Meta Platforms Reduces Support for NFTs Amid Crypto Market Turmoil By Reuters

Published:


© Reuters. FILE PHOTO: The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann

(Reuters) -Meta Platforms Inc is reducing its support for digital collectibles or non-fungible tokens (NFTs) on its platforms, as the turbulent crypto market continues to pose a challenge.

“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses,” the social media firm’s fintech head, Stephane Kasriel, tweeted on Monday.

The company had introduced support for creators to share NFTs on Facebook and Instagram (NASDAQ:) last year, when the speculative crypto asset had become a craze, with sales of cartoons to video clips reaching billions of dollars.

But the crypto market has experienced significant turbulence following the abrupt collapse of major exchange FTX in late 2022. The situation was further compounded by the recent bankruptcy of three U.S. banks, two of which were crypto-focused.

“We’ll continue to invest in fintech tools that people and businesses will need for the future. We’re streamlining payments with Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta,” Kasriel said.

Related articles

Recent articles