Meta scraps NFTs on Instagram and Facebook; searches for “alternative methods to back creators”

Meta will start removing digital collectibles in Instagram y Facebookboth their sale and the ability to share them, since the company intends to focus on “other ways to support creators.”

The company led by Mark Zuckerberg began testing non-fungible token (NFT) collections with certain Facebook and Instagram users in May of last year. Subsequently, in August, the parent company of both social networks made available to all users the possibility of publish and share your non-fungible tokens.

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In this way, Meta intended “help make the NFT space more inclusive for all communities”, as he stated, since allowed users to connect their digital wallets both Facebook and Instagram to share your digital collectibles on both social networks.

Now, after this period, the leader of Commerce and FinTech of Meta, Stephane Kasriel, has announced that “for now” Meta is removing digital collectibles on Instagram and Facebook to focus on “other ways to support creators, individuals and businesses”, as he has expressed through a Twitter post.

As reported, this change is due to the fact that goal isporing over” your priorities for “increase your focus”. In this sense, Kasriel has stressed that creating opportunities for creators and companies “connect with your fans and monetize” remains “a priority”.

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For this reason, he has emphasized that Meta will continue to focus on the areas in which it can have a “large-scale impact”, referring to the fields of messaging and monetization opportunities for the ‘reels’ -short videos in vertical format-.

Following this line, Stephane Kasriel has also shared that the parent company of Instagram and Facebook will continue to invest in ‘fintech’ tools, that is, financial technologythat the companiesthey will need in the future”.

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Thus, he has reported that the company is “simplifying” the payment process with Meta Payand investing in courier payments through Meta.