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.
- “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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.