Stephane Kasriel, head of business and financial services at Meta, tweeted that Meta is now gradually reducing its investment in the NFT business to focus on other ways to support creators, individuals and businesses.

In addition, he said that Meta will continue to support "the many NFT creators who continue to use Instagram and Facebook to work better." He added, "We will continue to invest in fintech tools that individuals and businesses need. We are simplifying payments through Meta Pay, making checkout and payment easier, and investing in Meta's SMS payments."