meta is Support for NFTs on Facebook and Instagram came less than a year after driving adoption of “digital collections” across platforms. The update comes at a time when the social network laid off thousands of workers and closed numerous projects in what Mark Zuckerberg called the company’s “year of efficiency.”
Stephane Kasriel, Head of Commerce and Financial Technology at Meta, said: share on twitter. “We learned a lot, both today and in the metaverse, that we can apply to the products we continue to build to support creators, people and businesses in our apps.” It added that it will focus on “opposition to change” and “message payment across the meta.”
The update addresses Instagram’s debuted NFT support almost exactly one year after Zuckerberg took the stage at SXSW. The company announced another major expansion of the feature in his November, revealing plans to give creators direct access to their collections on Instagram.
Kasriel didn’t elaborate on why Meta reversed course for NFT. Zuckerberg said it’s because the company’s “clothes that avatars wear in the metaverse are basically made as NFTs and can be carried to different locations,” he said during his SXSW appearance last year. .
But this is not the only once-ambitious initiative to plateau last year. Meta also shut down a cryptocurrency wallet that was rumored to be on its roadmap last year. The company also cut projects from its metaverse division, Reality Labs, and the program it paid to Reels creators.
