Meta to wind down NFTs on platforms amid crypto bust

Meta Platforms Inc is cutting off support for digital collectibles or non-fungible tokens (NFTs) on its platforms less than a year after rolling it out, as the crypto market continues to spiral.

"We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and Businesses," the social media firm's fintech head, Stephane Kasriel, tweeted on Monday.

The company rolled out support for creators to share NFTs on Instagram and Facebook last year, when the speculative crypto asset had exploded in popularity, with sales of cartoon apes to video clips touching billions of dollars.

But bitcoin and other tokens took a beating in late 2022 after major exchange FTX crashed into sudden bankruptcy.

The downfall was worsened by last week's collapse of three US banks, two of which were crypto-focused.

"We'll continue investing in fintech tools that people and businesses will need for the future. We're streamlining payments w/ Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta," Kasriel said.

Comments

Post a Comment

Popular posts from this blog

Russell Westbrook signs with Clippers: Former MVP lands back in L.A. after Lakers trade, per report

Former NBA MVP Russell Westbrook plans to sign with the Los Angeles Clippers once he finalizes a buyout with the Utah Jazz, his agent told Adrian Wojnarowski. Westbrook was trade d from the Los Angeles Lakers to the Jazz as part of a three-team deal ahead of the trade deadline earlier this month. In 52 games for the Lakers this season, the majority of them off the bench, Westbrook averaged 15.9 points, 6.2 rebounds and 7.5 assists per game. But while his counting stats were still solid, his defense, inefficient shooting (41.7 percent from the field, 29.6 percent from 3-point land) and poor fit next to LeBron James and Anthony Davis were once again a problem for the Lakers. There was also the fact that James was publicly lobbying for the team to trade him, which did not help the vibes in the locker room.  But despite some of Westbrook's issues with the Lakers, and his declining play in recent years, the Clipp...
Read more

Taylor Swift Opens Up About Her Mom’s New Battle With Cancer

Image
If  Taylor Swift ’s song “Soon You’ll Get Better” broke your heart the first time you listened to it, have the tissues ready because the song has a whole new meaning. Taylor has opened up about her mom, Andrea’s, battles with breast cancer over the years, but now it seems as though she’s got a new battle to fight after a new diagnosis from her doctors. Taylor revealed in an interview that her mom has a brain tumor. In a heartbreaking interview with Variety, Taylor revealed that while her mother was undergoing another round of chemotherapy, doctors found a tumor in her brain. “She was going through chemo, and that’s a hard enough thing for a person to go through,” Taylor told the outlet. “While she was going through treatment, they found a brain tumor.” Taylor spoke about how this has hit her family hard, especially since her mother has already gone through treatment for breast cancer twice. “The symptoms of what a person goe...
Read more

Bruno Fernandes names Portugal teammate he wants Man Utd to sign

Image
Bruno Fernandes has encouraged Manchester United to act on their interest in Benfica midfielder Joao Neves. United have regularly scouted the 19-year-old and were in attendance as he shone in Benfica's recent 2-1 win over Sporting CP, watching the teenager alongside scouts from both Arsenal and Liverpool. Neves' excellent form this season has seen him rewarded with two caps for the Portugal national team. The youngster came off the bench for the final five minutes of October's 5-0 win over Bosnia & Herzegovina and saw another three minutes against Liechtenstein on Thursday. Asked about United's interest in Neves, Fernandes admitted he'd be keen to see the teenager join him at Old Trafford but only if manager Erik ten Hag sees a future for him. "It has to be the Manchester United coach who says whether he has a place in the team or not," Fernandes told a press conference. "He's a great player, I don't know if he would have a place or not. I...
Read more