"Instead of wasting time, better focus on other things first if you feel that NFT is still hopeless."
After working for more than 18 months, the Facebook company or now better known as Meta has announced the closure of the non-fungible token (NFT) project.
According to Stephane Kasriel, the Commerce and FinTech leader at Meta said that the company is prioritizing what needs to be given full attention at the moment and NFT is not part of its plans.
He added that Meta intends to stop NFT collection for the time being as it wants to focus on other methods that can support creators and businesses through its application or metaverse.
However, Meta will continue to support NFT creators who still use Instagram and Facebook to grow their digital collections.
This is because Meta in September last year launched a feature that allowed creators on Facebook and Instagram to share their respective NFTs, where it has made the update available in over 100 countries.
Returning to the description, Meta is now shifting its focus from NFT to other FinTech products such as MetaPay which allows creators to earn money directly on its platform, for example giving tips called prizes.
Meta also not only invests in fintech tools that will benefit various parties in the future, but also further develops MetaPay so that payments are easier and faster.
Over the past year, Meta has had a tough phase as it struggled to cut costs and lay off nearly 13% of its workforce after Reality Labs lost $13.7 billion.
