Meta’s fintech chief says firm is ‘winding down’ support for NFTs

Neither the author, Tim Fries, nor this website, The Tokenist, is providing financial advice. Please review our Site Policies before making financial decisions.

On Monday, March 13, Meta’s head of commerce and fintech, Stephane Kasriel, announced that his company would wind down its support for non-fungible tokens and focus on “supporting creators, individuals, and businesses in other ways.” The social media giant initially launched Crypto collectibles for Instagram users in May and for Facebook users in June.

Meta will ‘wind down’ support for NFTs

On Monday, Meta’s head of commerce and fintech, Stephane Kasriel, revealed that his firm had decided to “end” its support for non-fungible tokens. While Kasriel didn’t provide a reason behind the decision, he said the company is “focusing on other ways to support creators, individuals and businesses.”

Additionally, Meta’s executives thanked “partners who have joined us on this journey and are doing well in the dynamic space,” adding that the company looks forward to “supporting the many NFT creators who continue to use Instagram and Facebook to expand their work.” .”

Meta began exploring NFT integration in earnest in May 2022, when it launched Crypto collectibles to users on Instagram. Over the past year, there have been several updates between Facebook and Instagram, such as cross-platform availability. Additionally, the company did not say it would end support for Crypto collectibles by Monday.

While Meta is ‘Closing,’ Others Are Doubling down on Web3

Despite Meta’s recent decisions and the overall damage the industry has suffered throughout the “crypto winter,” many large companies are still showing enthusiasm for NFTs and web3 more broadly. Perhaps the biggest splash of 2023 came when it was announced in February that Amazon was working on an initiative centered around non-fungible tokens.

The program is expected to be officially launched in April and is considered a way to bring NFTs further into the mainstream. While Amazon’s plans may not come as a surprise, another big company’s foray into web3 may be even more surprising. In late January, Walmart also applied for a group of Crypto assets and web3-related trademarks.

It could also be a big year for web3 games. Last week, TSM, a major gaming organization with professional teams ranging from League of Legends to Fortnite to chess, announced that it has partnered with Avalanche to bring its competitive gaming app Blitz to the blockchain.

Why did Meta suddenly stop its NFT program? Let us know your thoughts in the comments below.

The post Meta’s Fintech Head Says Company Is “Winning Down” NFT Support appeared first on Tokenist.

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