Meta Stops NFT Features On Instagram And Facebook, Why?

Meta stop the digital collection feature (photo: Meta)

JAKARTA - Meta Platforms Inc., has just announced that the company will discontinue its digital collection feature (NFT) for Instagram and Facebook, even though it is not even one year old.

In a thread shared by Stephane Kasriel, Meta's Head of Trading and Financial Technology at Twitter, he said that Meta will focus on other ways to support creators, businesses, and other users.

"Across the company, we're looking at what we prioritize to increase our focus. For now, we're discontinuing digital collections (NFT) to focus on other ways to support creators, people, and businesses," said Kasriel Tuesday, March 14.

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

Even though Meta has discontinued the NFT feature on all of its platforms, the tech giant will still prioritize user monetization even though not through digital collections.

Furthermore, Kasriel also revealed that the social media platform owned by Mark Zuckerberg will start focusing on features that have a bigger impact such as Reel and its messaging features including Instagram Direct Message and Facebook Messenger.

"Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas that can impact at scale, like messaging and monetization opportunities for Reels," he explains.

Finally, Kasriel also emphasized that Meta will continue to invest in financial technology (Fintech) tools needed by businesses in the future.

"We're streamlining payments with Meta Pay, making checkout & payments easier, and investing in messaging payments on Meta," concluded Kasriel.