Meta's Head of Commerce & Financial Technologies, Stephane Kasriel, announced in a Twitter thread that the company is winding down support for NFTs on Instagram and Facebook for the time being. As a result, users will no longer be able to share, mint, or sell their digital tokens on Meta's platforms.
The company began testing NFTs with select Instagram creators last May and some Facebook users in June. By July, the feature was already available in 100 countries. According to Kasriel, Meta will now focus on other ways to support content creators, people, and businesses.
In a comment to TechCrunch, a company spokesperson said that Meta is shifting its investments away from NFTs to products such as Meta Pay, as well as other tools that allow creators to earn money directly on Meta's platforms. The company is also testing new ways for creators to make money, such as monetization for Reels.
That said, Meta will continue to keep an eye on the cryptocurrency sphere for the long term, the company said.