There was a precise period in which there was the perception that the future of the web, especially of the metaverse, would be Non-Fungible-Tokens. It was the golden age of cryptocurrencies, when Elon Musk directed the market trend with a tweet. Even Meta had announced the integration with the NFT for its main platforms: Facebook and Instagram.
Apparently, however, the project is destined to run aground. It was announced Stephane KasrielMeta executive (via The Verge), with a post on Twitter.
“We are reviewing the company’s priorities,” Kasriel wrote. “For now, we’re reducing digital collectibles (NFTs) to focus on other ways to support creators, individuals and businesses.”
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
NFTs the first victim of Meta cuts
The tweet comes about a week after the announcement of Mark Zuckerberg, which following the disastrous fourth financial quarter had announced major cuts. Zuckerberg, specifically, had declared that 2023 would be “the year of efficiency”. An elegant way of saying that dead branches and features that the company is not convinced of will be cut.
Meanwhile, NFTs continue to have their own lucrative market. Redditfor example, continues to promote its collectible avatars, while Starbucks recently sold a selection of 2,000 $100 NFTs as part of its customer loyalty program.