{"id":18736,"date":"2023-03-15T07:55:20","date_gmt":"2023-03-15T07:55:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/meta-winding-down-support-for-nfts-on-facebook-instagram-bitcoin-news\/"},"modified":"2023-03-15T07:55:20","modified_gmt":"2023-03-15T07:55:20","slug":"meta-winding-down-support-for-nfts-on-facebook-instagram-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/meta-winding-down-support-for-nfts-on-facebook-instagram-bitcoin-news\/","title":{"rendered":"Meta Winding Down Support for NFTs on Facebook, Instagram \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year. <\/strong><\/p>\n

Meta Platforms Cutting Off Support for Non-Fungible Tokens<\/h2>\n

California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram to which it introduced NFTs<\/a> less than a year ago.<\/p>\n

Meta provided the option to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales reaching billions of U.S. dollars, Reuters noted in a report. However, crypto markets were hurt by the bankruptcy of major players like the FTX exchange, later in 2022.<\/p>\n

The move regarding NFTs, part of the tech giant\u2019s decision to adjust its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta. On Monday, he tweeted:<\/p>\n

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Some product news: across the company, we\u2019re looking closely at what we prioritize to increase our focus. We\u2019re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. \ud83e\uddf5[1\/5]<\/p>\n

\u2014 Stephane Kasriel (@skasriel) March 13, 2023<\/a><\/p>\n<\/blockquote>\n

Kasriel assured that the firm will continue supporting NFT creators using Instagram and Facebook in other areas and emphasized that creating opportunities for them to connect with fans and monetize remains a priority.<\/p>\n

\u201cAnd we\u2019ll continue investing in fintech tools that people and businesses will need for the future. We\u2019re streamlining payments w\/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,\u201d he elaborated.<\/p>\n

The end of the NFT support comes after last year when Meta\u2019s Novi digital wallet was shut down, and the assets of the Meta-backed cryptocurrency project Diem were sold<\/a> to Silvergate Capital, the parent company of Silvergate Bank. The latter is one of three U.S. banks, two of them crypto-focused, the recent collapse<\/a> of which affected the situation in the crypto market as well.<\/p>\n

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Creators<\/a>, Crypto<\/a>, crypto assets<\/a>, crypto industry<\/a>, Crypto markets<\/a>, crypto space<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Digital Collectibles<\/a>, Facebook<\/a>, Instagram<\/a>, Meta<\/a>, nft<\/a>, NFTs<\/a>, Non-fungible tokens<\/a>, Platforms<\/a>, Social Media<\/a>, support<\/a>, Tokens<\/a><\/div>\n<\/div>\n

Do you think other major tech companies will also wind down their crypto-related operations? Share your thoughts on the subject in the comments section below. <\/em><\/strong><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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