Meta to Discontinue NFTs on Platform Amid Crypto Bust
Meta Platforms Inc is cutting support for digital collectibles or non-fungible tokens (NFTs) on its platform less than a year after introducing it, as the crypto market continues to spiral.
“We are discontinuing digital collectibles (NFTs) for now to focus on other ways to support creators, people and businesses,” Stephen Kasriel, the social media firm’s head of fintech, tweeted on Monday.
The company launched support for creators to share NFTs on Instagram and Facebook last year, at a time when the speculative crypto asset exploded in popularity, with cartoon app sales reaching billions of dollars with video clips.
But bitcoin and other tokens are about to crash in late 2022 after the sudden bankruptcy of major exchange FTX.
The fall was made worse by the collapse of three US banks last week, two of which were crypto-focused.
“We will continue to invest in the fintech tools people and businesses will need for the future. We’re streamlining payments with Meta Pay, making it easy to checkout and pay, and investing in messaging payments across Meta,” said Kasriel.