Stephane Kasriel, Meta’s head of commerce and financial technology, said on Twitter that the business will discontinue its NFT and digital collectibles products on Instagram and Facebook. This short-lived product was only tested with a restricted group of Instagram creators in May before being launched in 100 countries in July. Meta is turning its focus away from NFTs and towards solutions like Meta Pay and features that allow artists to earn money directly on Meta platforms. Meta is also experimenting with other methods for creators to make ad revenue on Reels. Meta will continue to monitor cryptocurrency in the long run.
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