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Meta waiver of NFTs: no digital assets for Facebook and Instagram

Meta waiver of NFTs: no digital assets for Facebook and Instagram thumbnail

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.”

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.

  • Mark Brunasso

    Writing is my passion, music is my life and Liam Gallagher my God. Otherwise I’m 30 and a musician, singer and songwriter. Here I mainly write about music and videogames, but everything that has to do with the creation of parallel worlds fascinates me. 🌋From Pompeii with love.🧡

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Walker Ronnie is a tech writer who keeps you informed on the latest developments in the world of technology. With a keen interest in all things tech-related, Walker shares insights and updates on new gadgets, innovative advancements, and digital trends. Stay connected with Walker to stay ahead in the ever-evolving world of technology.