Meta, formerly known as Facebook, has decided to stop supporting NFTs on Facebook and Instagram platforms. The move comes less than a year after the company began offering digital collectibles on its platforms. Meta’s head of commerce and fintech, Stephane Kasriel, announced the decision on Twitter, saying the company has learned a lot from the initiative that can be applied to products that support creators, people and companies in their apps now and in the future. meta-universe Kasriel didn’t give a reason for the decision, but said the company will focus on monetization opportunities for Reels and payouts on Meta.

NFTs, or non-tradable tokens, are unique digital assets that use blockchain technology to verify ownership and authenticity. They can represent a wide variety of digital content such as art, music, videos and tweets. NFTs have gained popularity as a way for creators to monetize their digital work and as a way for collectors to own unique and rare digital items.

Mark Zuckerberg previously announced Instagram’s work on NFT support at SXSW in March 2021, and the feature rolled out in May of that year. In November 2021, the company announced an expansion that will allow creators to print and sell collectibles directly on Instagram. By suggesting that NFTs could play a role in Meta’s plans, Zuckerberg said he hopes users will be able to fabricate their avatar’s outfits as NFTs and move them to different locations in the metaverse.

The meta was in the process of being restructured and many startups were shut down. The company laid off thousands of workers and shut down numerous projects in what Zuckerberg called the company’s “performance year”. Meta’s crypto wallet Novi was launched last year and rumors that it plans to support NFTs have not materialized. The company has also scaled down projects with its meta-universe division Reality Labs and its program that pays bonuses to the creators of Reels.