Logo
News

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!

Think Your Professional Journey
Deserves A Spot In Our 40 Under 40 Report?

Featured Blogs

News

Apple Announces Its "Today At Apple" Session With Wu-Tang Clan's RZA

4 min read  

Today at Apple, the educational program that the company launched last year will be having Wu-Tang Clan frontman RZA for its upcoming session. The company announced that it will be organizing a ‘Music Lab’ session for the music enthusiasts at its Union Square location in San Francisco. T

News

Best Hacks To Optimize App Server Performance

4 min read  

Once your app loading time is over two seconds, beware! You may already start to lose valuable clients.There are many alternatives accessible today. Hence, the shoppers don't bother to be patient. Therefore, if your application takes a longer loading time, clients are indeed not waiting. Cli

News

Zoho CEO and others compare AI to nuclear weapons, millions of jobs at risk

4 min read  

According to an open letter by Sridhar Vembu, CEO of Zoho, Dr. Rajiv Kumar, Chairman of Pahle India Foundation, and Sharad Sharma, Co-founder of iSPIRT Foundation, the rapid development and proliferation of AI tools such as ChatGPT, Google's Bard, Microsoft's Bing Chat, MidJourney, Dall-E, a

News

WhatsApp Crosses 1.5 Billion Users And Oversees 60 Billion Messages Daily

4 min read  

Facebook's bet on WhatsApp worth $19 billion in 2014 is turning out to be the best decision that the platform has ever taken. In the Q4, earnings call Facebook CEO, Mark Zuckerberg announced the latest achievement of the Facebook-owned chatting app. According to the reports the chatting app now

Featured Interviews

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MobileAppDaily had a word with Coyote Jackson, Director of Product Management, PubNub. We spoke to him about his journey in the global Data Stream Network and real-time infrastructure-as-a-service company. Learn more about him.

MAD Team 4 min read  
Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MobileAppDaily had a word with Laetitia Gazel Anthoine, Founder and CEO, Connecthings. We spoke to her about her idea behind Connecthings and thoughts about the company’s services.

MAD Team 4 min read  
Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MobileAppDaily had a word with Gregg Temperley, Founder. We spoke to him about his idea behind such an excellent app and his whole journey during the development process.

MAD Team 4 min read  
Interview

Interview With George Deglin, CEO Of OneSignal

MobileAppDaily had a word with George Deglin, the CEO and co-founder of OneSignal, a leading customer messaging and engagement solution, we learn multiple facets related to customer engagement, personalization, and the future of mobile marketing.

MAD Team 4 min read  
MAD Originals
MAD Originals

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

Get the latest mashup of the App Industry Exclusively Inboxed

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