Meta is taking a U-turn on NFTs in the latest announcement by the company on Monday, March 13. The company had previously made the headlines for its commitment to Web3 technology including virtual reality zone, Metaverse. The company plans to halt the development of its NFT products for creators amid uncertainty and high volatility in the cryptocurrency industry.
Head of Meta’s fintech, Stephane Kasriel had tweeted; “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.”
Meta had started the NFT marketplace on Instagram and Facebook for creators last year. The social media giant launched the program when digital assets were booming with the sale of NFT tokens fetching millions of dollars. The company will focus on other products to generate revenue for its creators.
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