NFTs Coming to Facebook? Company's New Financial Tech Head Hints at Plans

Speaking about Facebook's plans to introduce NFTs, the company's new financial technology head, Stephane Kasriel, told the Financial Times that "nothing has changed in any way."

Despite the recent drop in the cryptocurrency market, Meta (META), the parent company of Facebook, will continue with its plans to bring digital collectibles to its users.

  • In an interview with the Financial Times, Stephane Kasriel, who is now in charge of fintech at Meta, stated that the company's plans regarding non-fungible tokens have not changed "in any way."
  • "The opportunity that Meta sees is for the hundreds of millions or billions of people who are using our apps today to be able to collect digital collectibles, 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.
  • According to him, the blockchain industry has passed through a "hype cycle," during which initial exuberance crashes in a bear market and many sectors do not survive.
  • Creators who might otherwise have gone to TikTok can now monetize their content on Facebook or Instagram thanks to NFTs, which has given them an incentive to return.
  • Last October, the social media giant announced its intention to build the metaverse, a virtual world in which NFTs represent digital collectibles that can be bought, sold and collected.
  • Meta started testing Polygon and Ethereum-based NFTs among selected Facebook users at the beginning of this month.
  • CoinDesk asked Meta to comment on the situation.