Stephane Kasriel, the new head of fintech at Meta, said the media giant has no plans to deviate from its NFT-focused strategy, despite the recent sharp market decline.
Meta’s new fintech director Stéphane Kasriel has reaffirmed the social media giant’s plans for NFTs
Despite declining interest in NFTs over the past few months, Meta still sees a massive opportunity in this space and believes it could use virtual goods to grow its own $3 trillion economy over the next 10 years. years. Monthly NFT transaction volume increased from a record high of $17.16 billion in January to around $1.1 billion last month.
Meta stays the course as NFTs lose ground
Despite the downward trend in the market, Meta showed unwavering conviction in its strategic bet on NFTs.
In an interview with the Financial Times on Wednesday, Stephane Kasriel said the company would stick to its plans for NFTs and the digital collectibles economy. “The opportunity that [Meta] sees is that the hundreds of millions or billions of people who use our apps today can collect digital collectibles, and the millions of creators who could potentially create virtual and digital goods can sell them through our platforms“said Stephane Kasriel, adding that he thinks the company could build its own $3 trillion economy from virtual goods over the next decade.
Last October, Mark Zuckerberg’s company signaled its strategic pivot to the virtual world and digital goods economy by changing its name from Facebook to Meta to realign its brand image with its ambitions for the metaverse. Mark Zuckerberg then announced in March that the company planned to introduce NFTs to Instagram. The company also filed five trademark applications for its payment product, Meta Pay, hinting at a potential leap into the crypto space with a Web3 wallet and cryptocurrency exchange.
Of all the big names in Big Tech, Meta has so far been the most aggressive in embracing the new digital collectibles economy, and Kasriel is only reaffirming the company’s position on the matter.
According to data from Dune, the monthly volume of NFT transactions fell by its record high of $17.16 billion in January to around $1.1 billion in June. This month, the trading volume is expected to reach $460 million.
Commenting on the declining interest in the market, Stephane Kasriel acknowledged the reality of the “hype cycle” of crypto and said there was “a lot of things that are not going to survive.“Despite the cyclical nature of the market, he reiterated that the company is sticking to its plan to make NFTs mainstream by making them inexpensive and easy to buy and trade.
Having learned from its previous failed attempt to launch the global stablecoin called Diem, Meta is now proceeding with caution. “We’re trying to understand what the regulatory landscape is so we don’t invest in things that ultimately will become very controversial or shut down“said Stephane Kasriel, adding that the company is making investments with more realism about the nascent nature of industry and technology.
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