Meta Platforms is ending support for NFTs on Facebook and Instagram.
The latter platform began allowing select users to test NFT “digital collectible” posts in May 2022.
In August, Meta began allowing some U.S.-based users to post NFTs from their digital wallets to Facebook and Instagram.
- Users could connect a digital wallet, such as Rainbow and MetaMask, to either app and access NFTs from both platforms.
- It later unveiled plans that allowed creators to create and sell NFTs directly on Instagram.
- The company will now wind down the practice, according to Meta’s commerce and fintech lead, Stephane Kasriel.
- The shutdown will allow Meta "to focus on other ways to support creators, people, and businesses," he wrote on Twitter.
The update comes a day after CEO Mark Zuckerberg said the company plans to cut 10,000 employees, cancel lower priority projects, and flatten its organizations in what he has referred to as "the year of efficiency."
