Meta Platforms Inc (NASDAQ:META), formerly known as Facebook, announced Monday that it will stop working on digital collectibles, also known as non-fungible tokens (NFTs), in order to focus on other ways to support creators, businesses and people.
This decision was made to prioritize areas where the company can make a greater impact at scale, according to Meta.
Stephane Kasriel, head of commerce and financial technologies at Meta, said the company learned a lot from this experience and will be able to apply this knowledge to products it is continuing to build to support creators, people, and businesses on their apps, both today and in the metaverse.
Kasriel clarified that the company’s priority remains to create opportunities for creators and businesses to connect with their fans and monetize, but they will focus on areas where they can make a greater impact at scale.
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This includes messaging and monetization opportunities for Reels.
The company also plans to continue investing in fintech tools that people and businesses will need for the future.
Meta is streamlining payments with Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta.
This decision to wind down digital collectibles comes amid a surge in interest in NFTs and their growing popularity in the art and music industries.
Meta said it will continue to support NFT creators who use Instagram and Facebook to showcase their work.
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