Meta Winding Down Support for NFTs on Facebook, Instagram

A NOSOTROS. tech giant Meta is giving up on operations with non-fungible tokens (NFT) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year.

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Meta Platforms Cutting Off Support for Non-Fungible Tokens

California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram to which it introduced NFT less than a year ago.

Meta provided the option to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales reaching billions of U.S. dolares, Reuters noted in a report. Sin embargo, crypto markets were hurt by the bankruptcy of major players like the FTX exchange, later in 2022.

The move regarding NFTs, part of the tech giant’s decision to adjust its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta. Los lunes, he tweeted:

Kasriel assured that the firm will continue supporting NFT creators using Instagram and Facebook in other areas and emphasized that creating opportunities for them to connect with fans and monetize remains a priority.

“And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,” he elaborated.

The end of the NFT support comes after last year when Meta’s Novi digital wallet was shut down, and the assets of the Meta-backed cryptocurrency project Diem were sold to Silvergate Capital, the parent company of Silvergate Bank. The latter is one of three U.S. bancos, two of them crypto-focused, the recent colapsar of which affected the situation in the crypto market as well.

Etiquetas en esta historia
Creadores, Cripto, activos criptográficos, industria criptográfica, Criptomercados, crypto space, CRIPTOMONEDAS, criptomoneda, Digital Collectibles, Facebook, Instagram, Meta, nft, NFT, Fichas no fungibles, Platforms, Medios de comunicación social, apoyo, fichas

Do you think other major tech companies will also wind down their crypto-related operations? Comparta sus pensamientos sobre el tema en la sección de comentarios a continuación..

lubomir tassev

Lubomir Tassev es un periodista de Europa del Este experto en tecnología al que le gusta la cita de Hitchens.: “Ser escritor es lo que soy, en lugar de lo que hago”. Además de cripto, cadena de bloques y fintech, la política internacional y la economía son otras dos fuentes de inspiración.




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