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Social Media Giant Ditches NFTs as Users Are More Interested in Reels Videos

Mark Zuckerberg’s company Meta*, formerly known as Facebook, continues to lose money on high-value projects and get rid of ballast in order to somehow cut costs. Today it became known that the giant of social networks decided to refuse from developing projects related to unique tokens (NFTs).

Stephane Kasriel, Head of Commerce and Fintech, explained the move:

<…> we are phasing out the Digital Collectibles (NFT) project to focus on other ways to support content creators, users and businesses.

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Last August, Meta set out to integrate unique NFT tokens into its Facebook and Instagram apps. NFT creators and owners now have the opportunity to showcase digital collectibles right on their pages.

The company also planned to launch an NFT marketplace and announced this event in November 2022. It was planned that the introduction of popular tokens would allow content creators to earn. However, now everything has changed. Kasriel noted that the company will continue to invest in fintech tools for users and businesses, but will abandon NFT projects. Now the social media giant is interested in the development and monetization of Reels short videos.

* Meta’s activity is recognized as extremist, banned in Russia by decision of the Tverskoy Court of Moscow dated March 21, 2022.

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