Meta winds down NFTs

Meta is winding down digital collectibles (NFTs) to focus on other ways to support creators, people, and businesses. The was announced by Stephane Kasriel, the head of Commerce and Financial Technologies at Meta.
Meta unveiled NFTs on Instagram and Facebook last year when the popularity of cypto assets soared.
Stephane Kasriel tweeted that Meta will 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.”

He thanked the partners who “joined us on this journey and who're doing great work in a dynamic space. Proud of the relationships we built.” He said that the company looks forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.

“We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse. 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,” he tweeted.