Meta has announced that it is abandoning its work on non-fungible token (NFT) digital collectibles and discontinuing its NFT services. Microsoft will continue to support creators and businesses through other means, while Meta will focus on developing profitable products such as Reels, Meta Pay, and cross-platform messaging.
Meta had not been promoting NFTs on its platform for long, and the company is currently cutting costs and undergoing multiple rounds of layoffs. In this context, projects like NFTs that are difficult to generate short-term profits are likely to be discontinued.
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