BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Meta Ending Support for its NFT Programs on Facebook and Instagram Just 10 months After Launch

by BlockNews Team
March 15, 2023
in BUSINESS, MEDIA, NFT, SOCIAL
Reading Time: 3 mins read
A A
1
SHARES
22
VIEWS
Share on XShare in TelegramShare on Reddit
  • Meta is winding down its integration of NFTs on Instagram and Facebook to focus on other ways to support creators, people, and businesses.
  • The decision follows the company’s early enthusiasm for NFTs and its push into digital collectibles last year.
  • Despite Meta’s exit from NFTs, the market remains dynamic, and other companies are rushing in with new and exciting ideas.

Meta Platforms, the parent company of Instagram and Facebook, has announced that it is winding down its integration of non-fungible tokens (NFT) on its platforms. In a Twitter thread, Meta’s head of commerce and financial services, Stephane Kasriel, stated that the shutdown will allow the company “to focus on other ways to support creators, people, and businesses.” The decision means that Meta will end its tests of minting and selling NFTs on Instagram and the ability to share NFTs on Instagram and Facebook in the coming weeks.

This news follows Meta’s push into digital collectibles last year after Mark Zuckerberg, CEO of Meta, announced that NFTs would be coming to Instagram at the South by Southwest conference in Austin. However, the features were only made available to select creators and were never widely released.

In August, to make sharing NFTs easier, Meta added Ethereum, Polygon, and Flow NFT cross-posting between its Facebook and Instagram products. By November, Meta had also added the integration of a decentralized storage protocol, Arweave, to the platform.

Despite this early enthusiasm, Meta has now decided to wind down its support for NFTs, citing the need to focus on other areas that can make an impact at scale. In his Twitter thread, Kasriel explained that the company focuses on “monetization apps for Reels” and “messaging payments across Meta.”

Adapting to the Evolving Needs of Users and Creators

While the decision to wind down NFT integration on its platforms may surprise some, it highlights the importance of being adaptable and willing to pivot strategies when necessary. Meta’s decision to focus on other areas that can impact at scale, such as messaging and monetization on Reels, reflects the company’s commitment to meeting the evolving needs of its users and creators.

This decision is also one of many ambitious initiatives that have fallen flat in the last year for Meta. The company has also shuttered its crypto wallet, Novi, which was once rumored to have NFT support on its roadmap, and cut projects with its metaverse division, Reality Labs, and its program that paid bonuses to Reels creators.

Despite Meta’s exit from NFTs, other companies are rushing into the market. Reddit continues to promote its “digital collectible” avatars that are NFTs, Starbucks recently sold out a selection of 2,000 $100 NFTs in its Odyssey customer loyalty program, and Sesame Street just announced an NFT collaboration.

The decision to wind down NFT integration on its platforms also comes as Meta has laid off thousands of workers and shuttered numerous projects amid what Mark Zuckerberg has described as the company’s “year of efficiency.” Meta’s decision to wind down its integration of NFTs on its platforms reflects the company’s commitment to meeting the evolving needs of its users and creators

Tags: FacebookinstagramMetametaverseNFT
TweetShareShare
Previous Post

CoinMarketCap’s Bid to Purchase CoinDesk Still on Hold

Next Post

Epic Games Reports that Blockchain Games are Doing Well on Their Platform

DON'T MISS THESE! HOT OFF THE PRESS

Circle (CRCL) Rockets As House Pushes Forward on Crypto Legislation
BREAKING NEWS

Circle (CRCL) Rockets As House Pushes Forward on Crypto Legislation

July 16, 2025
SBI Lets You Buy Crypto with Credit Card Points — But There’s a Catch
BITCOIN

SBI Lets You Buy Crypto with Credit Card Points — But There’s a Catch

July 8, 2025
Bitcoin Bull and Twitter Co-Founder Jack Dorsey Spends Weekend Building “Bitchat” – A Mesh-Based Messaging App
CRYPTO

Bitcoin Bull and Twitter Co-Founder Jack Dorsey Spends Weekend Building “Bitchat” – A Mesh-Based Messaging App

July 8, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Coinbase Smashes Through All-Time Highs: Here is What This Means for Your Bags
CRYPTO

Coinbase Smashes Through All-Time Highs: Here is What This Means for Your Bags

June 26, 2025
Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify
BUSINESS

Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify

June 18, 2025
Load More

Related News

Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.