{"id":172339,"date":"2023-03-13T23:27:17","date_gmt":"2023-03-13T23:27:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172339"},"modified":"2023-03-13T23:27:17","modified_gmt":"2023-03-13T23:27:17","slug":"meta-pulling-the-plug-on-nfts-across-instagram-and-facebook","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/meta-pulling-the-plug-on-nfts-across-instagram-and-facebook\/","title":{"rendered":"Meta pulling the plug on NFTs across Instagram and Facebook"},"content":{"rendered":"<p>Big Tech firm Meta is scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram just under a year after it launched.<\/p>\n<p>Stephane Kasriel, Meta&#8217;s head of commerce and financial technologies, tweeted the news on Mar. 13, saying Meta is &#8220;winding down&#8221; its NFT support as it wishes to &#8220;focus on other ways to support creators, people, and businesses.&#8221;<\/p>\n<p>Kasriel added the firm is still prioritizing ways for users to &#8220;connect with their fans and monetize&#8221; and will focus on such as building payment rails on its platform and through its messaging apps and monetizing Reels \u2014 the company&#8217;s short form video tool.<\/p>\n<p>The product was relatively short-lived as testing began in May 2022 with select United States-based creators on Instagram before it expanded to Facebook that June. It expanded again in July as Instagram made NFT tools available to over 100 countries.<\/p>\n<p>This is a developing story, and further information will be added as it becomes available.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/meta-pulling-the-plug-on-nfts-across-instagram-and-facebook\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Big Tech firm Meta is scrapping its<\/p>\n","protected":false},"author":3,"featured_media":172338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Meta pulling the plug on NFTs across Instagram and Facebook - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/meta-pulling-the-plug-on-nfts-across-instagram-and-facebook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meta pulling the plug on NFTs across Instagram and Facebook - 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