META says goodbye to NFTs

Facebook announces elimination of digital collectibles (NFTs) to focus on other forms of support for creators and businesses

NFTs & Metaverso March 14
News Mundocrypto

Stephane Kasriel, Facebook CFO, today announced in a statement the company's decision to phase out digital collectibles (NFTs) for now, to focus on other ways to support creators, individuals and businesses. "Across the company, we're taking a hard look at what we prioritize to increase our focus," Kasriel said on Twitter.

META has thanked the partners who joined them on this journey and continue to do great work in a dynamic space, highlighting the relationships built with them. Kasriel has also assured that Facebook will continue to support the many NFT creators who continue to use Instagram and Facebook to amplify their work.

The CEO has highlighted that META has learned a lot during this stage and that these learnings will be applied to the products they continue to develop to support creators, people and businesses both now and in the future, including the metaverse.

In their release, it was mentioned that they will continue to prioritize creating opportunities for creators and businesses to connect with their fans and monetize, and will focus on areas that have large-scale impact, such as messaging and monetization opportunities for Reels, as indicated by Kasriel.

Finally, Kasriel stressed that Facebook will continue to invest in fintech tools that people and businesses will need in the future. Facebook is simplifying payments with Meta Pay, making payment processing and payments easier, and investing in messaging payments through Meta.