Meta is winding down its NFT program

Eva Homicio

Instagram, Facebook, NFT

Instagram, Facebook, NFT 

Stephane Kasriel, head of Meta's commercial department, has announced the winding down of the NFT program. Experts will focus on other ways to support authors and artists.

He thanked the partners who participated in Meta's NFT pilots and added that Instagram and Facebook platforms will continue to support art token creators.

Earlier, Meta planned to integrate NFTs with its content monetization mechanism. However, a few months ago, the management began to change its rhetoric. Kasriel himself wrote in November that the NFT market was still "at a very early stage of development."

Instead of art tokens, Meta will focus on other technologies. They will now work on Reels and optimizing payments through the Meta Pay service. They will also invest in technologies that enable payments to be made directly within the Meta messenger.

The crypto winter brought challenges to the world of non-fungible tokens. But in 2023, this sector is starting to show some signs of life. According to the DappRadar report, the Ethereum NFT market grew by 68% compared to November lows.

Brands are also successfully releasing their own collections: for example, Starbucks art tokens sold out in 20 minutes. If the market continues to grow, it will help to bring back popularity to projects and creators.

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