It seems as if Meta has been going through a wide restructuring. They have been cutting out the non-essentials within the organization and focusing on the key areas that are deemed important enough to sustain the business.
The very name Meta is now just another name of a company given the fact that the whole push into the Metaverse came out to be quite catastrophic.
Recently Meta’s head of commerce and financial technologies broke the news that they are winding down operations in NFTs across most of the social platforms such as Instagram and Facebook.
They started testing features allowing users to trade NFTs and digital collectibles last May on Instagram and Facebook. They expanded the testing and features based on the results which at the time looked promising and crypto was trending up.
Given the fact that the hype around crypto has mainly faded it just feels like a bad investment to have currently.
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
They are now shifting back to the focus on empowering creators it seems and not buzzwords. Products like Meta Pay are now a very important feature they are banking on. This will allow creators to earn money directly on Meta platforms, for example, a person could tip another individual for various reasons.
Meta has been investing heavily in the whole “Metaverse” idea but it seems either the ideas are not there as yet or the market is just not ripe for such innovations. Reality Labs, one of the critical areas for Meta that develop AR and VR lost approximately US$13.7 billion last year.
