Breaking News: Meta says good bye to NFTs – Is This the End of the Digital Art like Bored Ape?

NFTs have been one of those “flare” type technological fads, which turn on quickly and very flashy, but in less than a heartbeat, it turns off completely (and you turn another one on again). Something that some technology companies have already realized, such as Meta, the parent company of Facebook and Instagram, which has decided to get off the bandwagon of this technology.

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“For now, we are putting an end to digital collectibles (NFT) to focus on other ways to support creators, individuals and businesses. Many thanks to the partners who joined us on this journey and are doing great work in a dynamic space,” Stephane Kasriel, Meta’s director of commerce and financial technology, stated on his Twitter account. “We are proud of the relationships we have established. And we look forward to supporting the many NFT creators who continue to use Instagram and Facebook to amplify their work.”

Kasriel also clarifies that Meta will continue to develop new ways for content creators and businesses to connect with their followers and earn revenue for the work they do, but that going forward it will focus on areas where the company “can have an impact at scale,” such as Reels and Messenger.

Meta debuted its new NFT features last year, releasing a series of updates throughout the year as the “ugly monkey” bubble continued to grow. At the time, Meta talked about the monetization potential this technology had for content creators, and even Mark Zuckerberg, its CEO, made mention of the role they would play in the already ruinous Metaverse.

Less than a year after its launch, Meta puts an end to the NFT adventure. An end that would be closely related to the cuts that the company is implementing in order to get its balance sheet back on track, including massive layoffs of its staff (something that would be done again soon).