Meta to Cut Off Support for NFTs as Crypto Market Spirals

Rolling it out just last year, Meta will no longer support digital collectibles or non-fungible tokens (NFTs) on all its platforms

Meta, the parent to Facebook and Instagram, just announced that it is closing down support for digital collectibles or non-fungible tokens (NFTs) on all its platforms, as the crypto market continues to face challenges.

“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses” said Meta’s fintech head, Stephane Kasriel in her tweet while announcing the support cut off.

The decision came as a shock to many digital art and NFT collectors all over the world, especially since Meta brought out the NFT support feature just last year, when the NFT market exploded with creators, buyers and sellers, all promoting their NFT’s on different social media platforms.

NFTs up until last year, were selling for millions of dollars a piece, forcing many tech companies to cash on the hype, however the crypto market fall got the best of the NFT boom, thus forcing companies like Meta to stop support.

A major reason for this NFT support halt is the FTX crash, which led to a major decline in the values of many mainstream cryptocurrencies including Bitcoin.

Another event adding to the severity of the situation is the fairly recent collapse of three US banks, two of which turned out to be crypto focused.

“We will continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta,” said Kasriel.

With the whole situation not being in favor of the crypto industry, it was only logical for Meta to stop NFT support, but will this support cut off be permanent or temporary? Drop your thoughts in the comments below.

 

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