Meta Winds Down Support For NFTs

Meta's head of commerce and financial technologies Stephane Kasriel posted on Twitter that the company will sunset its NFT and digital collectibles features on Instagram and Facebook. TechCrunch reports: This short-lived product only began testing with select Instagram creators last May, plus some Facebook users in June. By July, Meta expanded NFT support on Instagram for creators in 100 countries. Less than a year later, Meta is moving on from NFTs. "We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Kasriel wrote in a Twitter thread.

A Meta spokesperson told TechCrunch that it is shifting its investments away from NFTs toward products like Meta Pay, as well as features that enable creators to earn money directly on Meta platforms, like its tipping feature called gifts. The company also said it is testing ways for creators to earn ad revenue on Reels. "Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels," Kasriel wrote.

I don't get NFTs

[nomadic]

The barriers to entry are so low I don't understand how anyone can think they can make money on NFTs long-term.

Re:I don't get NFTs

[pauljlucas]

Anybody with any sense doesn't. They just need to make money in the short term via the Greater Fool Theory [wikipedia.org].

Re:

[JaredOfEuropa]

As an individual you can make some money riding the hype train and flip a few bored apes or some such. But I think that train is long departed.
As a company? NFTs in themselves don't really have value, but they can be used as proof of ownership or of authenticity. If your company deals with virtual assets (like Meta's VR world), it can be worthwhile to set up your own NFT or allow other NFTs to establish ownership in your environment (or transfer it from other environments), to make your platform more at

Re:

[narcc]

You don't need NFT's for any of that. They add no value.

Re:

[Opportunist]

Their "added value" is in people buying the bullshit. I wouldn't call it value, though.

Re: I don't get NFTs

[peppepz]

The only way to make money from them is to sell them to others before their value crashes. I think that if they weren't fashionable they would be considered a scam. Maybe they're going out of fashion now.

Re:

[geekmux]

The barriers to entry are so low I don't understand how anyone can think they can make money on NFTs long-term.

When someone can literally throw shit on a canvas and sell it, it tends to define the barriers necessary to create both "art" and a financial black hole to abuse.

NFT is (or was) nothing more than financial art. Would have probably caught on if enough billionaires "invested" in it.

and nothing of value was lost

[S_Stout]

Hopefully we're finally sunsetting the NFT scam for a more original scam.

Re:

[cstacy]

Hopefully we're finally sunsetting the NFT scam for a more original scam.

Perhaps the NFT craze is mostly over, for a while. But the Blockchain stupidity is still going strong and ramping up -- for hotel reservations, property sales (deeds), and Satoshi knows what else.

Re:

[Anonymous Coward]

for hotel reservations, property sales (deeds), and Satoshi knows what else

Well those are things of value, so Satoshi probably wouldn't know about those.

Re:

[Tony Isaac]

NFTs themselves certainly didn't have real value, so you're right on both fronts.

Do you belive in magic?

[Bob_Who]

I want to believe, I really do...but there is a difference between dumb luck (or smart luck) and MAGIC. Nevertheless, a great deal of the money earned in NFT's will come at the expense of suckers.

Oh noes! My ugly monkey investment!

[thesjaakspoiler]

Which greater fool will now buy my links to pictures of ugly monkeys?

Re:

[greytree]

Well, at least you've still got your links to pictures of ugly monkeys, so you didn't waste your money.

More priorities for the metaverse now!

[SoCalChris]

Now that they've stopped investing time in shit that no one wants, they can pour all of their resources into the metaverse! /s

Re:

[drinkypoo]

we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels," Kasriel wrote.

Now that they've stopped investing time in shit that no one wants

Everyone who wants video from people who can't figure out how to hold their phone horizontally is already using TikTok...

Title

[MBGMorden]

The filth of Saruman is washing away. Good riddance to the fad that was NFTs.