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Meta Gives Up Pursuit of NFT: Focusing on Creator Economy Instead

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Meta Gives Up Pursuit of NFT: Focusing on Creator Economy Instead

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, the parent company of social media giant Facebook, announced that it is giving up its pursuit of NFT or non-fungible tokens. This news came from Stephane Kasriel, Meta’s head of business and financial technology, through a Twitter post. Kasriel stated that Meta is gradually reducing the number of digital collections that they have been pursuing for NFT. Instead, they are focusing on other ways to support creators, people, and enterprises.

NFT is a type of cryptocurrency that represents ownership in digital art, music, and other creations. It has been a buzzword in the creator economy, where artists and creators can monetize their digital creations through blockchain technology. In fact, Meta previously acknowledged the role of NFT in expanding the creator economy. However, with their latest announcement, Meta seems to be reconsidering the value of NFT in their long-term plans.

It is not clear why Meta is giving up on NFT. It might be due to the high volatility of the NFT market, which has been fluctuating widely in recent months. Some NFTs have been sold for millions of dollars, while others have lost their value rapidly. This makes it difficult for investors to gauge the value of NFT assets. Additionally, there have been concerns about the environmental impact of NFT, as it consumes a significant amount of energy in its production and transactions.

Despite the abandonment of NFT, Meta is committed to supporting creators and businesses. It has already launched various tools and features to help creators monetize their work on its platforms like Facebook, Instagram, and Oculus. These include fan subscriptions, branded content, and in-app purchases.

In conclusion, Meta’s decision to give up pursuing NFT serves as a reminder that not all crypto assets are created equal, and their value can fluctuate drastically. However, Meta’s focus on the creator economy remains unchanged as they continue to explore new ways to support creators and businesses.

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