Meta Confirms Digital Collectibles Strategy Regardless of Crypto Crash

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Meta Confirms Digital Collectibles Strategy Regardless of Crypto Crash

Meta Confirms Digital Collectibles Strategy Regardless of Crypto Crash
Meta remains committed to a plan to bring NFTs to its users. (Solen Feyissa/Unsplash)
Source: CoinDesk
1657103712 06 Jul / 10:35

Meta (META), the parent corporation of Facebook, will persevere with its ambitions to offer digital collectibles to its consumers, despite the recent dramatic decline of the cryptocurrency market.

In an interview with the Financial Times, the new head of fintech at Meta, Stephane Kasriel, stated that the company's objectives regarding non-fungible tokens (NFTs) had not changed "in any way."

Kasriel stated, "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."

The blockchain business, he continued, has undergone a “hype cycle,” in which early enthusiasm collapses in a down market, and several industries fail to thrive.

Meta views NFTs as a chance to entice creators who may otherwise migrate to TikTok back to Facebook or Instagram by enabling them to monetize their material.

In October of last year, the social media behemoth changed its corporate name from Facebook to Meta, alluding to its aspirations to create a metaverse where digital treasures represented by NFTs are purchased, sold, and accumulated.

Meta began testing Polygon and Ethereum-based NFTs with select Facebook users at the beginning of this month.

Meta did not react quickly to CoinDesk’s request for more comments.

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