Meta just announced that it is slowing down the promotion of NFTs across Instagram and Facebook and instead plans to focus on other elements to facilitate its users including creators and businesses.
The company hopped on the NFT bandwagon in April last year and a month later, launched a live test of NFTs on Instagram as a monetization feature for creators. It looks like Meta couldn’t gain much out of its efforts dedicated to the digital collectibles and therefore decided to amplify elements that are more profitable to the company, such as Reels and messaging.
Meta’s decision would also help it in cutting costs that it has been compelled to re-evaluate, as it continues to cut a significant number of jobs that have since resulted in termination of several of its projects.
The NFT hype has slowly declined globally in the past few months anyway, as a result of various impactful shifts in the crypto market. Seeing how Meta is dedicated to experimenting with new and advance digital features in alignment with the Metaverse, we could likely see the company making more worthy digital efforts in the future.