FB and Instagram Drifting from Crypto Branch Meta Putting Off NFT Help

In the last few months, apprehensions about cryptocurrency have increased. The major reason for this is the drastic decline in this segment and bankruptcy of many firms. Social media platforms FB and Instagram will not get support for non-funny tokens (NFT). This decision has been taken by META, which runs these platforms.

Meta Head (Commerce and Financial Technologies), Stephane Kasril gave this information by tweeting. He said that the company has learned a lot from this and can be implemented on products which are used to support creators, people and businesses on the company’s apps. However, he did not give the reason for ending support for NFT. He said that the company will focus on the opportunities for montization on reels and messaging payments. There are NFT unique digital assets that use blockchain technology to confirm ownership and real. These may include digital content like art, music, videos and tweets.

The company’s head Mark Zuckerberg announced NFT support on Instagram about two years ago. Meta had informed it to increase it later and allowed creators to make and sell digital collections. Zuckerberg had said that NFT could contribute to the company’s metavors’ schemes. For the last few months, Meta has started restructuring and under it many schemes have been discontinued. Thousands of workers will soon be trimmed in Meta. A few months ago, the company had reduced more than 11,000 workers in its staff. The company has decided to trim again to meet its financial targets.

Meta refused to comment when contacted by Reuters on Bloomberg’s report about this. Last month, Washington Publish newspaper reported that the meta was trimmed under the scheme of restructuring. Zuckerberg had told the investors that last year’s pruning was the beginning of focusing on the company’s efficiency and it was not the end.