In a thread posted on Twitter Stephane Kasriel, Meta’s commercial manager, has announced that Facebook and Instagram have decided to leave behind their projects focused on NFTs.
About a year ago Meta drank the winds for the NFTs. The non-fungible tokens were, after all, perfectly aligned with the enthusiasm of the parent of Facebook and Instagram for the metaverse to which it entrusted its own future (and to which it now seeks much less coddling).
The furious arrival of artificial intelligence on the scene has, however, forced a change of priorities within Metawhich after announcing in May of last year that it would embrace NFTs, has now decided to disown them.
In a thread posted on Twitter Stephane Kasriel, commercial head of the group led by Mark Zuckerberg, has announced that Meta has decided to leave behind its projects focused on NFTs.
Non-fungible tokens initially hatched to offer an alternative route of income to the creators of Facebook and Instagram through the sale of works of a digital nature.
On Instagram, the NFTs landed in May of last year and in June they also landed on Facebook, although with some limitations. Nevertheless, Only select creators from 100 different countries had access to this functionality.
Facebook and Instagram will concentrate their efforts on different projects of the NFTs
According to Kasriel, Meta is currently looking closely at which projects it prioritizes in order to “increase focus”. And since NFTs have ceased to be a priority on Facebook and Instagram, the company has decided to suspend this project (which also does not seem to have any signs of being recovered in the future).
From now on Meta will concentrate on the development of commercial tools such as the payment system Meta Pay. The Facebook and Instagram matrix will also leverage the focus on projects likely to have a large-scale impact such as the reels monetization and the messaging.
Interest in NFTs, which a year ago were on the crest of the wave, has waned considerably, which explains why Meta, currently involved in a severe restructuring planyou have made the determination to park them.
In November of last year, Meta announced the dismissal of 11,000 employees. and could soon destroy another 6,000 jobs.
