Meta commerce and fintech lead Stephane Kasriel announced that NFTs would be coming to an end on Instagram and Facebook following a rough year for Meta. According to Kasriel, NFTs were becoming a distraction for the team and preventing them from putting more focus on aspects of the company that were more innovative and profitable.

Kasriel said that Meta’s focus continues to be on the creators that use Instagram and Facebook, placing their efforts into more meaningful endeavors. However, there were no details given about the Metaverse which still remains a large point of contention for many users who don’t see the value in entering a digital world.