Written by Jack Denton
Translation: Thomas Steer
Meta aims to continue expanding the use of digital collectibles such as non-fungible tokens (NFTs) on its platforms despite the cryptocurrency crash and declining NFT sales.
Stefan Kasrel, the new head of fintech at Facebook and Instagram parent Meta, said in an interview with The financial timesThat the social media giant won’t deviate from its NFT plans.
NFTs are data that can be stored and traded on the blockchain. Blockchain is the decentralized ledger technology upon which Bitcoin, Ether, and other cryptocurrencies are based. Many NFT files are digital media files, such as photos. They are expected to play a major role in the growth of the Metaverse – a visionary form of the Internet, featuring virtual and interactive worlds, on which the Meta has high hopes.
“[Meta] He sees an opportunity for the hundreds of millions or billions of people who use our apps today to collect digital collectibles; “The millions of artists who can create virtual and digital goods have the opportunity to sell them through our platforms,” Cassrill said in the interview.
Interest in NFTs has completely faded as the digital asset space has been hit hard by the sell-off this year. Bitcoin, the largest cryptocurrency, is currently trading for less than a third of its all-time high of around $69,000 in November 2021. It was also its worst quarter since 2011. That’s when its price breached the $1 mark for the first time.
About 850,000 NFTs were sold last month, according to analytics firm NonFungible — a sharp drop from nearly five million NFTs sold per month through December 2021.
The value of all NFT sales in the past week — in dollar terms — has fallen below $200 million, according to NonFungible — the lowest level since the first major NFT boom in the summer of 2021.
The head of financial technology company Meta admitted to financial times He acknowledged that cryptocurrencies and NFTs are in the doldrums: “There are many things that are not going to survive,” he said. However, the industry follows the well-known “hype cycle”.
Conflict of Interest Notice:
The CEO and majority owner of the publisher Börsenmedien AG, Bernd Förtsch, has taken positions directly and indirectly regarding the following financial instruments mentioned in the publication or related derivatives that could benefit from any price development resulting from the publication: Bitcoin, Ethereum.
The editor-in-chief of the publication Börsenmedien AG, Mr. Leon Müller, has taken direct and indirect positions regarding the following financial instruments mentioned in the publication or related derivatives that could benefit from any price development resulting from the publication: Bitcoin and Ethereum.