US corporation Meta* has decided to stop further development of projects related to non-exchangeable tokens (NFTs).
According to Stephan Kasriel, head of commerce and financial technology, "We are taking the necessary steps to focus more on our most important projects. Accordingly, we have decided to stop issuing digital collection tokens in order to focus on alternative methods that will help authors, individuals and businesses".
In November 2022, the company announced that it was joining forces with Polygon to launch an NFT marketplace. Meta* believed that collectible tokens could be a great way for authors to make money and create their own economy.
Kasriel said that the company is currently focusing on developing Instagram, particularly on monetising Reels. He also mentioned that Meta* is working with Meta Pay to simplify the deposit and payment process and investing in payments within the products the company offers. Furthermore, he noted that Meta* will continue to help the many NFT creators who still use Instagram and Facebook to do business.
Sources at Mark Zuckerberg's company recently told The Wall Street Journal (WSJ) that the company has organised a number of layoffs in addition to the 11,000 people already laid off.
Meta*- recognized by the Russian authorities as extremist and banned in the country
