Meta to wind down NFTs on platforms amid crypto bust

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March 13 (Reuters) - Meta Platforms Inc GOAL.ORis cutting support to digital collectibles or non-fungible tokens (NFTs) on their platforms less than a year after implementing it, as the crypto market continues to spiral.

"We are removing NFTs for now to focus on other ways to support creators, individuals and businesses," the social media company's head of fintech Stephane Kasriel tweeted on Monday.

The company supported creators to share NFTs on Instagram and Facebook last year, when the popularity of speculative crypto assets had skyrocketed, with billions of dollars in sales from cartoon apes to video clips.

But bitcoin and other tokens took a beating in late 2022 after major exchange FTX crashed into sudden bankruptcy.

The drop was compounded by last week's collapse of three US banks, two of which were crypto-focused.

"Good continue to invest in fintech tools that people and companies will need in the future. Were expediting payments with Meta Pay, making payment aNorth Dakota easier payments and investing in messaging payments through Meta", Kasriel said.

(Reporting by Eva Mathews in Bengaluru; Editing by Devika Syamnath)

((Eva.Mathews@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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