Meta Corporation, the parent company of Facebook, has just announced it intends to stop developing projects related to non fungible tokens (NFTs).
Stephane Kasriel, head of commerce and fintech at the company, has said:
"[...] across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses."
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The company, along with Polygon, announced the launch of a marketplace for NFTs in November last year. Meta stated then that collectible tokens can help creators make money and build their own economy.
According to Kasriel, for the time being the corporation will focus on the development of the Instagram social network, and in particular on the monetization of Reels.
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He has added:
"We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta."
Kasriel has added that Meta will continue to support "the many NFT creators who continue using Instagram and Facebook to amplify their work."