That Was Fast: Meta Drops NFTs on Facebook and Instagram
NFT has been removed from Meta's list of interests and current work. It will not further develop the technology, and will close support for it on Facebook and Instagram.
Meta withdraws from NFTs, as announced on Twitter by Stephane Kasriel, head of trading and financial technology. This came less than a year after announcing work on NFT support for content creation in the metaverse, on Facebook and Instagram. The company intends to focus on other projects related to payments to creators.
Meta says "no" to NFT
"For now, we are phasing out digital collectibles (NFT) to focus on other ways to support creators, people and companies," said Stephane Kasriel
NFTs (Non-Fungible Tokens) was originally intended to provide the ability to easily transfer items held in the metaverse - supporting a payment system for virtual values for their creators. Unfortunately worldwide interest in NFT is declining, as it is a technology tied to cryptocurrencies, which also haven't been doing too well lately.
A few months ago, Meta closed its Novi cryptocurrency wallet, which was supposed to offer NFT support. Perhaps this was one of the early signs of what was to come. Since Meta is closing down a rather important technology for the metaverse, the question arises about the further future of this virtual universe - will it share the fate of many inventions that were created at the wrong time?
