Stephane Kasriel, the new director of fintech at social media behemoth Meta, has underlined the company’s intentions toward NFTs.
The waning interest in NFTs has not deterred Facebook’s parent company, Meta, from placing a significant strategic stake in the technology.
Despite the market’s downward trajectory, Meta has shown unflinching confidence in its strategic wager on NFTs.
Stephane Kasriel, the social media giant’s new head of fintech, said in an interview with the Financial Times on Wednesday that the business would continue with its ambitions for NFTs and the digital collectables market. “The opportunity [Meta] sees is for the hundreds of millions or billions of people who use our apps today to be able to collect digital collectables, and for the millions of creators who could potentially create virtual and digital goods to be able to sell them through our platforms,” Kasriel said, adding that he believes the company could build its own $3 trillion economies from virtual goods over the next decade.
In order to realign its brand image with its objectives for the Metaverse, Mark Zuckerberg’s company changed its name from Facebook to Meta in October to mark a strategic shift toward the virtual world and the digital assets economy. Zuckerberg subsequently said in March that the business planned to implement NFTs on Instagram, a photo-centric social networking site. Additionally, the business filed five trademark applications for its payments product, Meta Pay, indicating a possible foray into the crypto area with a Web3 wallet and cryptocurrency exchange.
Meta has been the most active of the Big Tech household brands in its acceptance of the new digital collectables market, and Kasriel’s statement just confirms the company’s attitude on the matter.