The parent corporation of Facebook and Instagram abruptly declared that it would stop sponsoring NFT after providing this function for half a year, citing ongoing losses caused by Metaverse development regulations.
Specifically, the company has chosen to discontinue pursuing NFT in order to concentrate on strategies to serve content creators and users, as disclosed by Mr. Stephane Kasriel, Director of Commerce and Financial Services of Meta. better business, too. He stated:
“Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we’re going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels.”
The business declared that it would keep making investments in the fintech technologies that individuals and companies will require in the future. The firm owned by billionaire Mark Zuckerberg is also investing in Meta messaging payments and streamlining payments via Meta Pay.
Since the beginning of 2022, Meta has been testing the integration of NFT into its social networks, imitating Twitter's action. In a relationship with Polygon, Mark Zuckerberg's billionaire company steadily increased the ability to share NFT and set it as a profile photo on Facebook and Instagram by the end of the third quarter and the start of the fourth quarter.
Late in 2022, the parent firm of Facebook and Instagram is facing numerous challenges due to the necessity to reorient the metaverse's development. The corporation lost up to $14 billion in the metaverse alone, and had to eliminate up to 11,000 people globally, according to the financial report for 2022. In the beginning of 2022, the stock's value likewise fell.