Meta is Scaling Down Support for NFT. On Tuesday, Stephane Kasriel, Meta’s head of commerce and finance technologies, tweeted: “We’re looking closely at what we prioritize across the organization to strengthen our focus. For the time being, we are discontinuing digital collectibles (NFTs) to focus on other methods to promote creators, individuals, and businesses.”

Kasriel announcement

“We’re proud of the relationships we’ve created. And we look forward to continuing to support the numerous NFT creators who use Instagram and Facebook to promote their work.” He said the company is “continually building to serve creators, individuals, and companies on our apps, both now and in the metaverse.” According to Kasriel, the company’s objective is to provide creators and businesses opportunities to engage with and monetize their audience. Meta will concentrate on areas where it can have a large influence, such as messaging and social media “Monetisation Opportunities” for Reels.”

In addition, we will continue to invest in fintech technologies that individuals and businesses will require in the future. We’re using Meta Pay to streamline payments, make checkouts and payouts easier, and invest in messaging payments across Meta, “He went on to say. Meta CEO Mark Zuckerberg revealed in May last year that the business is testing NFTs on Instagram, with “similar capabilities” coming shortly to Facebook. Later that month, the company launched a test to support NFTs on Facebook. Meanwhile, Meta stated in November that it is trying minting and selling NFTs on Instagram.