Meta, a large and medium-sized high-tech company, will withdraw its irreplaceable representative role on social networking platforms Facebook and Instagram about 10 months after the launch.

Stephen Castle, director of industry and financial technology at Meta, tweeted the message on March 13, saying that Meta had "gradually reduced" its strong support for NFT and was "committed to supporting creators, people and companies in a variety of ways."

Casriel added that the company is still giving priority to letting consumers "get in touch with fans for monetized placement" and is committed to creating devices such as payment tracks on the platform and using its instant messaging application, while monetizing Reels, which is also a short video on Facebook and Instagram.

In particular, Kasriel mentioned the high level of concern about the company's payment platform, Meta Pay, which could use digital currency in the future, according to a trademark filing in May.

NFT in this platform is relatively transient, and since testing originated in May, it was targeted at the preferred creators in Instagram, and then expanded to Facebook in June.

The role of NFT expanded again in August, as Instagram gave NFT specialized tools to more than 100 countries. Last November, Meta launched an "end-to-end toolkit" to build and trade NFT in Instagram.

The statement was publicly criticized by the password community. NFT artist Dave Krugman said on Twitter that it was an "act of striving for quick success and quick profit" and that Meta "even withdrew before [it] started."

Krugman added: "the recognition gained over the past year has gone down the drain."

Blogger Marco Corsett suggests that the move may be short-sighted for a company that is supposed to have a long-term foothold, while demanding clarity on the determination that Meta will withdraw its NFT support.

Leonard Herner, founder of Web3 Earth Lab, was more strict with his feedback, saying Meta chose to abandon the idea because he "realized that using public encrypted networks means you can't exploit creators."

Meta's abandonment of its NFT-specific tools is in line with many of the cost reduction strategies of the company as a whole, as the company has focused on its costly illusory world ambitions.

In the previous year alone, its virtual reality technology builder, Reality Labs, has so far made a large annual loss of US $13.7 billion. In November last year, Meta also made the first major layoffs in the company's Chinese history, laying off 13%, or about 11000 people.