Meta announced this week that they will be sunsetting digital collectibles (NFTs) on Instagram.
Related features across the platform will be disabled.
Commerce & FinTech lead at Meta, Stephane Kasriel, posted about the company’s plans on Monday, writing, “Some product news: 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.”
In a multi-tweet thread, Kasriel added, “Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we’re going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels.”
And he concluded, “And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta.”