Less than a year after introducing support for non-fungible tokens (NFTs) on its platforms, Meta Platforms Inc. is discontinuing it as the cryptocurrency market continues to spiral.
In order to concentrate on other methods to support creators, individuals, and businesses, they are winding down digital collectibles (NFTs) for the time being, the social media company’s head of fintech, Stephane Kasriel, tweeted on Monday.
Last year, when the speculative crypto asset had skyrocketed in popularity and sales of cartoon apes to video clips had reached billions of dollars, the business rolled out tools for creators to distribute NFTs on Instagram and Facebook.
Yet late in 2022, when major exchange FTX abruptly filed for bankruptcy, the value of bitcoin and other tokens dropped.
The failure of three U.S. banks, including two that had a cryptocurrency focus, last week made the situation worse.
Kasriel stated, In the fintech technologies that consumers and businesses will require in the future, they will keep investing. They are investing in messaging payments across Meta and streamlining payments with Meta Pay, making checkout and payouts easier.