Meta Abandons NFTs on Instagram and Facebook, Shifts Focus to Creator Monetization

Meta to sunset its NFT and digital collectibles features on Instagram and Facebook to focus on other ways to support creators and businesses.

Meta winds down support for NFTs on Instagram and Facebook

Meta, the parent company of Facebook, Whatsapp & Instagram, has announced that it will be winding down support for NFTs and digital collectibles on its platforms. 

According to Stephane Kasriel, Meta's head of commerce and financial technologies, the decision was made in order to shift investments towards products like Meta Pay, as well as features that enable creators to earn money directly on Meta platforms. The move comes less than a year after Meta expanded NFT support on Instagram for creators in 100 countries. 

While the decision may come as a surprise to some, it's worth noting that Meta has been cutting costs across the company as it works towards making its metaverse dreams a reality. Reality Labs, the division of Meta that works on AR and VR products, lost $13.7 billion last year, and the company laid off 11,000 employees, or about 13% of its global workforce, in November. 

Despite the decision to wind down NFT support, Meta has assured users that it will continue to keep an eye on crypto for the long term. In the meantime, the company will focus on areas where it can make an impact at scale, such as messaging and monetization opportunities for Reels. 

As always, Meta remains committed to creating opportunities for creators and businesses to connect with their fans and monetize their content. Stay tuned for more updates on the future of NFTs on Meta's platforms.

Manish <span>Content Strategist</span>
Written By
Manish Content Strategist

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.

Elon Musk Unveils Ambitious Plan for Tesla's Sustainable Energy Economy at Investor Day 2023

4 min read  

Tesla's Investor Day 2023 held in Austin, Texas unveiled CEO Elon Musk's vision for the company's future, which he called Master Plan part 3. The plan aims to establish a sustainable energy economy by developing 240 terraWatt hours (TWH) of energy storage and 30 TWH of renewable


Livestock App Breedr Secures £2.2M In Funding

2 min read  

Breedr, a livestock app has successfully bagged £2.2 million in a new seed round of funding. The Investment round was infused by LocalGlobe, a London-based venture capital firm. The funding also included an Innovate UK grant of £236,000.The other participants in the funding were from


You May Soon Get New 'Explore' Tab On YouTube

4 min read  

YouTube looks to be quite active from the last couple of months in offering better experiences to the viewers. Last week only, Susan Wojcicki, YouTube CEO pledged to enrich the user experience with new tests and experiments. Riding on the same lines, YouTube has come up with a new update as the &lsq


'Gmail Go' App: Google's Latest Addition To Android Go Phones

4 min read  

Gmail Go is Google’s latest addition to the series of “Go” apps for Android. As known prominently, these applications have similar functionalities as their original counterparts but include a slimmed down version if compared to the latter. It seems Google is penetrating every possi

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • BOTH
Join our expansive network, build connections and expand your brand presence.