Meta will be “winding down” its work with NFTs on Facebook and Instagram.
The announcement was made by Meta’s commerce and fintech lead Stephane Kasriel said in a Twitter thread. According to the Verge, Meta will end its tests of minting and selling NFTs on Instagram as well as the ability to share NFTs on Instagram and Facebook in the coming weeks.
“Across the company, we’re looking closely at what we prioritize to increase our focus,” Kasriel said.
“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.”
The popularity of NFTs has been dwindling despite hitting a high of $25 billion in 2021.
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