NFT: Meta ends support for Instagram and Facebook

NFT: Meta ends support for Instagram and Facebook

Meta is ending its support for the NFT at Facebook e Instagram less than a year after his push.

The update comes as the social network has laid off thousands of workers and shut down numerous projects amid what Mark Zuckerberg has described as the company’s “year of efficiency.”

No more NFT

Stephane Kasriel, director of Trade and Financial Technologies at Metashared this change through his Twitter account.

“We are removing digital collectibles (NFT) for now to focus on other ways to support creators, people and businesses. We learned a lot that we will be able to apply to the products we continue to develop to support creators, people and businesses in our applications, both today and in the metaverse,” he says.

He also added that, instead, the company would focus on “monetization opportunities for Reels” and “messaging payments on Meta“.

Is it over?

The update comes almost exactly one year after Zuckerberg took the stage at SXSW to announce that. Instagram was working on compatibility with NFTwhich debuted last May.

Goal is completing several efforts related to NFT and cryptocurrencies. The NFT are digital files that are minted on the blockchain, the technology behind cryptocurrencies, to give them a unique characteristic on the internet. Their use has supporters and opponents and it is believed that they can be used in a sort of pyramid scheme or as a

Meta also shut down its crypto wallet, Novi, which was once rumored to have support NFT on its roadmap. The company has also cut projects with its metaverse division, Reality Labs, and its program that paid bonuses to the creators of Reels.

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Daniel Chapman