Meta ‘Winding Down’ NFT Efforts

Meta, according to a executive, is looking to “focus on areas where we can make impact at scale”

article-image

sdx15/Shutterstock.com modified by Blockworks

share

Meta is pulling the plug on its NFT initiatives. At least for now. 

The “winding down” of its digital collectibles efforts comes as the company scrutinizes its priorities, according to Stephane Kasriel, the company’s head of commerce and fintech. The move follows a rocky 2022 for the company’s stock, one of a number of big tech companies whalloped by macro forces, including interest rates. 

Loading Tweet..

“Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we’re going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels,” Kasriel added in a separate tweet. 

Meta first publicly detailed its plans to expand into the NFT space in May 2022, saying at the time it would use public blockchain data to verify which collectibles owners and creators hold. News of the social media giant’s move began to surface at the beginning of last year. 

“This is obviously a very expensive undertaking over the next several years,” Meta CEO Mark Zuckerberg said during an earnings call last June. “But as the metaverse becomes more important in every part of how we live from our social platforms and entertainment to work and education and commerce, I’m confident that we’re going to be glad that we played an important role in building this.”

Last August, less than a month after debuting its digital wallet integration, Meta said it was set to allow select creators and NFT collectors to post their digital property on both Facebook and Instagram. 

The net losses endured by Meta’s division responsible for producing metaverse-related technology have grown in recent quarters, with the damage amounting to nearly $4.3 billion in the final three months of 2022.

In total, Meta’s Reality Labs — a unit comprising augmented reality, virtual reality and the company’s metaverse software platform — tallied a $13.7 billion net loss last year.

The tweets by Kasriel come after sources told Blockworks Amazon is laying the groundwork to give its customers the ability to purchase NFTs tied to real-world assets.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

dydx unlimited.png

Research

dYdX Unlimited is a revamp to the protocol's design and tokenomics.