Meta Ends Support for NFTs on Instagram and Facebook

Meta finally ends support for NFTs on Instagram and Facebook. Meta’s head of commerce and financial technologies Stephane Kasriel posted on Twitter that the company will sunset its NFT and digital collectables features on Instagram and Facebook. The company announced this feature in May for select Instagram users and in June for select Facebook users. By July, Meta expanded NFT support on Instagram for creators in 100 countries. Now, less than a year later, Meta is moving on from NFTs.

Meta Ends Support for NFTs on Instagram and Facebook

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A Meta spokesperson revealed that the company is shifting its investments away from NFTs toward products like Meta Pay. It will also invest in features that enable creators to earn money directly on Meta platforms, like gifts. The company also said it is testing ways for creators to earn ad revenue on Reels.

Meta has been cutting costs across the company as it scrambles to make its metaverse dreams a (virtual) reality. Reality Labs, the division of Meta that works on AR and VR products, lost $13.7 billion last year. In November, Meta also removed 11,000 employees or about 13% of its global workforce.

At the time, Meta’s interest in NFTs seemed like it could intersect with its plans for a virtual reality metaverse. CEO Mark Zuckerberg has said that he hoped users would one day be able to mint virtual clothing as NFTs, for example. Meta further revealed that the company will continue keeping an eye on crypto for the long term.

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