- Meta Platforms, Inc (NASDAQ:META) pushed ahead with plans to launch access to digital collectibles to its 3 billion users amid the crypto meltdown, the Financial Times reports.
- Meta would in no way adjust its plans around so-called non-fungible tokens, said new fintech head Stephane Kasriel in an interview with FT.
- The efforts are vital to its metaverse goal over the next decade while contrasting with the cautious approach by Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and Apple Inc (NASDAQ:AAPL) towards crypto assets.
- Also Read: Developers Chide Meta For Exploiting Its Dominance To Charge For Metaverse Activities, Meta, Microsoft, Alibaba, Others Form Metaverse Governing Body; Apple’s Name Missing
- Meta has long been bullish on digital assets than its peers and aimed to use them to attract younger users who gave in to the charm of Chinese-owned TikTok.
- Meta aimed to lure creators and influencers to its Facebook and Instagram apps by helping them monetize their art or services to attract more fans to the platforms, Kasriel said.
- The report noted Meta aims to monetize NFTs via “fees and/or ads” in the future.
- In the longer term, Meta expects NFTs to help power its vision for the metaverse, which it predicts could generate its own $3 trillion economy in the next decade.
- “We’re trying to figure out what the regulatory landscape is so that we don’t invest in things that are ultimately going to become super-controversial or get shut down,” the report quoted Kasriel.
- Paris-born Kasriel was the CEO of freelancing platform Upwork and a PayPal Holdings, Inc (NASDAQ:PYPL) executive before joining Meta in 2020.
- Kasriel assured that using blockchain will help Meta guarantee the trust of users, given the transparent and “immutable” nature of the technology.
- Meta explored ways NFTs might be used to sell “memberships” and “subscriptions” to creators’ content for use across platforms, Kasriel said.
- Price Action: META shares traded lower by 0.23% at $167.80 in the premarket on the last check Wednesday.
- Photo Via Company
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