disclosed that part of the new efforts will revolve around developing payment gateways on its social media and messaging apps. The executive hinted at expanding the reach of Meta Pay, the company’s payment platform that may in the future handle crypto transactions.
It’s a Short-sighted Move
However, some in the crypto community criticized Meta’s decision saying it was “a short-sighted move” since digital collectibles are a critical link between creators and their fans. The critics added that the move washes away the trust gained “over the past year” and artists will move “further away.”
And “winding down for now” is just wild. The trust earned over the past year is now squandered, pushing artists even further away
— Dave💧💧💧 (@dave_krugman) March 13, 2023
Meta’s metaverse ambitions are not bearing fruit with the undertaking leading to a $13.7 billion loss in 2022. The ambitions are also facing criticism from U.S senators who have asked Mark Zuckerberg to block teenagers from accessing Horizon Worlds.
With Meta halting NFT support on Instagram and Facebook, it’s not clear whether it’s preparing to make some adjustments to its metaverse plans.
