Facebook Owner Meta Affirms Digital Collectibles Plan Despite Crypto Slump

Meta is set to continue expanding the use of digital collectibles like nonfungible tokens on its platforms—even there is a crash in cryptocurrency prices and downfall in NFT sales.

Stephane Kasriel, the new head of fintech at Facebook and Instagram parent Meta (ticker: FB) told the Financial Times in an interview that the social media giant wasn’t “in any way” adjusting its plans around NFTs.

NFTs describe data that can be stored and traded on the blockchain, which is the decentralized ledger technology underpinning Bitcoin, Ether, and other cryptocurrencies. Many NFTs are files of digital media such as artwork, and are expected to play a key role in the growth of the metaverse—a vision of the internet defined by virtual and interactive worlds that Meta is betting big on.

Kasriel said in an interview “The opportunity [Meta] sees is for the hundreds of millions or billions of people that are using our apps today to be able to collect digital collectibles, and for the millions of creators out there that could potentially create virtual and digital goods to be able to sell them through our platforms,”

The crypto converted” can now only access digital assets on pricey platforms, which is why Kasriel says the business plans on making NFTs more accessible and affordable in the future.

Open-source blockchain technology may make it easier for customers to move their digital identities and commodities from one platform to another in the metaverse, which the business claims will not be a walled garden like its current applications.

According to Kasriel, Meta is looking at how NFTs might be used to offer “memberships” and “subscriptions” to producers’ content that can be utilized across platforms.

Due to the challenge of scaling even the most popular blockchains, Meta is advancing cautiously. “It’s still early in the game. As a general rule, most of these technologies are still in their infancy. In the meanwhile, we’re making prudent investments.”