NFT Decision From Meta

Meta, the parent company of Instagram and Facebook, is shelving the NFT project that was introduced in May last year.

Meta announced last year that it started testing NFT sharing and connecting digital wallets to Meta apps with a select group of US users. It was then planned to expand the NFT project to include all users. Finally, Meta Commerce and Fintech President Stephane Kasriel announced on Twitter that they will be reducing NFT support to focus on different ways to support developers, users and businesses. Kasriel said that in this context, the company will focus on creating new avenues for content creators and businesses, especially messaging and revenue generation opportunities for Reels.

With this development, it seems that Meta has not been able to continue its second project related to the crypto sector. As it is known, the company’s crypto money project, which was first introduced as Libra and then changed to Diem, was subject to regulatory pressure and was eventually terminated in July last year.

This decision by Meta was attributed to the declining interest in NFTs. That being the case, Meta’s view that the user base might not be able to adequately adopt NFTs is thought to have been instrumental in shelving the project. On the other hand, Meta recently laid off approximately 11,000 employees. Meta CEO Mark Zuckerberg said in a statement about the layoffs that the company has an ambitious vision like Metaverse and stated that they decided to shift their focus to high priority growth areas.