Meta's enthusiasm for NFTs lasted less than a year, as the company officially began integrating the technology into its social media platforms in May of last year. However, with their financial situation worsening, they have now announced they will "gradually reduce" Facebook and Instagram's support for NFTs. "We will temporarily reduce support for digital collectibles in order to focus on other ways to support creators, users, and businesses," said Stephane Kasriel, Meta's Head of Business and Financial Technology, in a tweet. "We have learned a lot, and both now and in the future, the lessons we've learned can be applied to the products we're building to support creators, users, and businesses on our platform, including the metaverse."
Kasriel also stated that Meta will now focus more on "Reels' monetization capabilities" and "message payments across all Meta platforms."
In order to achieve the so-called "Efficiency Year," Meta may also have further layoffs in the future. Therefore, it is reasonable for businesses like NFTs, whose popularity has significantly declined, to be marginalized.