Tech major Meta is scrapping its non-fungible token (NFT) feature on its social media platforms Facebook and Instagram less than a year after its launch.
Stephane Kasriel, Meta’s head of business and fintech, tweeted the news on March 13, saying that Meta is “ending” its support for NFTs as it wants to “focus on other ways to support creators, people and businesses.”
Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. For now, we’re canceling digital collectibles (NFTs) to focus on other ways to support creators, people and businesses. [1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Kasriel added that the company is still prioritizing ways for users to “connect with their fans and monetize,” and will focus on things like building payment bars on its platform and through messaging apps and monetizing Reels, the company’s short-form video tool.
The product was relatively short-lived, as testing began in May 2022 with select United States creators on Instagram. before it spread on Facebook that June. It expanded again in July when Instagram made NFT tools available to more than 100 countries.
This is a developing story and more information will be added as it becomes available.