Meta, the parent company of Facebook and Instagram, has announced that it will be shutting down the ability to purchase and sell non-fungible tokens (NFTs) on both platforms less than a year after the feature was introduced. In a tweet, Stephane Kasriel, the head of commerce and financial technologies at Meta, stated that the company would “focus on areas where we can make an impact at scale, such as messaging and monetization opps for Reels.” The move has faced criticism from industry observers and various stakeholders, with some claiming the decision to be premature and potentially detrimental to the development of creator-focused digital art marketplaces. In July 2021, Meta initiated digital collectibles support on Facebook, initially limiting it to select creators and only in the US.
