Meta, the parent company of Facebook and Instagram, has announced it is winding down its NFT display projects to focus on other priorities. Stephane Kasriel, head of commerce and fintech at Meta, stated that the company will continue to support creators, people, and businesses in other ways, while thanking partners who joined them on the NFT journey. The move comes amid Meta’s efforts to rationalize operations and cut costs, following a downturn in digital ad spending. Furthermore, the broader enthusiasm around NFTs has faded due to various crypto market shifts, along with the collapse of FTX. The real value of the NFT trend was the communities that formed around the digital artworks. While NFTs may not play a significant role in the next phase of digital connection, they provided insights into the use case for digital goods, which will be a bigger consideration in the future.
