Market

Facebook’s metaplans to explore NFTs, smart contracts, and DAOs in 2022

As the New York Times reports, Facebook’s parent company Meta is striving for “deep compatibility” with blockchain technology.

In a message to employees, the new Meta-CTO Andrew Bosworth – who will take office in 2022 – set out the vision of introducing and working with blockchain technology and various cryptocurrencies for the social networking giant.

Meta joins the crypto war

With the original intent to compete with giants like Facebook, Google, and Amazon, blockchain technology has recently become a major focus of Silicon Valley. While some tech giants like Google are reluctant to use technologies that would essentially dilute their focus, others seem more intent on connecting with the new Web3 movement.

Meta, the parent company of Facebook, is one of them. Bosworth has outlined big plans for the company and, of course, blockchain.

While the new CTO gave Facebook a vision on how to adopt and work with blockchain technology and cryptocurrencies, he said that Meta should be careful and avoid major changes and consider applying this technology in front of competitors.

According to the report, Bosworth believes blockchain could have a profound impact on the tech industry over the next decade.

“My general guideline is to strive for deep blockchain compatibility. There aren’t too many places where I would expect to fully rely on it, but if we see an opportunity to work with entrepreneurs in the Web3 space, I hope it will be worth the effort. ”

In the note, Bosworth said Meta should develop NFT and focus on additionally considering investing in areas like smart contracts and DAOs.

However, Bosworth’s openness to NFTs, DAOs, and other Web3 functions doesn’t mean the company is considering decentralization. Facebook is and will remain a centralized service, which is why it should not compete with decentralized technology.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.