Meta Announced to Pullback NFT Integration
In a shocking turn of events, Meta, the parent company of social media giants Facebook and Instagram, has unveiled that it will no longer be offering NFTs (non-fungible tokens) on its platforms. The company also announced that it would cut down an additional 10,000 staff, leading many to be concerned about its ability to work successfully as a big tech company in this competitive era.
Meta’s announcement to pull back their support for NFTs sent shockwaves to the digital art community and those who have invested in NFTs. The company had previously announced NFTs to be sold on its platforms, which had led to a rise in prominence for the technology.
However, the decision to shut down the NFT service is not entirely unpredicted. Meta has been constantly facing a financial crisis and regulatory pressure for a few years which have impacted its revenue growth. These reasons have forced the company to take a hard decision.
Layoffs Raised Questions About the Viability
The announcement of layoffs, on the other hand, shocked some experts. The company had already unveiled plans to rebrand itself and focus on the metaverse, which it signifies as the future of the internet. Cutting down over 21,000 employees over four months has raised many questions regarding the company’s credibility.
Some analysts claimed that the layoffs indicate that the company is struggling to stay ahead in this volatile environment and is looking to cut costs to remain stable. Whereas others point out that the layoffs are a strategic step by Meta to expand its operations and focus on its core areas of expertise.