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 has seen NFTs as 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 last year when it changed its corporate name from Facebook to Meta, a...
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