Connect with us

News

Meta taking off NFT feature across platforms

Meta is scrapping its nonfungible token features across its social media platforms, Facebook and Instagram.

Published

on

Meta is scrapping its nonfungible token features across its social media platforms, Facebook and Instagram.

Meta’s head of commerce and financial technologies Stephane Kasriel tweeted the news on March 13, saying Meta is winding down its NFT support to focus on other ways to support creators, people, and businesses.”

Kasriel added the firm is still prioritizing ways for users to connect with their fans and monetize and will focus on tools such as building payment rails on its platform and through its messaging apps, along with monetizing Reels, the short-form videos that feature on Facebook and Instagram.

The NFT features expanded again in August as Instagram made NFT tools available to over 100 countries. In November last year, Metlaunched an “end-to-end toolkit” for minting and trading NFTs within Instagram.

The announcement received scathing criticism from the crypto community, with NFT artist Dave Krugman tweeting it was “a short-sighted move” and that Meta quit before it even started.

Meta’s scrapping of its NFT tools aligns with other cost-cutting measures across the company as it directs focus to its expensive metaverse ambitions.

Last year alone, its metaverse-building division Reality Labs recorded its largest-ever yearly losses at $13.7 billion. Meta also undertook in November the first mass layoff in the company’s history, cutting 13% of its workforce, some 11,000 staff.

News

Binance launches in Syria after Trump lifts sanctions

Published

on

Binance has signaled interest in expanding its services to Syria following a recent move by former U.S. President Donald Trump to lift certain economic sanctions. The easing of restrictions has opened the door for global businesses, including cryptocurrency platforms, to re-evaluate their presence in the region.

A Binance spokesperson confirmed that the company is exploring opportunities in Syria and may extend support to local users. The development marks a potential shift in crypto accessibility for a country that has long faced economic isolation due to international sanctions.

Although no formal launch has been announced, the move suggests that Binance is preparing to tap into an underserved market. The company emphasized that it will continue to monitor regulatory guidelines while assessing how best to engage Syrian users within legal frameworks.

The renewed interest in Syria reflects broader efforts by crypto firms to expand globally amid shifting geopolitical and regulatory dynamics. If Binance proceeds, it could become one of the first major crypto platforms to reenter the Syrian market in years.

Continue Reading

Business

GameStop plunges 12% after proposing new $1.75B debt offering

Published

on

GameStop’s stock dropped 11% after the company revealed plans to offer $2.14 billion in convertible notes, sparking investor concerns about potential dilution. The market reacted sharply to the move, which could lead to an increased share count if noteholders opt to convert their holdings into equity.

The company stated that the proceeds will be used for general corporate purposes, which may include acquisitions and investments. Convertible notes provide flexibility for companies, but often trigger negative investor sentiment due to the future possibility of share dilution.

The timing of the announcement came just as GameStop was enjoying renewed attention from retail investors, particularly following the reappearance of “Roaring Kitty,” a central figure in the 2021 meme stock frenzy. That momentum was quickly undercut by fears surrounding the fundraising effort.

GameStop’s latest financial strategy highlights its continued attempts to adapt and remain relevant in a changing retail landscape. However, the negative market reaction reflects ongoing uncertainty over the company’s ability to convert hype into sustained performance.

Continue Reading

Business

Peaq and UAE bet on tokenized machines to power future economy

Published

on

The United Arab Emirates has introduced a new regulatory sandbox dedicated to advancing the machine economy, in collaboration with blockchain network peaq and Web3 data platform Pulsar. The initiative is backed by the country’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and is aimed at supporting decentralized physical infrastructure networks (DePINs).

The sandbox offers a controlled environment where projects involving autonomous vehicles, delivery drones, and smart city applications can be tested and scaled. Developers will be able to deploy real-world use cases involving connected devices while benefiting from regulatory guidance and technical support.

Participants in the program will receive resources such as funding opportunities, mentorship, and access to strategic partners, enabling them to refine and expand their technologies. The initiative reflects the UAE’s continued efforts to lead in Web3 innovation, artificial intelligence, and future-driven economic models.

By fostering projects that combine AI, blockchain, and IoT, the UAE seeks to attract global startups to build the foundations of a decentralized machine economy. The sandbox is expected to drive real-world adoption of DePIN technologies across transport, infrastructure, and smart services sectors.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk