Meta to roll back NFTs

Meta Platforms Inc., the parent company of Facebook and Instagram, has announced that it will cease support for digital collectibles or non-fungible tokens (NFTs) on its platforms due to the ongoing cryptocurrency market slump. The social media giant’s fintech head, Stephane Kasriel, tweeted that the company would wind down support for NFTs in order to focus on other ways to support creators, people, and businesses.

Last year, Meta Platforms had rolled out support for creators to share NFTs on Instagram and Facebook, when the speculative crypto asset had skyrocketed in popularity. Sales of cartoon apes and video clips using NFTs had reached billions of dollars, but the bitcoin and other tokens took a hit in late 2022 after the major exchange FTX crashed into sudden bankruptcy.

The downfall of cryptocurrency was worsened by the collapse of three US banks last week, two of which were focused on crypto. However, Meta Platforms will continue to invest in fintech tools that people and businesses will need for the future. The company will streamline payments through Meta Pay, make checkout and payouts easier, and invest in messaging payments across Meta.

Meta Platforms has been expanding its focus on fintech as it seeks to diversify its revenue sources. The company aims to support creators and small businesses by enabling them to conduct transactions through its platform. Despite the move to cease support for NFTs, it is expected that Meta Platforms will continue to explore opportunities in the blockchain and crypto space.