On May 9, 2022, amid the NFT fever, Mark Zuckerberg announced that Meta would embrace NFTs. non-tradable tokens. In an interview with youtuber Tom Bilyeu, CEO of the social networking company, he assured that the so-called “digital collectibles” would reach both Facebook and Instagram.
Exactly ten months and four days later, the excitement of that announcement finally faded. And on this occasion, it was not Zuckerberg who broke the news, but Stephane Kasriel, the holding’s commercial head. via a Twitter threadthe manager assures that they have decided to leave their NFT projects behind.
Meta says goodbye to NFTs
Digital Collectibles was born as a Meta project to help creators. The idea is, thanks to this new tool, Show and sell NFT in their profiles. In other words, it aimed to provide creators with a revenue stream through the sale of their digital works.
This concept began to be tested shortly after it was announced. It hit Instagram in May of last year and Facebook a month later in June, but with some limitations. But in any case, only creators selected from 100 countries can take advantage of this new feature based on blockchain technology.
Now, according to Kasriel, the entire company is scrutinizing which projects they prioritize in an effort to “increase their focus.” NFTs on Facebook and Instagram not a priority anymore, so this project has been completely suspended. Meta’s message leaves little to no hope for a future revival.
However, they have confirmed from Meta that they will focus on developing other commercial tools such as the payment system Meta Pay, which has been slowly evolving for some time. They also guarantee that they will focus on areas where their news and changes will have large-scale impacts, such as Reels monetization and messaging.
The news comes after the rise of NFTs (they continue to exist although user interest is measured) and a wave of layoffs and restructurings at Meta. The Zuckerberg-led company laid off 11,000 workers late last year and is preparing to cut another 6,000, and is asking bosses to work harder.
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Jason Root is a blockchain enthusiast and author at Div Bracket. He provides comprehensive coverage of the latest developments in the world of blockchain, offering readers a unique perspective on the industry and its potential for revolutionizing various industries.