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Meta gives up its chase for NFTs

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According to reports, Stephane Kasriel, head of business and financial technology at Meta, said that Meta was giving up its pursuit of NFT. Kasriel wrote in his

Meta gives up its chase for NFTs

According to reports, Stephane Kasriel, head of business and financial technology at Meta, said that Meta was giving up its pursuit of NFT. Kasriel wrote in his Twitter post, “We are gradually reducing the number of digital collections (NFT) to focus on other ways to support creators, people and enterprises.” Meta previously said that NFT can help expand the creator economy.

Meta is abandoning its pursuit of NFT

Analysis based on this information:


Meta, formally known as Facebook, has reportedly put an end to its pursuit of NFTs. The head of business and financial technology at Meta, Stephane Kasriel, mentioned in his Twitter post that Meta is reducing the number of digital collections of NFTs to focus on other ways to support creators, people, and enterprises.

The decline in NFTs comes as a surprise to many because Meta previously stated that NFTs could help grow the creator economy, which is the platform’s primary focus. Nevertheless, due to the significant challenges regarding NFTs, Meta has decided to change its approach.

NFTs have been a hot topic in the digital world, as they allow people to own unique digital assets such as artwork, music, videos, and tweets. The market for NFTs has grown to an estimated $23 billion in just four years since its introduction in 2017. It was assumed that since Meta is a major player in the social media space, their involvement in NFTs would significantly impact the industry’s growth. However, Meta’s decision to end its NFT pursuit comes as a blow to the NFT industry.

Despite the high demand for NFTs, Meta’s decision was rational as the space is inundated with scams and frauds. The use of blockchain technology to authenticate digital assets has made it challenging for fraudsters to infiltrate the system. However, hackers have found ways to manipulate the system, which has resulted in heavy losses for investors. According to research, 97% of NFTs on Binance Smart Chain are scams, and investors have lost over $32 million in the last six months.

Meta aims to support creators, people, and enterprises in different ways outside of NFTs, such as diversifying content formats, virtual and augmented reality (VR and AR), online marketplaces, and payment methods. Therefore, Meta’s departure from NFTs will not affect the creator economy. In fact, it will encourage creators to experiment with different formats and explore other avenues for monetizing their content.

In conclusion, the decision by Meta to end its pursuit of NFTs signifies the industry’s challenges, scams, and frauds. There are significant opportunities for creators, people, and enterprises to monetize their content in other ways. Therefore, Meta’s exit from NFTs is a rational decision and will not impact the creator economy.

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