Meta winds down support for NFTs on Instagram & Facebook

Stephane Kasriel, Head of Commerce & FinTech at Meta, said that the company is winding down NFTs. First: a big Thank You to the partners who joined us on this journey and who're doing great work in a dynamic space,” Kasriel tweeted. “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.”

Kasriel also said that “creating opportunities for creators and businesses to connect with their fans and monetize remains a priority” and that they are going to focus on products such as Reels. However, Meta will continue to work with NFT and Web3 content creators.

In May 2022, the company began testing its Digital Collectibles feature to allow users to showcase their NFTs. In Nov. 2022, Meta allowed a few content creators from the US to mint and sell NFTs on the Polygon blockchain from its platforms.