Stephane Kasriel, the head of Meta’s commerce and fintech division, stated in a Monday Twitter thread that the company’s partnership with NFTs on Facebook and Instagram is “winding down”.
In the next weeks, Meta will stop testing the ability to mint and sell NFTs on Instagram as well as share NFTs on Facebook and Instagram. The shift, according to Kasriel, is to concentrate on finding new methods to help individuals, organizations, and corporations.
“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,” Kasriel added.
The NFT integrations seem to be one of the victims of CEO Mark Zuckerberg’s quest to make 2023 the “year of efficiency,” along with the Reels Play bonus system. Nevertheless, their downfall corresponds with the shutdown of Meta’s Novi digital wallet and Diem, a cryptocurrency it had supported.
A market that crashed in 2022 and lost billions of dollars in worth after reaching stratospheric levels of excitement in early 2021 is being chased by other businesses despite Meta’s withdrawal from NFTs.
NFT avatars are still being promoted by Reddit as “digital treasures.” Under its Odyssey customer loyalty program, Starbucks recently sold out a collection of 2,000 $100 NFTs, and Sesame Street just announced an NFT partnership.
Compiled by Coinbold