Despite its leadership in the Metaverse market, Meta seems to be discarding its future plans to work on non-fungible tokens (NFTs) as tech companies suffer from the most recent market downturn. Facebook’s parent company meta decided to cut 10,000 jobs in a trend that is already hitting multiple tech companies. This comes after many years in which Meta employees skyrocketed and showed off their working conditions on multiple social media networks.
Meta Cuts 10K Jobs and Discards NFT Plans
We might not see Facebook’s NFT collection in the near future. In a recent post shared by Mark Zuckerberg with Meta employees, he explained that they are reducing their team size by around 10,000 and closing around 5,000 additional open roles that they haven’t yet hired.
Moreover, the company has also informed about the timeline that employees should expect in the next couple of months. There will be new restructuring plans to flatten the organization, cancel low-priority projects and reduce the hiring rates.
Mark Zuckerberg wrote in this letter to Meta employees:
“Our timelines for international teams will also look different, and local leaders will follow up with more details. Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired.”
Additionally, he mentioned that some of the changes such as restructuring and layoffs might take through the end of the year to be completed. This is something that we have seen for other companies, such as Amazon, in recent months as well. Therefore, the market is showing signs of stagnation at this point and Facebook, despite its leadership, seems to be affected as well.
Meta has been focusing on multiple solutions and projects, including artificial intelligence (AI) and the Metaverse. Nevertheless, it was missing for Facebook to discuss and expand its NFT solutions. Stephane Kasriel, Meta commerce and fintech lead explained on Twitter that some of the products that they are winding down include digital collectables (NFTs), with the goal to focus on other projects and offer new ways to support creators, people and businesses.
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
“A big thank you to the partners who joined us on this journey and who are doing great work in a dynamic space,” wrote on Twitter Kasriel. “And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.”
Other Companies Search for New NFT Solutions
The NFT industry has been booming in recent years, with many companies looking to capitalize on the growing demand for digital collectibles. One such company is NBA Top Shot, which has created a platform for fans to buy, sell, and trade officially licensed NBA highlights in the form of NFTs. This has been a huge success, with some individual NFTs selling for hundreds of thousands of dollars.
Other companies have also been getting in on the NFT craze, such as the luxury brand Gucci, which launched its own NFT platform in 2021. The platform features unique digital artworks and allows users to purchase them using cryptocurrency. Similarly, the music industry has been exploring the use of NFTs, with artists such as Grimes and The Weeknd releasing their own NFT collections.
Apart from being a new way to engage with fans and consumers, NFTs also offer opportunities for artists and creators to monetize their digital content. This has led to the rise of different platforms which allow creators to sell their digital artworks as NFTs directly to buyers. In addition, some companies are exploring the use of NFTs for more practical applications, such as proof of ownership for real estate or luxury goods.
Overall, the NFT industry is still in its early stages, but the potential for innovation and growth is immense. While Meta/Facebook may have decided to pivot away from NFTs for the time being, other companies are continuing to explore the possibilities of this new technology and are finding ways to use it to increase engagement and revenue
