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Meta is ending its work on NFTs on Facebook and Instagram, Meta commerce and fintech lead Stephane Kasriel said in a Twitter thread.
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The decision means that Meta will stop testing the minting and selling of NFTs on Instagram, and the ability to share NFTs on Instagram and Facebook.
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The company is focusing on areas where they can make an impact at scale, such as messaging and monetization on Reels, and on improving Meta Pay.
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The NFT integrations seem to be one casualty of CEO Mark Zuckerberg’s drive to make 2023 the “year of efficiency”.
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Other companies such as Reddit and Starbucks continue to promote and sell NFTs.
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The market for NFTs collapsed in 2022 and lost billions in value after massive hype in early 2021.
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The end of NFTs on Meta follows the shutdowns of the Meta-backed cryptocurrency Diem and Meta’s Novi digital wallet last year.
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Meta is looking closely at what they prioritize to increase their focus.
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The winding down of NFTs is part of Meta's strategy to increase efficiency.