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Meta Ends NFT Support On Instagram And Facebook

The decision to phase out digital tokens from social media was made by Mark Zuckerberg’s company in order to focus on other ways to support content creators and their audiences.

The Head of Commerce and Fintech Stefan Kasriel announced that Meta is disabling NFT both on Instagram and on Facebook. According to him, the released funds will be directed to other ways to support content creators and businesses.

We carefully evaluate our priorities in order to step up efforts in certain areas. We are phasing out digital tokens (NFTs) at this time to focus on other ways to support content creators, users and businesses,” Kasriel said.

Kasriel stressed that the company will continue to pay great attention to ways to monetize content on its sites, in particular  we are talking about the development of the Meta Pay service, which may soon support cryptocurrencies. In addition, the emergence of monetization within Reels is not ruled out to allow creators to earn money on their short videos. As Mashable notes, Mark Zuckerberg’s company has been “unlucky” with crypto projects so far – for example, the Libra cryptocurrency was rejected by regulators, and the Novi crypto wallet project was closed a year after its launch.

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