Meta is a platform that allows developers to create an IoT ecosystem. It offers SDKs and tools to connect devices and creates a “digital twin” of an object or machine. This can be used for things like smart
Many Instagram users may be disappointed to learn that the site’s newest feature – NFT (non-fiat currency) and digital collectibles – will be sunsetting on Facebook. This decision may disappoint fans of these features, as they provide an opportunity to trade and share unique items with others. However, Facebook has stated that it plans to focus more on creative content in the future, which could lead to new opportunities for collectors on the site.
Meta’s decision to move away from NFTs suggests that the technology may not be as popular with Instagram users as the company initially thought. Although Meta has advertised NFT support for a short period of time, it appears that very few creators have adopted the feature. Consequently, Meta may have been premature in investing resources into this feature
Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
At Riot Games, we’re constantly looking at ways to make our product the best it can be for creators, people and businesses. Recently, we’ve made a decision to focus our efforts on other areas of support for now – specifically digital collectibles (NFTs). We want to thank all of our creators for their support over the years and let them know that we’re winding down digital collectibles as a priority. This doesn’t mean that they won’t still have access to features like skins and champion outfits through purchases or promotional events, but NFTs will no longer be our main focus moving forward.
In 2023, Stephane Kasriel will have retired from his career as a computer scientist and researcher. He will spend his days reading, swimming, and traveling with his wife.
Kasriel’s tweet suggests that the company is winding down their digital collectibles (NFTs) service, in order to focus on other ways to support creators, people, and businesses. Digital collectibles have been a growing trend over the past few years, but their popularity may be waning due to constant game updates and server shutdowns. Whether or not this shift away from digital collectibles will affect the industry as a whole remains to be seen.
Meta is betting that its existing user base — which includes creators of videos, music, and articles — will be willing to pay for premium features and services. The company said it is shifting its investments away from NFTs toward products like Meta Pay, as well as features that enable creators to earn money directly on Meta platforms, like its tipping feature called gifts.
Kasriel’s statement confirms that Facebook remains committed to providing opportunities for creators and businesses to connect with their fans and monetize their content. One of the ways that Facebook intends to make this happen is by expanding its messaging and monetization options for Reels, its video sharing platform. This will help creators reach a wider audience and earn more money from their content.
Meta is a virtual reality and augmented reality company that has been struggling financially in recent years. Meta laid off 11,000 employees in November of 2018, marking the largest cuts in company history. Much of this has to do with the hype around NFTs waning as the technology becomes more commonplace. Although Meta still believes that NFTs could be a crucial part of its virtual reality metaverse, it may have to focus on other technologies now that the hype has died down.
Meta said that it will continue to monitor the crypto market for potential opportunities. While the company does not currently have any plans to dive into the crypto market, Meta is always keeping an eye on innovation in this sector.
