Meta, formerly known as Facebook, has announced that it will no longer support NFTs, effective April 11. This decision comes after Meta launched NFTs on Instagram a few months ago to facilitate NFT adoption. However, the company will no longer test the minting and selling of NFTs on its platforms or the ability to share NFTs on Meta.
In a tweet, Stephane Kasriel, Meta’s commerce and fintech lead, stated that the company is winding down digital collectibles to focus on supporting people, creators, and businesses. Meta will instead concentrate on areas where it can make a significant impact, such as improving monetization on Reels, messaging, and Meta Pay.
Although the current NFTs on Instagram will remain active until April 11, Meta has alerted users to the change, which is also reflected on its help center. Additionally, Meta will no longer be associated with third-party digital wallets. As per its Privacy Policy and Digital Collectible Terms of Use, the company will start deleting digital collection data in its system, including wallet addresses.
This move by Meta to withdraw support for NFTs comes as a surprise to many, given the company’s efforts to facilitate NFT adoption in recent months. The decision to discontinue testing on selling and minting NFTs on its platforms may have been influenced by the company’s focus on other areas where it can impact people, creators, and businesses at scale.
Despite the withdrawal of support for NFTs, Meta continues to focus on developing other features to enhance the user experience on its platforms. Users can look forward to improvements in monetization on Reels, messaging, and Meta Pay in the coming months.
