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Meta decided to curtail work on NFT projects

March 14, 2023
1:59 PM

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

“[…] at the company, we choose our priorities carefully so that we can focus more on important projects. We are currently phasing out digital collectibles to focus on other ways to support creators, people and businesses,” said Stephan Kasriel, head of commerce and fintech.

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.

“We are streamlining transactions with Meta Pay, simplifying deposits and payouts, and investing in messaging payments within the company’s products,” he said.

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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