Facebook And Instagram drifting from Crypto Segment Meta removing NFT Support

In the last few months, apprehensions regarding cryptocurrencies have increased. The main reason for this is the huge decline in this segment and the bankruptcy of many firms. There will be no support for Non-Fungible Tokens (NFT) on social media platforms Facebook and Instagram. Meta, which runs these platforms, has taken this decision.

Meta’s Head (Commerce and Financial Technologies), Stephane Kasriel gave this information by tweeting. He said that the company has learned a lot from this and it can be applied to products that are used on the company’s apps to support creators, people and businesses. However, he did not give the reason for ending support for NFT. He said the company will focus on monetization opportunities on Reels and messaging payments. NFTs are unique digital assets that use blockchain technology to verify ownership and authenticity. These can include digital content like art, music, videos and tweets.

Company head Mark Zuckerberg had announced NFT support on Instagram about two years ago. The meta was later reported to expand this and allow creators to create and sell digital collectibles. Zuckerberg had said that NFTs could contribute to the company’s plans related to the metaverse. For the last few months, Meta has started restructuring and under this many schemes have been discontinued. Thousands of workers will soon be laid off in Meta. Even a few months ago, the company had reduced its staff by more than 11,000 workers. The company has decided to retrench to meet its financial targets.

When contacted by Reuters on Bloomberg’s report, Meta declined to comment. Last month, the Washington Post newspaper reported that Meta was making layoffs as part of a restructuring plan. Zuckerberg told investors that the layoffs last year were the beginning of the company’s focus on efficiency and not the end.