Is it cost-cutting or the end of the line for Meta and its metaverse dreams? Before it has even truly begun, Meta has announced that it will end its NFT tools on Instagram and Facebook. The revelation, made by Meta commerce and fintech lead Stephane Kasriel, comes as a surprise given Facebook’s pivot to Meta in recognition of its new focus on the metaverse. On 13 March 2023, Stephane Kasriel revealed that Meta was moving its focus from NFTs to other areas of focus where the company can make an impact. For now, at least, Meta is “winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses,” moving focus to other monetization opportunities like Meta Pay and Reels. Meta rolled out NFT sales for Instagram creators in November 2022, so its quick retraction and change of direction won’t do much to inspire confidence in the social media giant’s other metaverse and Web3 plans. What’s Next for Meta, Crypto, and the Metaverse? Meta’s move has caught the crypto world by surprise. While the initial rollout of NFTs on Instagram and Facebook was limited, it aligned with Meta’s long-term vision of leading the world
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Meta Drops NFT Support on Instagram and Facebook After Short Trial – MakeUseOf
