Meta stamps NFT feature on Instagram and Facebook
Mark Zuckerberg’s “Year of Efficiency” appears to be taking shape. Because Meta is stamping further features on Instagram and Facebook with its planned NFT function.
Meta has to save and has therefore diligently made cuts in all corners of the group in the past few weeks. Now it hits the next project that should actually be part of the Metaverse future.
This is about the efforts for the NFT technology. Because like Metas Commerce and FinTech boss Stephane Kasriel in a Twitter threadthe group wants to stop its efforts on the crypto project.
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NFT function on Instagram and Facebook: Meta pulls the plug
In the future, the group wants to focus on areas in which it can “make a big impact,” writes Kasriel. Apparently, the NFTs are no longer part of this.
Across the organization, we look closely at what we prioritize to increase our focus.
Instead, Meta wants to “focus on other ways” to support creators and businesses. These areas should include messaging and monetization of reels.
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. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
When is Meta Retiring NFTs?
Just last year, Meta stopped supporting the cryptocurrency Diem. The same happened to the digital wallet Novi.
Now users should no longer be able to share NFTs on Instagram and Facebook. The end of crypto technology will come in the coming weeks. That’s what meta-speaker Joshua Gunter said across from The Verge confirmed.
Out of NFTs on Instagram and Facebook: Meta on the back burner?
Mark Zuckerberg has proclaimed 2023 the “Year of Efficiency” at Meta. In the past few weeks, this has mainly resulted in notifications of dismissals and cancellations.
Not reported until early March Bloomberg, Meta wants to issue thousands of layoffs. The aim is to streamline the organization of the company.
But that wasn’t the first big wave of layoffs at the US company. Because it was only in November that Meta had cut 11,000 jobs, i.e. laid off around 13 percent of the entire workforce.
A few days ago, it was said from Meta that the group wanted to stamp out the Reels Play bonus program. So far, creators have been able to earn up to $35,000 a month from reels on Facebook and Instagram.
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