{"id":4790,"date":"2023-03-14T09:59:45","date_gmt":"2023-03-14T09:59:45","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/14\/meta-says-no-more-nfts-nft-news-today\/"},"modified":"2023-03-14T09:59:45","modified_gmt":"2023-03-14T09:59:45","slug":"meta-says-no-more-nfts-nft-news-today","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/14\/meta-says-no-more-nfts-nft-news-today\/","title":{"rendered":"Meta Says No More NFTs – NFT News Today"},"content":{"rendered":"

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After launching its NFT feature in May 2022, Meta will no longer feature NFTs on Facebook and Instagram.<\/strong><\/em><\/p>\n

Meta is pulling the plug on non-fungible tokens (NFTs). The news was delivered by Stephane Kasriel, Meta\u2019s head of commerce and financial technologies, via Twitter.<\/p>\n

This sudden u-turn by Meta comes only 10 months after the launch of NFTs on Facebook and Instagram<\/a>. Therefore, questions are being raised as to why the big tech company is abandoning its NFT integration so soon.\u00a0<\/p>\n

According to Kasriel, Meta are going to \u201cfocus on other ways to support creators, and businesses\u201d.<\/p>\n

He said: \u201cWe\u2019ll continue investing in fintech tools that people and businesses will need for the future. We\u2019re streamlining payments w\/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta.\u201d<\/p>\n

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Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We\u2019re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. \ud83e\uddf5[1\/5]<\/p>\n

\u2014 Stephane Kasriel (@skasriel) March 13, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Meta Pay<\/strong><\/h2>\n

Judging from Kasriel\u2019s comments, it appears that Meta Pay is a significant priority now for Meta. Indeed, Meta previously filed five trademarks for Meta Pay <\/a>last year, with a strong indication that it could integrate cryptocurrencies.\u00a0Currently, it is uncertain what direction Meta is taking with regards to the blockchain and crypto.<\/p>\n

However, it\u2019s safe to assume that Meta Pay will be Meta\u2019s vehicle for payment in the company\u2019s own virtual world or metaverse.<\/p>\n

Failed experiment<\/strong><\/h2>\n

Meta is \u201cwinding down\u201d its NFT features, which means that it is turning its attention and resources elsewhere. In fact, following huge losses for Meta\u2019s Reality Labs<\/a> division last year, the company is making a few necessary cutbacks.\u00a0Part of those cutbacks will be NFTs and its partnership with Flow blockchain.<\/p>\n

Despite rolling out NFTs in 100 different countries on Instagram, it appears that Meta is now abandoning this ship. However, all is not lost for those creators who enjoy using Meta\u2019s platform<\/a>. In fact, Kasriel insists that Meta will continue creating opportunities for creators to monetize their work.\u00a0<\/p>\n

Moreover, Meta will specifically be switching its focus to Reels for messaging and monetization.\u00a0<\/p>\n

Reels is a feature on both Facebook and Instagram, that content creators, marketers and influencers can utilize to publish content. What is more, Reels are short form videos that creators can manipulate and edit, adding various effects for enhancement.\u00a0<\/p>\n

We will keep you in the know as more Meta news comes in.<\/p>\n<\/div>\n