Meta Remains Adamant On NFT Push In Contrast With Google, Apple To Secure Its Metaverse Ambitions

  • Meta Platforms, Inc 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 GOOG GOOGL Google, and Apple Inc AAPL towards crypto assets. 
  • Also Read: Developers Chide Meta For Exploiting Its Dominance To Charge For Metaverse ActivitiesMeta, 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 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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