- They will focus on payment services and Reels
- But social networks will continue to support art tokens
The head of the commercial department of Meta, Stefan Kasriel, announced the curtailment of the NFT program. Experts will focus on other ways to support authors and artists.
He thanked the partners who participated in the Meta NFT pilots. He added that the Instagram and Facebook platforms will continue to support the authors of art tokens.
Previously, Meta planned to integrate NFT with a monetization mechanism for content creators. But a couple of months ago, management began to change its rhetoric. So, the same Kasriel wrote in November that the NFT market is still “at a very early stage of development.”
Instead of art tokens, Meta will focus on other technologies. Now they will work on Reels and payment optimization using the Meta Pay service. They also invest in technologies that allow making payments directly in the Meta messenger.
End of NFTs?
Cryptowinter has brought challenges to the space of non-fungible tokens. But in 2023, this sector is starting to show some signs of life. According to DappRadar report, the Ethereum NFT market is up 68% from its November lows. And brands successfully release their collections: for example, Starbucks art tokens were sold out in 20 minutes. If the market continues to grow, this will help restore the popularity of projects and creators.