Meta doubles down on NFTs

Meta, formerly known as Facebook, has reaffirmed its plans to continue investing in digital collectibles a day after it announced that it will discontinue the Novi cryptocurrency wallet but also seek to repurpose its underlying technology.

Head of fintech Stephane Kasriel confirmed in an interview for the Financial Times that Meta will remain actively involved with non-fungible tokens (NFTs). This has not changed in any way, the executive assured.

Kasriel commented on the current cryptocurrency crash and argued that this was the result of a “hype cycle” which has now come to an end, resulting in a bear market.

However, Meta is optimistic about the future, particularly where NFTs are concerned. NFTs are said to be floated across several the company’s assets, from Facebook to Instagram, to TikTok.

They could be used to monetize content and create even greater value. NFTs have also seen huge “hype” and have been embraced by sports betting and entertainment companies the world over.

From video gaming to now Meta, NFTs seem to be a fixture despite the current market collapse.

No further plans about the implementation of NFTs in Meta’s offer have been revealed, though.

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Updated: 07/06/2022 — 11:00