The meta manager has announced that they plan to stop working on NFTs.
MetaAccording to director Stephane Kasriel, Meta is NFT He’s giving up his efforts for now. Meta has directed the majority of its investments into Blockchain and Metaverse.
Stephane Kasriel: Meta Will Stop Working on NFTs for Now
MetaAccording to Stephane Kasriel, head of commerce and financial technologies at Meta, the company is giving up its NFT efforts because the company is considering changing its priority.
Stephane Kristel made the statement on the subject on Twitter. Kristel said in her statements:
“Some product news: we’re taking a close look at what we prioritize to increase our focus across the company. We’re cutting back on digital collectibles (NFTs) for now to focus on other ways to support creators, people and businesses.”
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
Meta has previously said that NFTs can help expand the creator economy. Instagram is launching a Polygon-powered launch in November. NFTannounced its plans for the market.
Kasriel spoke about NFTs in a statement in November. “It’s still early for the NFT market compared to where we think it’s going,” Kasriel said of NFTs. “By making NFTs easy to use natively on Instagram, we are opening new avenues for the billions of people who use our apps to connect and support their favorite creators, which in turn paves the way for more affordable opportunities,” he said.
