Meta is pass non-fungible tokens (NFT) after less than a year of experimenting with them on Facebook and Instagram. Users will stop being able to share, mint or sell their NFTs on Meta’s platforms, although it’s unclear exactly when.
Stéphane Kasriel, head of commerce and fintech at Meta, announced the death of NFTs in a late Twitter post Monday. Kasriel said Meta is taking a hard look at its priorities to focus more, a reference to the CEO Mark Zuckerberg’s new 2023 management mantra, “the year of efficiency”. Kasriel thanked the creators who had worked with Meta on its short-lived NFT features.
“Some product news: Across the business, we’re taking a hard look at what we’re prioritizing to increase our focus,” Kasriel said in the statement. “We’re ending digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.”
Instagram announced its new NFT feature in March 2022, which allowed users to mint limited-edition digital collectibles from their photos and sell them, and the function released in May. Meta’s head of commerce and fintech added that “creating opportunities for creators and businesses to connect with their fans and monetize remains a priority,” but said the company will focus on initiatives who could have a greater impact (read: make more money). This includes messaging and, of course, monetization opportunities for Reels, Kasriel explained, although instagram stopped paying creators to make Reels just last week. Kasriel said the company is working to streamline payments with Meta Pay and investing in courier payments.
Additionally, Zuckerberg announced on Tuesday that Meta would lay off 10,000 more people in 2023 and remove postings for 5,000 vacancies as part of its “efficiency year”. Meta laid off 11,000 workers in November.
“It will be difficult and there is no getting around it. It means saying goodbye to talented and passionate colleagues who have been part of our success. They have dedicated themselves to our mission and I am personally grateful to them for all of their efforts,” Zuckerberg said in a message to Meta employees. “We will support people the same way we have before and treat everyone with the gratitude they deserve.”
Meta laid off 11,000 workers in November.