Meta is “winding down” its work with NFTs on Facebook and Instagram, Meta-commerce and fintech leader Stephane Kasriel said in a Twitter thread Monday. The decision means that Meta will end its testing of NFTs being minted and sold on Instagram and the ability to share NFTs on Instagram and Facebook in the coming weeks, Meta spokesperson Joshua Gunter confirmed in an email to The edge.
“Across the company, we’re looking closely at what we’re prioritizing to increase our focus,” said Kasriel. “We are phasing out Digital Collectibles (NFTs) for now to focus on other ways to support creators, people and businesses.” Instead, it’s business to focus on “areas where we can make an impact at scale” such as messaging and monetization on Reels and about improving Meta Pay.
Update March 13, 6:09 PM ET: Added information from a Meta spokesperson.
