- Meta is pulling plugs on many of its projects, including Facebook and Instagram NFTs.
- The company is restructuring and focusing on high priority projects.
- Meta will also lay off employees in 2023 as part of its restructuring plan.
Meta CEO Mark Zuckerberg shifts his strategy for 2023. The founder is deviating from “low priority” projects, especially NFTs, in Facebook And Instagram.
The company got its start Experiment with NFTs for its two flagship platforms, Facebook and Instagram, in the summer of 2022. However, what could have been a landmark achievement for both the company and the Web3 space didn’t last long.
After a short ten-month stint, Meta is closing the books on Instagram and Facebook NFTs and is ready to start a new chapter. The company shared that the closure will allow Meta to “focus on other ways to support creators, individuals, and businesses.”
So no more NFTs?
In a Twitter thread posted on March 13, 2023, Stefan Kasriel, Head of Trading and Financial Technologies at Meta, said, open The company is in the process of winding down its use of NFT technologies and focusing on other ways to support its creators.
Over the next few weeks, Meta will remove all experimental features that use NFTs. This includes minting and selling NFTs and sharing them on Instagram and Facebook.
In the thread, Kasriel explained that removing the NFT doesn’t mean Meta is avoiding its mission of augmenting experiences for creators. Instead, the company will direct its focus to other areas where it can “make an impact at scale,” such as Reels and MetaPay.
The commerce chief added that Meta will prioritize the development of MetaPay, the company’s payment platform, which can support cryptocurrency transactions based on brand deposits from May 2022.
Zuckerberg chimes in
Following Meta’s decision to pull out of NFTs, CEO Mark Zuckerberg subscriber An update with his staff on March 14, 2023. In the update, Zuckerberg presented restructuring plans to improve The company’s financial performance implementing its long-term vision.
New plans focus on flattening departments, canceling low-priority projects, and reducing staffing rates. The CEO added that Meta expects to reduce team size by about 10,000 people, about 13% of its workforce, and close approximately 5,000 open positions.
The company plans to announce restructuring and layoffs in the technology groups by late April and then the business groups by late May.
According to Zuckerberg, a leaner, more technological company will improve business performance and enable its long-term vision. artificial intelligence (AI) at the core. This could mean that NFTs are out of the equation for good.
Experiment and exit?
Meta first introduced the NFT feature on Instagram and Facebook, allowing select users to view their NFTs. The company subsequently doubled down on digital holdings by adding support tools to its platforms in September 2022, allowing some US users Mint and sell NFTs on the Polygon blockchain.
For a few months, everyone thought Meta was a Web3 optimist until it decided it wasn’t.
Which is why the new Meta plan hasn’t gone over well with the crypto community. The initial announcement from Kasriel received heavy criticism from Crypto Twitter, with some claiming that Meta quit before they even got started.
Other users shared their concerns about trusting the company and its understanding of what an everyday content creator needs.
on the flip side
Why should you bother
Meta’s decision to withdraw from NFTs may affect millions of creators on Instagram and Facebook.
Follow how Meta got started testing NFTs:
Meta begins testing Facebook NFTs
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