Meta, the parent company of Facebook and Instagram, has announced that it is discontinuing its NFT display projects in order to focus on other priorities. Meta’s head of commerce and fintech, Stephane Kasriel, stated that the company will continue to support creators, people, and businesses in other ways, while also thanking partners who joined them on the NFT journey. Following a drop in digital ad spending, Meta is attempting to rationalize operations and cut costs.
Furthermore, the general enthusiasm for NFTs has waned as a result of various crypto market shifts, including the collapse of FTX. The communities that grew up around the digital artworks were the true value of the NFT trend. While NFTs are unlikely to play a significant role in the next phase of digital connectivity, they have provided insights into the use case for digital goods, which will be a larger consideration in the future.
