Meta, the parent company to Facebook, has revealed plans to distance itself from the non-fungible token (NFT) features integrated into its best-performing social media platform. The head of commerce and Fintech unit at Meta, Stephane Kasriel, tweeted on March 13 that the company will avert from NFT-related projects associated with Facebook and Instagram.
This implies that Meta will halt the buying and selling of NFT collections on the Instagram platform. The team will also disable the NFT sharing feature on Facebook and Instagram.
Significance of NFTs on Social Media Platforms
Riding on Kasriel’s tweet, Meta plans to prioritize the execution of its core businesses, including developing strategies to support developers, investors and the industry. The tweet disclosed that Meta intends to pursue projects that will cement its position in the digital space.
The team will invest more in improving the messaging features. Additionally, the Meta team plans to develop strategies for creators to monetize on Reels and integrate emerging technologies on the Meta Pay platform.
In the meantime, Meta pledged to prioritize developing ways for creators to generate measurable amounts on the Reel platform. The team has agreed to invest in creating unique platforms that the artist can easily connect with the fans.
Elsewhere, Facebook’s chief executive, Mark Zuckerberg, stated on February 2 plans to make 2023 more efficient. In his statement, Zuckerberg revealed plans to reduce Meta’s operating cost, which has prompted the company to exit the NFT space.
Zuckerberg and his team plan to explore the metaverse space to create more opportunities for the Meta community.
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