Meta, the parent company of Facebook and Instagram, has announced that it will be discontinuing the buying and selling of non-fungible tokens (NFTs) on its platforms. The decision has been met with mixed reactions, with some industry observers criticising the move.
According to Stephane Kasriel, the head of commerce and financial technologies at Meta, the company is looking to increase its focus on other ways to support creators, people, and businesses. He added that the social media giant would continue to invest in fintech tools that people and businesses will need for the future.
Although some have criticised the move as premature and potentially detrimental to the future development of creator-focused digital art marketplaces, Kasriel emphasised that creating opportunities for creators and businesses to connect with their fans and monetize remains a priority.