Facebook group Meta believes in Web3 – and apparently also in cryptocurrencies – magazine

Since this week, the use of NFTs has been tested on Instagram. Later, the option will also follow on Facebook. Because the metagroup is convinced of the functions of Web3, writes its head of financial technology. Despite the failure of Project Diem, the company is apparently not done with cryptocurrencies either.

By Michael Foertsch

It’s a tough slide. Bitcoin, Ethereum, Cardano and other cryptocurrencies are currently experiencing a dramatic crash. In places, the digital currency has lost more than 50% of its value, throwing many private investors, but also some companies like Coinbase, into a crisis. The market for non-fungible tokens, so booming over the past two years, had already cooled considerably in the previous months. Instead of several billion euros only has spun hundreds of millions on blockchain entries related to artwork, virtual land, and other assets. Nevertheless, the Facebook group Meta sees the future in this – especially for the Metaverse. At least according to the head of the company’s fintech department, Stéphane Kasriel.

In a post on Medium.com Kasriel writes that there has been a lot of interest lately about how “we handle payments and financial services in the metaverse. It’s still very early days, but I think it’s important to shed some light on something that we [von Meta] think. According to the former PayPal employee, Meta as a group is “very optimistic about Web3” and the technological principles it embodies. The blockchain has opened up new ways to buy, sell, like Creator benefit from their own works and create virtual communities. Therefore, there is good reason to believe that “blockchain will be fundamental to the interactions of people in the metaverse”.

Meta also sees the possibility of making different experiences – and platforms – interoperable in Web3 technologies. “As a user, you want to take your avatar and your identity to different worlds and environments,” Kasriel explains. “If you buy something in one environment, you want to be able to use it in another.” It should also be possible, for example, to be able to use a subscription to a service not only on one platform, but on different platforms or digital worlds far away.

NFTs and other data stored on a blockchain – or some other form of decentralized database – freely accessible by all services could make this possible. The integration of NFTs on Instagram will start already this week – and “we look forward to starting the test on Facebook soon”, says Kasriel. The social media and advertising company aims to “build a strong ecosystem with many opportunities for millions of artists and businesses”.

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Payment services for everyone

As Stéphane Kasriel explains, in addition to NFTs, Meta would also be very interested in other tokens that can function within communities as a means of payment, exchange or voting rights – or that can even be linked to goods. real. “There are a lot of opportunities here, and we’re taking steps to better understand them and what they might mean for the Metaverse,” Kasriel says. But according to the Meta contributor, the company’s interest does not mean that Facebook, Instagram and WhatsApp to develop decentralized applications. The Facebook group believes more in a hybrid Internet and a metaverse. Thus, centralized platforms for virtual worlds such as Horizon Worlds but which integrate decentralized tools and make them usable.

And even though Meta has since backed away from plans for its own cryptocurrency, which was once called Libra and later Diem, the company doesn’t want to give up its commitment to the field, Kasriel says. The company wants to further develop its Facebook Pay payment service, soon to rename it Meta Pay and ensure it becomes an interoperable payment option in the Metaverse – what Kasriel calls a “one wallet experience”. In the long term, this should also allow people to use financial services who, for example, did not have an account before. This is a goal that is often considered bank the unbanked circumscribed and strongly associated with crypto-currencies. The creators of Cardano and the controversial Worldcoin cryptocurrency project are committed to this.

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