Meta Is Ambitious Despite Crypto Market Plunge, Plans NFT Launch
- Meta is pushing ahead to roll out digital collectibles at a time when the market is witnessing a steep fall.
- Meta’s fintech chief said that the company would not adjust NFT plans “in any way.”
- Meta debuted NFT support on Instagram in May.
Non-fungible token (NFT) creators celebrating the launch of NFT support on the Instagram app have good news. Meta, the parent company of Facebook, is planning to launch access to digital collectibles, despite the current crypto market turmoil.
Meta proceeds with NFT ambitions
The recent sharp fall in the overall cryptocurrency market doesn’t seem to affect Meta’s plans around rolling out digital collectibles to its users.
In a recent interview with the Financial Times, the newly appointed head of fintech, Stephane Kasriel, noted that Meta would not adjust its NFT ambitions “in any way.” He said,
“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 company CEO Mark Zuckerberg said in May that the firm would soon be testing NFT support on Facebook.
In a bid to attract creators, teens, and young adults, who might otherwise turn towards Chinese-owned TokTok, Meta has been building means to monetize their art or services, Kasriel told FT.
Additionally, earlier this year, an internal document report stated that Meta is not planning to charge creators for their NFTs. Instead, it would allow them to monetize through “fees and/or ads” in the future.
Kasriel added that the blockchain industry had performed a “hype cycle,” where the initial enthusiasm dripped from its peak last year to a “pit of despair” during a bear market. He said,
“There’s a lot of things that are not going to survive.”
Testing NFTs with selected US creators
According to a Meta spokesperson, the company has started slowly rolling out the digital collectibles feature on Facebook to a select group of creators in the United States.
Navdeep Singh, a product manager at Meta, recently shared screenshots of NFTs in the testing phase, which are available to the confined group. The screenshots revealed that NFTs could be posted on the user’s timeline, showing the details about the digital collectible and its creator.
We're launching NFTs on Facebook! Excited to share what I've been working on with the world. pic.twitter.com/TaV66zRanV
— Navdeep Singh (@navdeep_ua) June 29, 2022
In addition to that, users will have the option to connect their cryptocurrency wallets to their Facebook profiles.
Responding to Singh’s tweet, Martin SFP Bryant, founder of PreSeed Now and a media consultant, wrote that Facebook Groups look “more like Discord.”
NFT support in Facebook, Facebook Groups looking more like Discord – Meta clearly wants to offer a home to web3 folks. https://t.co/0M8iOjQO8j
— Martin SFP Bryant (@MartinSFP) June 29, 2022
Kasriel did not specify what blockchain Facebook NFTs would support. Instead, he noted,
“Technically, this doesn’t have to be on a blockchain — we could build some open developer platform like we’ve done historically. But do you really trust us? If we change the rules of the game, are you going to be upset at us?”
Furthermore, Facebook’s NFTs would be cheaper and easy to buy, unlike other digital collectibles on existing marketplaces that are on the expensive end, Kasriel said.
He said that meta is “proceeding with caution,” and it is still “super early” before going mainstream.