Meta reduces its digital collection and promotes financial technology tools such as Meta Pay.

Meta reportedly cut off support for digital collections or irreplaceable tokens (NFTs) on its platform less than a year after launching its digital collectibles feature.

Stephane Kasriel, head of fintech at the company, tweeted Monday: "We are currently phasing down NFT and focusing on other ways to support creators, individuals and businesses. "

Last year, when this speculative crypto asset exploded, with sales of "post material" video clips reaching billions of dollars, Meta launched a service to support creators sharing NFT on Instagram and Facebook platforms.

But Bitcoin and other tokens also suffered a blow in late 2022, when FTX, a large digital asset derivatives exchange, suddenly went bankrupt.

Last week, three U.S. banks collapsed, two of them focused on cryptocurrency businesses, which also exacerbated the NFT's decline.

"We will continue to invest in the fintech tools that people and businesses will need in the future. We are simplifying the payment process with Meta Pay, making checkout and payments easier, and investing in messaging capabilities on Meta," Kasriel said.