Zostel co-founders enter Web3, Meta pulls plug on NFTs

Read about this week's developments, news, and trends in the Web3 ecosystem.

Zostel co-founders enter Web3, Meta pulls plug on NFTs

Friday March 17, 2023,

2 min Read

Zostel founders launch Zo World

This week, the founders of branded hostel chain Zostel announced a new Web3 project called Zo World to help NFT artists and communities.

Zo World offers memberships, physical spaces, and studio setups to support NFT artists. Zo Membership, Zo House, and Zo Studio are the three parts of Zo World, and they aim to create engaged and trusted communities. 

Zo House is located in Bengaluru and provides a physical space for NFT creators and collectors to work and socialise.

Zo Studio is a platform that helps NFT artists make money from their art and find other artists to collaborate with.

The founders clarify that Zo World has no connection with Zostel, except that they are founders of both companies. 

Zo World has reportedly sold 789 out of 1,111 Founder NFTs and plans to sell the remaining 322 to select individuals. The founders claim Zo World has made over 100 ETH in primary and secondary sales.

Meta ends work on NFTs

Meta, the parent company of Facebook and Instagram, has decided to stop integrating non-fungible tokens (NFTs) into its platforms. 

Stephane Kasriel, who leads Meta's fintech and commerce division, tweeted that the company is halting work on digital collectibles (NFTs) to focus on other ways to support creators, people, and businesses. 

Kasriel clarified that Meta is still focused on creating opportunities for creators and businesses to connect with their fans and monetise.

Meta will also continue investing in fintech tools, streamlining payments with Meta Pay, and making checkout and payouts easier. 

Meta began testing its digital collectibles feature in May 2022, but has now decided to stop it for the time being.

Edited by Kanishk Singh