Meta Ends Support for NFTs on Instagram and Facebook

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.

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

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.

Meta Now Lets Users Share Their NFTs on Both Facebook and Instagram

In May, Meta announced that it would test the NFT sharing feature on a small number of users in the US. Now the company has officially introduced the option to all of its social media users from the United States.

Recorded News — Tech NewsBradley Rhodes

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.