Meta’s head of financial technology said that despite the crisis in the digital asset market, Meta continues to create products for the non-fungible token market.
Stephane Kasriel said the media giant has no plans to abandon its NFT-focused strategy despite the recent sharp downturn in the market.
“The opportunity Meta sees is for the billions of people using our apps today to be able to collect digital collectibles and for the millions of creators who are capable of creating virtual and digital goods to be able to sell them through our platforms,” Kasriel said.
Meta’s fintech chief added that Meta sees huge opportunities in the virtual space and believes it can use digital goods to grow its own economy by $3 trillion over the next 10 years. Commenting on the declining interest in the market, Kasriel acknowledged the reality of the “hype cycle” of cryptocurrencies and suggested that “many projects will not survive.”
Despite the cyclical nature of the market, Meta says, the company is sticking to its plans to spread NFTs by making them inexpensive and easy to trade. Learning from a previous failed attempt to launch a global stablecoin called Diem, Meta is now proceeding with caution.
“We’re trying to figure out what the regulatory landscape is for not investing in things that will end up being over-contentious or shut down,” Kasriel said.
Meta recently shut down its Libra global stablecoin project completely. Mark Zuckerberg’s company, due to numerous problems, including with regulators, decided to stop supporting its own Novi crypto wallet, which was previously intended for Diem.