Meta Is Winding Down Its NFT Project Very Soon After Launch

Bhushan Akolkar
March 14, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

After working on the non-fungible tokens (NFTs) project for more than 18 months, Facebook parent Meta (NASDAQ: META) has announced its shutdown.

Stephane Kasriel, who’s leading Commerce and FinTech at Meta made the announcement earlier today. He stated that the company is looking to prioritize what they should focus on at the moment, and NFTs are not a part of it. In his Twitter thread, Kasriel noted:

“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.”

It was just last September that the company rolled out a feature allowing creators on Facebook and Instagram, to share NFTs. This support was available to creators from more than 100 countries. Thus, the winding down of the NFT project comes in a very short period of time for a giant like Meta.

However, Kasriel added that they will continue to support “the many NFT creators who continue using Instagram and Facebook to amplify their work”.

Meta Shifts Focus to FinTech from NFTs

It looks like the Facebook parent is now shifting its focus from NFTs towards other FinTech products like MetaPay. This will allow creators to earn money directly on Meta platforms, such as the popular tipping feature dubbed gifts. Meta executive Kasriel stated:

“We’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta”.

The Facebook-parent has had a pretty rough phase over the last year with several layoffs and the company struggles to cut costs while making its Metaverse dream a reality. Its AR and VR products division – Reality Labs – lost a staggering $13.7 billion last year. In November 2022, Meta laid off nearly 13% of its workforce, or a staggering 11,000 people.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.