Facebook still wants to bet on NFTs despite market crash

Meta is determined to continue using NFT. Their integration continues on Facebook and Instagram.

Meta is determined to continue integrating NFTs into Facebook and Instagram despite the current state of the market. This was stated quite recently by the head of the fintech department of the American giant Stefan Kasriel in an interview with the Financial Times.

Meta is determined to continue using NFTs

Explaining why Meta is taking a different approach than Google and Apple, he said, “The opportunity [that Meta sees] is that the hundreds of millions, if not billions of people who use our apps today can get digital objects and millions of creators. who have the potential to create virtual and digital goods in order to be able to sell them through our platforms.”

Meta wants to focus on the metaverse, which is a direct response to the fact that Facebook users are getting older and younger people are turning to apps like TikTok. The American giant hopes that the introduction of NFT will attract big creators to Facebook and Instagram, who will then attract their fans.

Integration into Facebook and Instagram continues

However, Stefan Kasriel admits that we have seen a “pit of despair” in the crypto markets and that many NFT projects and collections created during the last year’s madness will not survive this. And man to admit that scalability is a real issue. Although Meta intends to use blockchain technology, it is not “technically” necessary, many large chains today are “simply not ready”.

Ultimately, Meta would like to be able to provide an easy and less expensive NFT buying and selling process for all regular users. What’s more, Mark Zuckerberg announced a few days ago that the company was going to ditch the Novi wallet. This feature will be integrated into Meta Pay, “a metaverse wallet that allows you to securely manage your identity, what you own and how you pay.” Mark Zuckerberg added: “In the future, there will be all sorts of digital items that you might want to create or buy – clothing, art, videos, music, experiences, virtual events and more… ID will be very important, especially if you are wearing these items with you in different services.

Recently released Facebook screenshots have hinted that NFT collectors will be able to connect their wallets to the site, share posts with their favorite items, and even add a “digital items”tab to their profile.