Meta decided to discontinue support for NFT on Instagram and Facebook
Meta has decided to end support for NFT on Instagram and Facebook
The decision to curtail the work with digital tokens in social networks was made by Mark Zuckerberg's company to focus on other ways to support content creators and their audience.
The company Meta has decided to stop supporting NFT in its social networks Facebook and Instagram. This was announced by Stefan Kasriel, head of Meta's Commercial and Financial Technology Department.
NFT support was added to the social network Meta six months ago. In late August 2022, the company announced the introduction of digital tokens to Facebook and Instagram; since then, users have been able to upload tokens to both social networks by connecting a cryptocurrency wallet to an account on either one. Mark Zuckerberg's company used the Polygon blockchain to integrate NFT.
Kasriel said the decision to stop supporting NFT was made to focus on other technologies that allow content creators to monetize their content and connect with their audiences.
"At this point, we are winding down our work with digital tokens (NFT) to focus on other ways to support content creators, users, and businesses," Kasriel said.
The company's priorities are now to create and implement payment tools on its platform, messenger, and short video service Reels. According to Kasriel, Meta will also continue to develop the payment service Meta Pay.
At the same time, large global companies continue to register trademarks related to NFT. Mike Condudis, a licensed attorney with the U.S. Patent and Trademark Office, reports that auto giant Nissan filed four trademark applications on March 7 for the Infiniti, Nismo, and Nissan brands.
Nissan's new trademarks will be related to the release of virtual clothing, cars, and other NFTs. In addition, the document mentions the creation of a platform for the release and trading of digital tokens, as well as marketing services in the meta-universes and the creation of specialized software to work with NFT.
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