On Monday, March 13th, Stephane Kasriel, Meta’s Head of Commerce and FinTech, announced that his company will be winding down support for non-fungible tokens and focusing on “other ways to support creators, people, and businesses.” The social media giant initially rolled out digital collectibles in May for Instagram users, and in June for those on Facebook.
Meta to “Wind Down” Support for NFTs
This Monday, Stephane Kasriel, the Head of Commerce and FinTech of Meta, revealed that his company has reached the decision to “wind down” support for non-fungible tokens. While Kasriel didn’t offer the reasoning behind the decision, he stated that the firm is instead “focusing on other ways to support creators, people, and businesses.”
Furthermore, Meta’s executive also thanked “the partners who joined us on this journey and who’re doing great work in a dynamic space” and added that the company is looking forward to “to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.”.
Meta started exploring NFT integration in earnest in May 2022 when it rolled out digital collectibles to users on Instagram. Throughout the previous year, there have been multiple updates such as cross-platform usability between Facebook and Instagram. Furthermore, the company made no indication it would be ending support for digital collectibles prior to Monday.
While Meta is “Winding Down” Other Companies Doubling Down on Web3
Despite Meta’s recent decision and the overall damage the sector has taken throughout the “crypto winter”, many large companies are still showing their enthusiasm for NFTs and web3 more broadly. Perhaps the biggest splash of 2023 came when it was revealed that Amazon is working on a non-fungible-token-centric initiative in February.
The initiative is expected to see an official announcement in April and is considered a way to bring NFTs further into the mainstream. While Amazon’s plans perhaps don’t come as such a surprise, another major company’s foray into web3 is maybe somewhat more unexpected. Late in January, Walmart also filed for a set of digital assets and web3-related trademarks.
The year is also likely to be big for web3 gaming. Last week, TSM, a major gaming organization with professional teams for titles ranging from League of Legends and Fortnite to chess, announced it has partnered up with Avalanche to bring its competitive gaming app, Blitz, onto the blockchain.
This article originally appeared on The Tokenist
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
