Meta Corporation (banned on the territory of the Russian Federation) refused to develop projects related to non-fungible tokens (NFT).
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
The company, together with Polygon, announced the launch of an NFT marketplace in November 2022. Meta stated that collectible tokens can help creators earn money and build their own economy.
According to Kasriel, at the moment the corporation will focus on the development of the social network Instagram, and in particular on the monetization of Reels.
Kasriel added that Meta will continue to support “the many NFT creators who still use Instagram and Facebook for work.”
Source: Cryptocurrency
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