Meta announces to stop supporting NFTs on Facebook and Instagram

Meta announced it was canceling NFT support because the company wanted to re-prioritize, according to Stephane Kasriel, Meta's head of commerce and financial technology.

Ref: Stephane Kasriel on Twitter 

"Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Kasriel posted in his Twitter.

Meta has previously said NFTs can help expand the creator economy, with Instagram announcing plans for the NFT market on Polygon as recently as November.

Kasriel added more that Meta will continue to support "a large number of NFT creators who use Instagram and Facebook to expand their work."

"By making NFTs easier to use natively on Instagram, we’re opening up new ways for the billions of people who use our apps to connect with and support their favorite creators — which, in turn, unlocks more economic opportunity."  related to this Introducing Digital Collectibles: Supporting Creatorsand Collectors in Showcasing their NFTs on Instagram

"We're improving payments with Meta Pay and making payments and payments easier." He concluded.