Meta ends support for NFTs amid criticism

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Meta ends support for NFTs amid criticism

Meta has decided to quit support for NFTs across Instagram and Facebook less than a year after it began rolling out features supporting digital collectibles.

Meta's commerce and finance lead, Stephane Kasriel, broke the news via Twitter on Monday. He said the firm will redirect its resources to other products, such as Meta Pay.

He told the New York Times that he is winding down digital collectibles for now to focus on other ways to support creators, people, and businesses.

Meta is proud of the relationships it has built in the non-fungibles industry, Kasriel said, adding that the firm looks forward to supporting NFT creators that use Instagram and Facebook to amplify their work.

NFT creators criticized the firm for discontinuing support for NFTs.

In May 2022, Meta first announced that a select group of U.S.-based Instagram creators could share Ethereum and Polygon-based NFT collections on the platform. The feature was made available to all Instagram and Facebook users in 100 countries in September.

In November, Instagram released a toolkit allowing users to create and sell NFTs on the platform.

The move comes as Meta looks to restructure and become leaner. In November, Meta laid off 11,000 workers, 13% of its staff.