Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report

New fintech head Stephane Kasriel said the company's plans to bring NFTs to its users have not changed "in any way."

AccessTimeIconJul 6, 2022 at 8:45 a.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Facebook parent company Meta (META) is to proceed with its plans to bring digital collectibles to its users, undeterred by the recent sharp downturn in the cryptocurrency market.

  • Meta's new head of fintech, Stephane Kasriel, said in an interview with the Financial Times that the company's plans around non-fungible tokens (NFT) have not changed "in any way."
  • “The opportunity [Meta] sees is for the hundreds of millions or billions of people that are using our apps today to be able to collect digital collectibles, and for the millions of creators out there that could potentially create virtual and digital goods to be able to sell them through our platforms,” Kasriel said.
  • He added that the blockchain industry has performed a "hype cycle," in which initial enthusiasm crashes in a bear market and many sectors do not survive.
  • Meta considers NFTs an opportunity to attract creators back to Facebook or Instagram that may otherwise be drifting towards TikTok by giving them a means of monetizing their content.
  • The social media giant made its ambitions for the digital assets industry clear in October when it changed its corporate name from Facebook to Meta, a nod to its plans to build a metaverse in which digital collectibles represented by NFTs are bought, sold and collected.
  • At the start of this month, Meta began testing Polygon- and Ethereum-based NFTs among selected users on Facebook.
  • Meta did not immediately respond to CoinDesk's request for further comment.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about