Facebook parent company is exploring NFT
Facebook’s parent company Meta is striving to achieve “deep compatibility” with blockchain technology, as revealed this week in a New York Times report.
In a note to employees, Meta’s new CTO, Andrew Bosworth, outlined a vision for how the social network will implement and work with various blockchain technologies and cryptocurrencies.
Facebook parent company jumps on a cryptocurrency wagon
While blockchain technology was originally designed to take power from giants like Facebook, Google and Amazon, it has recently become a major topic of conversation in Silicon Valley. Some tech giants, like Google, are still hesitant to embrace technology that will, in effect, weaken their centralization. Others, however, seem to be more willing to tune in to what the new Web3 movement has to offer.
Meta, the parent company of Facebook, is one such company. Its new CTO, Andrew Bosworth, who will take office in 2022, has big plans for the company, and that includes blockchain not sleeping.
The New York Times received a memo that Bosworth sent out to employees earlier this week, in which he laid out a vision for how Facebook will implement and work with various blockchain and cryptocurrency technologies. And while he said that Meta should remain careful and avoid drastic changes, he noted that they should strive to introduce these technologies before others.
According to the report, Bosworth believes blockchain could have a profound impact on the tech industry over the next decade.
“My overall guideline is to aim for deep interoperability with the blockchain. There are not many places where I expect we will depend solely on it, but if we see the opportunity to collaborate with entrepreneurs in the web3 space, I I think it will be worth the effort, “he wrote.
In his note, Bosworth said Meta should develop ways to work with NFT and consider investing in areas such as smart contracts and DAOs.
However, Bosworth’s openness to NFT, DAO and other Web3 capabilities does not mean that the company is striving for decentralization. He takes the position that Facebook is and always will be a centralized service, so it should not compete with decentralized technologies.