Target stops support NFTs V facebook And instagram less than a year after launch.
The update comes after the social network laid off thousands of employees and shut down multiple projects amid what Mark Zuckerberg called the company’s “year of efficiency.”
No more NFTs
Stephan Kasriel, Director of Trade and Financial Technology at Targetshared this change through his Twitter account.
“We are moving away from digital collectibles (NFTs), but for now, focus on other ways to support creators, individuals, and companies. We’ve learned a lot that can be applied to the products we continue to develop to support creators, people, and companies in our applications both today and in the metaverse.”
He added that the company will instead focus on “reel monetization opportunities” and “messenger payments on Target”.
Everything is over?
The update comes almost exactly one year after Zuckerberg took the stage at SXSW to announce that instagram I have been working on compatibility with NFTswhich debuted last May.
Target completes several works related to NFTs and cryptocurrencies. NFTs These are digital files that are minted on the blockchain, the technology behind cryptocurrencies, to give them a unique function on the internet. Their use has supporters and opponents, and it is believed that they can be used in a kind of financial pyramid or as
“bubbles”.
Meta also shut down its Novi crypto wallet, which was rumored to have backing NFTs on your roadmap. The company also scaled back projects with its Reality Labs metaverse division and its program, which paid bonuses to Reels creators.
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I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.