Last year, when the speculative cryptocurrency asset had risen in popularity with purchases of cartoon gorillas to video clips reaching billions of dollars, Meta rolled out permission for creators to share NFTs on Instagram and Facebook. The Giant is now cutting off support for NFTs on other platforms such as Crypto Spiral.
Less than a year after launching it, Meta Platforms Inc. is discontinuing support for non-fungible tokens (NFTs) on its platforms as the cryptocurrency market continues to soar. To concentrate on other methods to support creators, individuals, and businesses, we're winding down digital collectibles (NFTs) for the time being, the social media company's head of fintech, Stephane Kasriel, tweeted on Monday. Last year, when the speculative crypto asset had skyrocketed in popularity and sales of cartoon gorillas to video clips had reached billions of dollars, the business rolled out tools for creators to distribute NFTs on Instagram and Facebook.
"We will keep making investments in the fintech technologies that individuals and companies will require in the future.
We're investing in messaging payments across Meta, expediting payments using Meta Pay, and simplifying checkout and payouts "said Kasriel.
The sudden bankruptcy of major exchange FTX in late 2022, however, caused a decline in the value of bitcoin and other tokens.
The demise was made worse by the failure of three U.S. institutions last week, two of which had a cryptocurrency concentration.
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