Facebook and Instagram: Meta Abandons NFTs

Despite once being touted as a key component of its "metaverse" vision, Meta is now shifting away from additional crypto ventures, including NFTs and digital collectibles.

On Monday, Stephane Kasriel, Meta's commerce and fintech lead, announced on Twitter that the company is "winding down" its work with NFTs on Facebook and Instagram. The decision means that Meta will end its tests of minting and selling NFTs on Instagram, as well as the ability to share NFTs on Instagram and Facebook in the coming weeks. A Meta spokesperson confirmed this in an email to The Verge.

Kasriel explained that Meta is focusing on other areas where it can make an impact at scale, such as messaging and monetization on Reels, as well as improving Meta Pay. He stated that the company is looking closely at what it prioritizes to increase its focus.

The end of NFT integrations seems to be one of the casualties of CEO Mark Zuckerberg's push for efficiency in 2023, along with the Reels Play bonus program. However, this move follows the shutdowns of Meta-backed cryptocurrency Diem and Meta's Novi digital wallet last year.

Despite Meta's exit from the NFT market, other companies are rushing in, even after a collapse in 2022 that shed billions in value following a hype peak in early 2021. Reddit continues to promote its "digital collectible" avatars that are NFTs, Starbucks sold out a selection of 2,000 $100 NFTs in its Odyssey customer loyalty program, and Sesame Street has just announced an NFT collaboration.