Tech giant Meta is really confident about its future plans as it reveals that they are intending to go ahead with its digital collectible plans amid the current crypto crash situation.
Stephane Kasriel, Meta’s new head of fintech, stated in an interview that the company in any way will not change its plans regarding NFTs or digital collectibles.
Kasriel noted, “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.”
In order to encourage their followers to swarm to the platform, Kasriel claimed that Meta will utilize NFTs in a way by giving creators and influencers the chance to monetize their works through its Facebook and Instagram apps.
In the long run, Meta anticipates that NFTs will support its vision for the Metaverse, which it estimates may create a $3 trillion economy on its own in the following ten years.
Meta shares plunged 25% when the company reported its quarterly earnings in February, blaming the decline in profitability and user numbers on growing competition from TikTok.
Kasriel admitted that the blockchain industry is going through a hype cycle since last year as the initial enthusiasm is dying down and people started criticizing the technology amid the current bear market.
“We’re trying to figure out what the regulatory landscape is so that we don’t invest in things that will eventually become super-controversial or shut down,” he added.
Well, Meta is seen working on its NFT and Web3 expansion plans. In May, Meta-owned Instagram announced an NFT display feature for a small group of US-based creators.
Following that, last month Meta rolled out NFT support features on Facebook with Meta Product Manager Navdeep Singh providing a preview of how NFTs will appear on Facebook.
Before joining Meta in 2020, Kasriel was the CEO of freelancing portal Upwork and an executive at PayPal.
Following scandals involving issues such as privacy and competitiveness, Kasriel believes that implementing blockchain will help Meta maintain consumer trust because of the technology’s transparency and immutability.
