Meta Platforms Inc. today announced that it is winding down support for nonfungible tokens on Instagram and Facebook less than a year after launching support for the digital collectibles.

Meta was first reported to be working on NFTs in January 2022 before testing them on Instagram in May and rolling out international support in August. With NFTs on Meta, users could feature NFTs on their Instagram photos and connect to third-party crypto wallets, with support for NFTs minted on the Ethereum, Polygon and Flow blockchains.

Linking to third-party services and letting users display their NFTs is roughly how far Meta’s offering got. Meta’s objective coming into the launch was “to empower the community to access this emerging class of digital assets by collecting and displaying them on the platform.”

Fast forward to March 2023 and a crypto winter with a fall in the value of NFTs has prompted interest in NFTs as an asset class nearly fall off a cliff. Add to the mix that the U.S. economy is faltering, job layoffs are increasing and, last week alone, three banks failed, and Meta has more important things to focus on than supporting NFTs.

How it was announced is perhaps also indicative of how little Meta ever cared. Instead of an official announcement, the news came on Twitter from Stephane Kasriel, Meta’s head of commerce and fintech.

“Across the company, we’re looking closely at what we prioritize to increase our focus,” Kasriel writes, before adding that “We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.”

Along with some platitudes to partners, exactly what Meta is winding down in terms of NFTs is not clear, as Kasriel adds that the company will continue to “look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.” Kasriel also noted that Meta was focused on creating opportunities for creators and businesses for monetization, particularly in messaging and Instagram Reels.

With a shelf life of fewer than 12 months, Meta’s NFT efforts end with a whimper. It will unlikely be the last company to exit the market.

Image: Meta