In a surprising move, Meta (formerly known as Facebook) has announced that it will no longer be supporting NFTs (non-fungible tokens) across Instagram and Facebook. The decision was shared on Twitter by the company’s head of commerce and financial technologies, Stephane Kasriel, on March 13, 2023.
This decision has sparked mixed reactions from the NFT community, with some expressing disappointment, while others see it as a smart move by the company.
In this article, we’ll dive deeper into Meta’s decision and explore what it means for creators and businesses that were hoping to monetize through NFTs on these platforms.
Why is Meta Discontinuing NFT Support?
According to Kasriel, Meta’s decision to discontinue NFT support is driven by a shift in focus towards other ways to help businesses, creators, and individuals connect with fans and monetize. The company will be focusing on tools such as payment rails, messaging applications, and monetizing Reels.
Kasriel emphasized Meta Pay as a key tool that could support crypto in the coming time, as indicated by trademark filings from May. This suggests that the company may still be exploring the use of crypto, but just not through NFTs.
The decision to discontinue NFT support also aligns with Meta’s recent cost-cutting measures as the company shifts its focus towards its costly metaverse goals.
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. [4/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Mixed Reactions from the NFT Community
Meta’s decision to discontinue NFT support has received mixed reactions from the NFT community. While some are disappointed, others see it as a smart move by the company.
NFT artist Dave Krugman criticized the move, calling it “short-sighted” and accusing Meta of quitting before it even began. Podcaster Marc Colcer also expressed disappointment, calling for more transparency on the decision.
On the other hand, Allen Hena, co-founder of Earth Labs, believes that Meta realized that using public crypto networks wouldn’t enable it to control creators in the same way that it has been able to do on its own platforms.
What Does it Mean for Creators and Businesses?
For creators and businesses that were hoping to monetize through NFTs on Instagram and Facebook, Meta’s decision is a setback. However, it’s important to note that there are still other platforms that support NFTs, such as OpenSea, Rarible, and SuperRare.
Additionally, as Kasriel mentioned, Meta Pay could support crypto in the future, which could still provide opportunities for monetization.
Overall, while the discontinuation of NFT support on Instagram and Facebook is disappointing for some, it’s not the end of the road for creators and businesses looking to monetize through NFTs. There are still plenty of other platforms and opportunities to explore.