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Meta Gives Up On NFTs

Meta will be “winding down” its dalliance with the highly volatile NFT market, as part of Mark Zuckerberg’s “year of efficiency.”

Meta commerce and fintech lead Stephane Kasriel announced the news in a Twitter thread.

“Across the company, we’re looking closely at what we prioritise to increase our focus,” Kasriel wrote.

“We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.”

Kasriel noted that Meta “learned a ton” from its brief entry into the NFT market, and that Meta is focused on “areas where we can make impact at scale, such as messaging and monetisation opportunities for Reels.”

Last year, Meta killed its cryptocurrency project Diem, formally known as Libra, as well as its Novi digital wallet.

Zuckerberg didn’t directly mention NFTs in his ‘Update On Meta’s Year Of Efficiency’, but wrote on cutting back on company projects.

“It’s tempting to think that a project is net positive as long as it generates more value than its direct costs,” Zuckerberg wrote before laying out the indirect costs of these projects, such as diffusing talent and creating more management layers.

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