Meta, the parent company of Facebook and Instagram, has abandoned plans to develop non-fungible tokens (NFTs) for now due to financial constraints. The firm will focus on other projects such as messaging while gradually phasing out NFTs. Meta had previously aspired to turn Instagram into a real marketplace for NFTs but was forced to reduce costs after cancelling several major projects and laying off more than 20,000 employees in recent months amid a financial crisis.
Facebook and Instagram Abandon Plans for NFTs
The economic crisis has forced Meta, the parent company of Facebook and Instagram, to lower its ambitions. As a result, the firm has decided not to pursue non-fungible tokens (NFTs) on its platforms.
Meta’s Initial Interest in NFTs
Last year, Meta gradually opened up to tokens non fongibles (NFT). The Menlo Park giant first added blockchain digital works to Instagram in a small-scale test with aspirations of transforming it into an actual marketplace for NFTs similar to OpenSea or Rarible.
NFT made their way onto Facebook soon after but only as tests intended for American creators at first.
The Decision Not To Pursue NTF
In March 2023 Stéphane Kasriel head of commerce and fintech at Meta announced via Twitter that “Meta is abandoning NTF’s “for now” focusing on other ways instead.”This decision does not seem definitive though since according Mark Zuckerberg who expressed interest in developing features leveraging blockchain technology said it was costly undertaking which will take years also due financial reasons where they had reduced costs recently by removing some major projects off their list.
Making these cuts helped them avoid laying off more than 20k employees within months; thus suspending any hiring plans till further notice while reorganizing every part of the organization structure among others.
Nfts were going be one pillar element behind Metaverse design virtual reality worlds imagined by mark zukerberg he planned everything from clothes avatars being sold across different world using block chain fulfilling his dream open metaverse.However,this plan may have been put aside temporarily until things improve financially.
Despite recent cuts,META stays strong hoping augmented reality can help revolutionize social media from next decade onward .