Meta lead engineer announces end of NFTs on Instagram and Facebook

Amid the crypto slump, Meta has announced it would be parting with non-fungible tokens on its platforms less than a year after launch.that the company will be "winding down" on digital collectibles, specifically NFTs, for now, and focus on other ways to support creators. Digital collectibles like NFTs were one of the pillars of the company's pitch for a 'metaverse'-based future of the internet.

Meta had been working with creators to explore possibilities of minting and selling NFTs on Instagram as well as sharing them on Meta's social media products. Extremely popular during the pandemic, terms like cryptocurrency and non-fungible tokens, have lost their sheen as the threat from the pandemic has reduced.

Now Meta seems to have abandoned its plans in this area and is instead looking for more avenues for growth in other areas.As Kasriel wrote in his Twitter thread, Meta will continue to support creators who are using its products like Instagram and Facebook to promote their work. However, along with helping creators increase their reach, Meta wants to focus on products where it can make an "impact at scale".

According to Kasriel, the opportunity lies in messaging and monetization of Reels, the video-sharing feature on Instagram. Further, the company intends to invest in its fintech tools and work on making its payments easier to process in the future. Meta is looking to incorporate payments into its messaging across platforms.Interestingly, the move comes after Meta already dropped the plans for its own cryptocurrency, Diem, and digital wallet last year.

Having spent billions on the metaverse last year, has Zuckerberg realized that the world isn't ready for a metaverse yet? To survive far into the near future, the company must dwell in the real world now.

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