Meta gives up NFTs for Instagram and Facebook

According to Stephane Kasriel, head of Meta commerce and fintech, the company is “scaling down” its cooperation with NFTs on Facebook and Instagram. The move indicates that Meta will soon stop testing the ability to create and sell NFTs on Instagram as well as the ability to post NFTs on Facebook and Instagram.

The NFT integrations seem to be one victim of CEO Mark Zuckerberg’s aim to make 2023 the “year of efficiency,” along with the Reels Play bonus scheme. Yet they were shut down last year along with Meta’s Novi digital wallet and Diem, a cryptocurrency it had backed.

Yet, other businesses are racing into a market that crashed in 2022 and lost billions of dollars in value following stratospheric levels of excitement in early 2021 while Meta departs NFTs. Starbucks recently sold out of a selection of 2,000 $100 NFTs in its Odyssey customer loyalty program, and Sesame Street has just announced an NFT cooperation. Reddit continues to advertise its “digital collectible” avatars that are NFTs.