Market Analysis Report (14 Mar 2023)

The parent company of Facebook and Instagram, Meta, is dropping non-fungible token (NFT) support from the social media platforms less than a year after launching it. In a Twitter thread, the company’s head of commerce and financial technologies, Stephane Kasriel, said the company was shifting its focus.

The move comes as the company is set to undergo another round of layoffs that will affect thousands of workers, after the company cut 13% of its workforce in November.

On the company’s Q4 earnings call, CEO Mark Zuckerberg declared 2023 the “year of efficiency” and vowed to trim projects that were underperforming or not crucial to the company’s goals.

Some on social media downplayed the significance of the NFT deprioritization, pointing out that Meta had made little impact in the space since launching NFT capabilities for its apps last year.

In September of last year, Meta made its NFT features available to all users in the US following a successful test period with a select group of users. This move was seen as a positive development for smaller blockchains like Polygon and Flow, whichstood to benefit from the increased interest in NFTs.

Meta continued to build on this momentum in November by announcing plans to enable creators to produce their own NFTs on Instagram and sell them directly to fans through the platform.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/mar/14/