Less than a year after adding NFT support to Facebook and Instagram, the Meta group announces that it is suspending its projects to refocus on other activities.
Bad news for NFT fans, one of the most powerful companies on the planet just let them down. Meta, which has been offering to buy and trade NFTs in Facebook and Instagram since May 2022, announces through the voice of Stephane Kasriel, its Fintech manager, that it has made the decision to refocus its efforts on other activities. A blow for NFTs, for which enthusiasm seems to be at its lowest.
« A few product updates: We’re conducting analysis across the company to identify where to focus. We’re ending NFTs for now, to focus on other ways to support creators, individuals, and businesses “, he said.
Meta was an ideal candidate for the explosion of NFTs
For several years, Meta has been one of the web giants most interested in blockchain. After trying to launch its own cryptocurrency (Libra, now Diem) and its own digital wallet (Calibra, now Novi), Meta was finally forced to abandon all its projects in 2022, in the face of opposition from authorities in all countries. Support for NFTs in Facebook and Instagram, which should have allowed it to ride the trend to diversify its income, did not take hold. Some imagined NFTs becoming commonplace in the metaverse, it now seems unlikely to see Meta return to them in the coming months.
Why drop NFTs now? Given the schedule, it is likely that NFTs will be collateral victims of the departure plans announced by Mark Zuckerberg, who wants to make 2023 “a year of efficiency”. Other secondary activities could be affected, without calling into question Meta’s interest in the blockchain. The development of a new decentralized social network, to compete with Twitter, is proof that Mark Zuckerberg still believes in the potential of technology.
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