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CTOnews.com, March 14 (Xinhua) as the cryptocurrency market continues to fluctuate, Meta announced that it had cut off support for its digital collection (NFT) on its platform less than a year after its launch.

"We are gradually reducing our digital collection (NFT) and focusing on other ways to support creators, individuals and businesses," Stephane Kasriel, director of financial technology at the social media company, tweeted on Monday.

"We will continue to invest in the financial technology tools that people and businesses need in the future. We are simplifying the payment process through Meta Pay, making checkout and payment easier, and investing in message payment on Meta."

Last year, the company launched a service to support creators of digital collections to share NFT content on Instagram and Facebook because the speculative encryption asset was so popular that sales of everything from cartoon orangutans to video clips reached billions of dollars at one point.

But as cryptocurrencies began to take a hit and FTX, a big exchange, suddenly declared bankruptcy, Bitcoin and other tokens avalanche at the end of 2022. In this case, NFT content can no longer be favored by speculators.

(CTOnews.com popular science: NFT is a non-homogenized token, which is a way of crowdfunding to support the project. It is also a data unit on a digital ledger called blockchain. Each token can represent a unique digital data, as an electronic authentication or certificate of ownership of virtual goods. Because of its non-interchangeable nature, non-homogenized tokens can represent digital assets, such as paintings, works of art, sound, video, items in games or other forms of creative works. Although the work itself can be copied indefinitely, these tokens that represent them can be fully tracked on their underlying block chain, so they can provide proof of ownership for the buyer. Cryptocurrencies such as ethercoin and bitcoin have their own token standards to define the use of NFT)

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