If you recall, non-fungible tokens (NFT) were the rage that companies tried to capitalise on but were met with a lukewarm reception from the netizens. Last year, Meta wanted to integrate NFTs into its Facebook and Instagram platforms to help creators and it looks like it's not turning out so great.
Just a few hours ago, Meta Commerce and Fintech lead Stephane Kasriel tweeted that the company will be "winding down digital collectables (NFTs) for now to focus on other ways to support creators, people, and businesses". While no reason was given, he continued to thank the partners who joined them and they learned a lot from it.
That said, Kasriel also emphasised that Meta will still focus on monetisation as its priority, particularly in the messaging and monetisation opportunities for Reels. With that, the company will continue investing in fintech tools such as Meta Pay, which is one of the plans down the line. As the name suggests, Meta Pay should work like any e-wallet for checkout and paying online.
It took them a while but better late than never. Most NFT features on social media platforms didn't exactly get much excitement from users online. On paper, it's not a bad idea but the execution was messy. Anyway, you can read the full tweet right over here. Stay tuned for more trending tech news at TechNave.com.
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