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!

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.

Featured Success Stories

News

Netflix Decides Not To Pay ‘Apple Tax’ Anymore

2 min read  

Netflix iOS app has currently ditched the ability for new users to use iTunes billing as a payment method across all global markets. The change occurs four months after Netflix was seen testing a bypass of iTunes billing across many markets worldwide.The current subscribers who use iTunes billin

News

Now, Instagram Feed Posts Can be Shared As Stories

4 min read  

The social media apps have evolved with the time and offer features that make the user to scroll through the feeds whole day. The story is such a feature that helped the social media apps to attract more users with higher engagement. Facebook has also implemented the story feature to its app and the

News

Google Give Keys of Android Automotive OS to Third Party Mobile App Developers

4 min read  

Recently, Google announced that media app developers will be allowed to build new music and other entertainment apps to infotainment systems as Google opens up Android Automotive OS to third-party media app developers.The dashboard-centric version of its mobile platform will be launched first on

News

Amazon’s Alexa Whisper Mode Is Out And It’s Amazing

2 min read  

Alexa Whisper Mode is finally here. After teasing the audience with a secret new feature in Seattle last month, Amazon has rolled out the so-called ‘Whisper Mode.' In the same event, the American electronic commerce and cloud computing company exhibited how the new feature would respond on

Featured Success Interview

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MAD Team 4 min read  

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.

Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MAD Team 4 min read  

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.

Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MAD Team 4 min read  

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.

App Development

How to Implement Artificial Intelligence and Machine Learning in an Existing App?

MAD Team 11 min read  

AI is for decision making, and ML makes the system to learn new things from data.

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.