- According to Stephane Kasriel, the closure will enable the business to focus on other ways to support creators.
- Meta is also planning layoffs in the coming months.
Just over a year after revealing plans, big Tech firm Meta is now pausing plans to let users share digital collectibles on its Instagram and Facebook platforms. Stephane Kasriel, Meta’s head of commerce and financial services, declared on Twitter on Monday that the closure will allow it to focus on other ways to support creators, people, and businesses.
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. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Following Mark Zuckerberg’s statement that NFTs would be heading to the photo and video-sharing app at the South by Southwest conference in Austin the previous year. And Meta invested heavily in the development of digital collectibles. Only a small number of creators given access to the features; they were never made broadly available.
Meta added cross-posting of Ethereum, Polygon, and Flow NFTs between its Facebook and Instagram products in August. To simplify the NFT sharing process. As per reports, Meta is gearing up to declare additional layoffs . That would equal approximately the same amount as the 13% reduction in its workforce last year. These layoffs would be announce in various rounds over the upcoming months.
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