There are some major changes taking place in the world of Meta as the company announced today that it’s ending all of its NFT projects on both Facebook and Instagram.
The decision was a bold one but it’s being taken as the company opts to realign itself and shift resources in places it deems to be a priority.
The news was confirmed today by the tech giant’s head of commerce. She said that the winding process for such projects has already begun so there would be no more digital collectible initiatives taking place.
The goal is to provide more support for creators, firms, and people. But the firm is very grateful to all of its partners who opted to take part in this journey and are doing some great things in other dynamic spaces in the company.
Meta says it’s so proud of all of its collaborations on this front and the company looks forward to sending out more support to NFT creators that continue to resort to Meta’s app for work amplification purposes.
But Meta is not losing all hope in this domain just it. The company is still trying to curate other programs by which creators can connect with their fans and make more revenue along the way. The only difference now is a greater emphasis on making scaled impacts such as through messages and Reels.
We first heard about the company venturing into the world of NFT in April of 2022. There was a lot of hype on this front and so many big named projects took the center stage including Cryptopunks. But just 30 days later, we saw Meta introduce a Live test through the Instagram app with the help of a bunch of selective US-based creators and NFT collectors.
During that period, Meta really spoke about the great potential that creators would have for monetization via digital goods. This is also when CEO Mark Zuckerberg opted to step in and speak about how important digital items are in today’s time and how pivotal it would be as the company makes its metaverse shift.
NFTs are a huge deal in the world of Meta and they call it evolutionary. But now that nine months have passed, it appears that the company is taking a step back from this front and focusing more on projects that are making more profits while cutting out those contributing to losses and more expenses.
Read next: Alarming Court Files Claim Mark Zuckerberg Ignored Warnings About Meta’s Apps Being Damaging For Children
The decision was a bold one but it’s being taken as the company opts to realign itself and shift resources in places it deems to be a priority.
The news was confirmed today by the tech giant’s head of commerce. She said that the winding process for such projects has already begun so there would be no more digital collectible initiatives taking place.
The goal is to provide more support for creators, firms, and people. But the firm is very grateful to all of its partners who opted to take part in this journey and are doing some great things in other dynamic spaces in the company.
Meta says it’s so proud of all of its collaborations on this front and the company looks forward to sending out more support to NFT creators that continue to resort to Meta’s app for work amplification purposes.
But Meta is not losing all hope in this domain just it. The company is still trying to curate other programs by which creators can connect with their fans and make more revenue along the way. The only difference now is a greater emphasis on making scaled impacts such as through messages and Reels.
We first heard about the company venturing into the world of NFT in April of 2022. There was a lot of hype on this front and so many big named projects took the center stage including Cryptopunks. But just 30 days later, we saw Meta introduce a Live test through the Instagram app with the help of a bunch of selective US-based creators and NFT collectors.
During that period, Meta really spoke about the great potential that creators would have for monetization via digital goods. This is also when CEO Mark Zuckerberg opted to step in and speak about how important digital items are in today’s time and how pivotal it would be as the company makes its metaverse shift.
NFTs are a huge deal in the world of Meta and they call it evolutionary. But now that nine months have passed, it appears that the company is taking a step back from this front and focusing more on projects that are making more profits while cutting out those contributing to losses and more expenses.
Read next: Alarming Court Files Claim Mark Zuckerberg Ignored Warnings About Meta’s Apps Being Damaging For Children
