Meta will terminate its support for NFT, and will support NFT creators in other ways in the future

According to PANews on March 14, Stephane Kasriel, director of Meta Business and Financial Services, tweeted, “We will stop supporting NFT and focus on supporting creators and businesses in other ways. Helping creators and businesses connect with fans remains is our top priority, and we will focus on areas that can have a large-scale impact, such as Reels’ communication functions and monetization opportunities. Meta will continue to support NFT creators using Instagram and Facebook, and will continue to invest in the needs of individuals and businesses in the future Fintech tools. We are simplifying payments with Meta Pay, making checkout and payments easier, and we will be rolling out SMS payments.” Meta has previously stated that NFTs help expand the creator economy. Instagram announced plans for a Polygon-powered NFT marketplace last November. In a blog post last November, Kasriel stated, “Compared to where we think it is going, the NFT market is still in its early stages. By supporting the use of NFT on Instagram, we have opened up new ways for billions of users to connect and support their favorite creators, which in turn unlocks even more opportunities.” On Friday, The Wall Street Journal reported that Meta planned multiple rounds of layoffs in the coming months. The company is also expected to “shut down some projects and teams,” the people said.