Meta, the parent company of social media giants Instagram and Facebook, has announced that it will stop integrating non-fungible tokens (NFT) on its platform.
On Monday, the head of trading and financial services at Meta, Stephane Kasriel, announced on Twitter the death will allow the firm to focus on other ways to motivate and support creators and businesses.
NFT Meta Winding Down Support To Switch Investments
The NFT Meta initiative did not start testing with selected Instagram producers and some Facebook users until May and June last year. Meta adds NFT support on Instagram for its creators 100 countries by July.
Some product news: across the company, we are looking closely at what is our priority to increase our focus. For now, we’re putting digital collections (NFT) away to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
NFTs have rapidly gained popularity in recent years, with digital artworks, collectibles, and other items selling for millions of dollars at online auctions.
The sudden surge in NFTs has been attributed to a combination of factors, including the rise of blockchain technology and growing interest in owning unique and unique digital assets.
Image: Depositphotos
Kasriel explained that Meta will not abandon its goal of helping creators connect with their followers, but instead focus on other communication and revenue tools, such as Reels.
Meta will also continue to collaborate with NFT and Web3 content creators who use the tool to help grow their communities.
Cost Reduction Measures
The Wall Street Journal reported there is that Meta is going to do an additional wave of layoffs in the next month. In November, Meta laid off 11,000 workers, or nearly 13% of its global workforce, marking the largest reduction in the company’s history.
The bear market and the pandemic have affected the tech industry as several major companies have announced layoffs in recent months. In addition to the pandemic, the bear market also led to a reduction in investment in technology, which led to a reduction in the workforce and increased layoffs.
The tech industry, once seen as a stable and lucrative career path, is now facing uncertainty as companies struggle to adapt to the current economic climate.
Crypto total market cap reclaims the $1 trillion mark on the daily chart | Chart: TradingView.com
Meta’s virtual reality arm, Reality Labs, is set to lose $13.7 billion by 2022. Excitement around NFTs has waned as Meta rides the storm.
After months of hype and rising prices, the frenzy around NFTs seems to be cooling down. The latest data shows that NFT sales have declined significantly since their peak earlier this year, indicating a shift in interest among buyers and collectors.
Experts attribute this decline to a number of factors, including a flooded market, recent changes, and concerns about environmental impact.
Even so, some enthusiasts remain optimistic that NFTs will continue to play an important role in the future of digital art and collectibles.
-Image shown is from Hygger