Meta Platforms Inc, the American technology giant, has decided to abandon its Non-Fungible Token (NFT) program on Facebook and Instagram. This move is due to the company’s decision to focus on other areas that can better support creators. Despite the widespread acceptance of the launch of these NFT features by the crypto community, Meta Platforms announced its decision to stop the push just a year after the NFTs integration drive began.
This sudden move is one of the major obstacles the company is facing in its metaverse pursuits, following the losses it generated from the unit handling the transition to the new world in the past few quarters. Meta Platforms remains one of the significant Web2.0 giants that can help drive awareness into the Web3.0 world.
Although the company did not state whether it would come back to NFTs in the near future, this setback is a significant development for the industry. However, it is not the end of NFTs as a whole.