Meta Abandoning NFT Experiment As Part of “Year of Efficiency” Changes


Today’s news headline could either be good news or bad news, depending on where you stand with NFTs.

A switch depicting an NFT logo.
A switch depicting an NFT logo. Photo by Arthur Mazi

An absolute riot on the Internet just a year ago during the height of the pandemic, NFTs are now looking like the fly-by-night operation that many people claim they were.

Sure enough, many major platforms latched onto the trend and it looked like NFTs were here to stay alongside their predecessor cryptocurrency.

But, as anyone who has paid attention to the crypto market over the past several months, can tell you, things haven’t quite gone as planned. From the collapse of NFT trading hubs to the gradual withdrawal of participants from the marketplace, it has been one of the more dramatic stories that we have covered on this blog. To be sure, there is probably a future out there for the NFT technology, and what it can do for images and creative works. It’s probably just not going to be monetized quite the way people thought it would be.

One of those groups happens to be Facebook's parent company Meta which recently announced that it was abandoning its NFT experiment, The Verge reports.

Interestingly, digital collectibles were packaged in with the company's larger strategy around the Metaverse concept. As you probably know from reading this blog, that also hasn’t gone quite the way Facebook planned.

Of course, NFTs aren’t the only major thing getting cut over at Meta.

The company announced a so-called “year of efficiency” that has resulted in thousands of people losing their jobs.

What is Facebook’s parent company going to focus on instead of NF tees and digital collectibles (and implicitly the Metaverse)?

Things such as Instagram Reels and Meta Pay. Other Meta experiments such as the company’s vaunted cryptocurrency and digital wallet were cut last year.

Any thoughts you might have on NFTs are welcome in the comments section below.

Also, don’t forget to check out our other photography news right here.

[The Verge]

About Author

Kehl is our staff photography news writer since 2017 and has over a decade of experience in online media and publishing and you can get to know him better here and follow him on Insta.

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