Meta to cut off support for NFTs on its platforms amid crypto bust

"We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Meta's fintech head, Stephane Kasriel said via a tweet on Monday. The development comes in less than a year after it was rolled amid uncertainty in the crypto market.

Kasriel clarrified, "We'll continue investing in fintech tools that people and businesses will need for the future. We're streamlining payments w/ Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta."

The social media firm rolled out feature to support creators to share NFTs on Instagram and Facebook in 2022 when crypto's popularity was on a rise. However, bitcoin and other tokens have been under pressure since late 2022 after crypto exchange FTX crashed into sudden bankruptcy. The collapse of three major US banks aggravate the situation.

In the latest developments, New York state financial regulators closed the Signature Bank days after the SVB Financial Group’s Silicon Valley Bank collapsed. Silvergate Capital Corp, a crypto based lender, was also hit hard by FTX’s implosion. The bank announced that it was shutting down days before Silicon Valley Bank’s seizure.