Facebook owner Meta is driving a plan for digital collectibles

The Facebook mother company Meta is driving its plans to give its 3 billion users access to digital collector's pieces despite the break-in of crypto-asset prices, since the social media group tries to revive their growth.

In his first interview in this role, Meta's new Fintech boss said Stephane Kasriel that the company would "in no way" adapt its plans to so-called non-fungible tokens.

The efforts are crucial for the goal of building and monetizing a virtual, filled world in the next ten years, which is known as meta-verses-but in contrast to the caution that Google and Apple have shown towards crypto-assets.

"The opportunity [Meta] sees for the hundreds of millions or billions of people who use our apps today to collect digital collectors, and for the millions of creators out there, who could possibly create virtual and digital goods in order to be able to sell them through our platforms," said Kasriel of the Financial Times.

The company of Mark Zuckerberg has long been more optimistic about digital assets than other Silicon Valley giants and would like to use it to increase its attractiveness for teenagers and young adults while it is fighting against Tiklok in Chinese possession for users.

Non-funny tokens use blockchain technology to certify authenticity and property of digital art and goods.

METAS WATTE on NFTS aims to lure the creators and influencers to his Facebook and Instagram apps by offering opportunities to monetize their art or services in the hope that their fans will then flow into the platforms, said Kasriel.

TIKTOK has underlined the potency of influencers by producing an army of viral personalities who have helped the group to expand their user base faster than META, whose advertising -based business model of $ 118 billion is in danger.

After the quarterly winnings in February, the shares of Meta fell by 25 percent when the company partially attributed the falling profits and user numbers to the "increasing competition" from Tiktok.

Although Meta does not plan to invoice users to create NFTS, according to a internal document published by FT at the beginning of this year, they could be monetized by “fees and/or ads” in the future.

In the long term, Meta hopes that NFTS will help to advance its vision for the meta persona, which predicts that it could make its own $ 3-to-do for 10 years. It states that people use NFTs to create digital goods for their avatars and sell them with each other.

The NFT values have been in line with a wider escape of crypto-assets in the past two months, which has led to layoffs in the digital stock exchanges.

Kasriel admitted that the blockchain sector followed a resigned "hype cycle"-with enthusiasm, which crashed from its climax in the past year to a "pit of despair" when a bear market for cryptocurrencies used and critics expressed doubts about the underlying technology. "There are many things that will not survive," he said.

META began to test a function in May with which users can use to display their NFTs in their social media profiles, which was first reported by the FT in January. Last month it was said that the test was being expanded to more creators.

Facebook is already burned in his attempts to profile themselves in the FreeWheeling sector.

This year

Kasriel took over the helm of David Marcus, who cited Metas's botched attempt to introduce a global cryptocurrency called Diem, which ultimately failed from the US supervisory authorities.

"We try to find out what the regulatory landscape looks like so that we do not invest in things that ultimately become super controvers

The Kasriel, born in Paris, was the managing director of the freelance platform upwork and a PayPal manager before he came to Meta in 2020.

Kasriel said that the use of Blockchain Meta will help to guarantee the trust of the users, since the technology is transparent and "unchangeable" after the company has suffered a number of scandals on topics such as data protection and competition.

He added: "Technically, this does not have to be on a blockchain - we could build an open developer platform as we have done in the past. But do you really trust us? If we change the rules of the game, will you be angry with us?"

Over time, the company hopes to buy and act easily and easily, said Kasriel and added that access to digital collector's pieces in existing marketplaces is currently expensive and "also designed for cryptoconvering".

The company claimed that the meta personation will not be a walled garden like its current apps, but that users will be able to transmit their digital identity and digital goods seamlessly from a platform to that of a competitor-a function that could facilitate the open source blockchain technology.

Meta is now researching how NFTS could be used to sell “membership” and “subscriptions” for content from creators that can be used across platforms, said Kasriel.

He said Meta is caution in view of the challenges in scaling the use of even the most popular blockchains. "It is still super early. Most of these technologies are not yet ready for the main time.. We invest, but are also realistic."