It looks like Meta is taking a step back on its words of support for NFTsfollowing a recent string of tweets from the company’s Head of Commerce and Financial Technologies, Stephane Kasriel.
Kasriel alerts its consumers in a tweet that states that Meta is “winding down” its support of NFTs on its Facebook and Instagram platforms. This comes just less than a year after Meta has pushed to adopt “digital collectibles” and after Mark Zuckerberg called 2023 the “year of efficiency”. The note step away from NFTs is unsurprising after Zuckerberg announced in the 2022 earnings call that the company has suffered major net losses, indicating that his metaverse-obsessed direction may not be a promising one.
In a thread on Twitter, Kasriel said, “We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.” He update also said, “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.” The company will now shift its focus to “monetization apps for Reels” as well as “messaging payments across Meta.” While Kasriel has noted the new direction, he did not explicitly state why Meta is reversing its course on NFTs. In the past, Zuckerberg has been fully supportive of the company’s metaverse plans, hoping to take them into the future.
