Meta pulls plug on NFTs for Instagram, Facebook

Instagram and Facebook parent Meta is pulling the plug on its non-fungible token (NFT) integrations.

Stephane Kasriel, who leads Meta's fintech and commerce division, tweeted saying the company is "winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses."

Kasriel added, "We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse."

He clarified that while NFTs may not be a priority for Meta, the firm is still focused on creating opportunities for creators and businesses to connect with their fans and monetise.

He tweeted, "And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta.'"

Mark Zuckerberg's social media firm in May 2022 began testing its digital collectibles feature based on NFT technology, and in November 2022, began piloting it for select users in the United States.

Ryan Watt, President, Polygon Labs, had said at the time that the NFTs were going to be minted on Polygon.