NFT support being phased down on Facebook and Instagram

Meta Platforms is discontinuing non-fungible token (NFT) support on Facebook and Instagram, according to Stephane Kasriel, the company’s commerce and fintech lead.

A business spokesman informed The Verge that testing of minting and selling NFTs on Instagram, as well as the ability to post NFTs on Facebook and Instagram, will be completed in the coming weeks.

“Across the company, we’re looking closely at what we prioritise to increase our focus,” Kasriel said.

“We’re winding down digital collectables (NFTs) for now to focus on other ways to support creators, people, and businesses.”

Nonetheless, Meta will continue to prioritise assisting creators and companies in connecting with and monetising their audience.

Kasriel stated that the organisation would “focus on areas where we can make an impact at scale” to accomplish this. This involves messaging and monetisation on Reels, as well as upgrading Meta Pay.

“We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,” Kasriel added.

Meta CEO Mark Zuckerberg stated in March 2022 that the business was introducing NFT functionality to Instagram, including the ability to “mint” tokens.

In August 2022, Facebook and Instagram added NFT compatibility, allowing users to link their digital wallets to post collectibles on the sites.