• Meta has announced plans to stop support for NFTs on Facebook and Instagram.
• As part of this decision, Meta is planning layoffs in the coming months.
• This closure will enable the business to focus on other ways to support creators.
Meta To End Support For NFTs
Meta has announced its intention to stop supporting Non-Fungible Tokens (NFTs) on its platforms, including Facebook and Instagram. Stephane Kasriel, head of commerce and financial services at Meta, shared the news via Twitter on Monday that the company is focusing their efforts elsewhere in order to better support creators, people, and businesses.
Layoffs Are Imminent
As a result of halting plans for NFTs on their platforms, Meta will be making layoffs in upcoming months. This follows Mark Zuckerberg’s statement at South by Southwest last year that NFTs would soon be available on Instagram and Facebook; however, only a small number of creators were given access before the pause was announced.
Cross-Posting Of Ethereum & Polygon NFTs
Meta had previously enabled cross-posting of Ethereum, Polygon, and Flow NFTs between their Facebook and Instagram products back in August 2020 in an effort to simplify the sharing process for users. Nevertheless, with this announcement from Stephane Kasriel it appears that even these measures were not enough to keep up with demand or competition from other companies offering similar services.
Further Layoffs Expected
Reports indicate that further layoffs are expected from Meta as they look into what should be prioritized within their company moving forward. These layoffs are estimated to match those implemented during a 13% reduction of staff last year.
In conclusion, while we will no longer see digital collectibles being shared through Instagram or Facebook due to Meta’s decision to halt such plans; it can be assumed that these changes have been made in order for them to focus more energy onto other features which could benefit both creators and businesses alike.