Meta is ending NFT support on Instagram and Facebook as crypto market issues continue
Meta Platforms Inc is ending support for digital collectibles, or non-fungible tokens (NFTs), on its platform less than a year after its launch as the crypto market continues to spiral.
“We are ending digital collectibles (NFT) for the time being to focus on other ways to support content creators, people and businesses,” Stephane Kasriel, the social media fintech executive, tweeted on Monday.
The company rolled out support for creators to share NFT files on Instagram and Facebook last year, after the speculative crypto medium had exploded in popularity, with billions of dollars in sales of cartoon monkeys as videos.
But Bitcoin and other tokens took a hit in late 2022 when major exchange FTX went into sudden bankruptcy.
The recession was exacerbated last week by the collapse of three US banks, two of which were focused on crypto surveillance.
“We continue to invest in fintech tools that people and companies will need in the future. We’re streamlining payments with Meta Pay, making checkout and payments easier, and investing in message payments in Meta,” said Kasriel.
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