Meta’s Head of FinTech Says Company “Winding Down” NFT Support

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.

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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.

Why is Meta suddenly pulling the plug on its NFT program? Tell us what you think in the comments below.