Meta has announced that it is winding down its NFT projects to focus on other areas of priorities. The decision cuts across its two platforms of Facebook and Instagram.
Meta’s head of commerce and fintech Stephane Kasriel in a tweet on Monday, said the company wants to focus more on how to support creators:
“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. A big Thank You to the partners who joined us on this journey, and who are doing great work in a dynamic space. Proud of the relationships we built. And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.”
Meta, however, will continue to develop new ways to help creators to connect with fans, and monetize their work. The focus will however, be on areas where Meta “can make an impact at scale,” including Reels and messaging.
Meta launched Instagram’s NFT display in the US back in May 2022—an option that allows users to showcase their NFTs within the Instagram feed, in Stories, or in DMs.
For those who have access to display their NFTs on Instagram, NFTs on Instagram will be shown with a digital collectibles tag, which, when tapped, will display information about the creator of the digital work, and the ownership of that digital item.
In August 2022, Instagram expanded its NFT support to more than 100 countries. The decision to expand to more regions came as a surprise at the time considering the decline in the popularity of NFTs at the time.
In May, Instagram confirmed that a group of creators will soon be able to display their NFTs on the platform. Meta CEO Mark Zuckerberg confirmed the news in a blog post at the time. The Meta CEO also announced that “similar functionality” was coming soon to Facebook.
Instagram head Adam Mosseri provided a little more insight into what to expect with the launch of NFT on the platform. In a short video clip, Mosseri said a small group of US users will the ability to display NFTs on their feed, stories, and in messages.
NFT details are displayed in similar way to tagged profiles and products and are named “digital collectibles.” When you click on the tag, you will see details like the name of the creator and owner.
