According to a Tweet shared by Meta’s executive, the company will stop its support for NFTs on Facebook and Instagram and will develop other ways to support content creators.
Meta Put NFT Plans on the Shelf
A year after announcing its plans for the future, Meta, a major technology company, has put plans on the shelf to ‘allow users to share digital collectibles on Instagram and Facebook’. Stephane Kasriel, Meta’s head of commerce and financial services, said on Twitter that Meta would develop different methods to support creators, individuals, and businesses.
After Mark Zuckerberg announced at the South by Southwest conference in Austin last year that Non-Fungible Tokens would turn to a photo and video sharing app, Meta invested heavily in the development of digital collectibles, giving only a small number of creators access to features. But they never made these features widely available.
Meta’s Other Plans
To simplify the NFT sharing process, in August, Facebook and Instagram added cross-posting of Ethereum, Polygon, and Flow Non-fungible Tokens among their products. According to published reports, Meta will announce layoffs in various rounds over the coming months, equaling the same amount as the 13% reduction in its workforce last year.
What is Non-Fungible Token?
NFT means non-fungible tokens, which are generally created using the same type of programming used for cryptocurrencies. In simple terms, these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets. Like Bitcoin or Ethereum.
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