Facebook’s Meta plans on exploring NFTs and DAOs in 2022 ๐จ This article is 3 years old...
Facebook’s Meta plans on exploring NFTs and DAOs in 2022
Meta's CTO has a vision for Facebook that includes the social network adopting blockchan technology.
2 min read
Updated: Feb. 20, 2022 at 2:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Facebook’s parent company Meta is reportedly looking to achieve “deep compatibility” with blockchain technology, a New York Times report revealed this week.
In a note to employees, Meta’s new CTO Andrew Bosworth laid out a vision for the social network to adopt and work with various blockchain and crypto technologies.
Facebook’s parent company is jumping on the crypto bandwagon
While initially developed to take the power away from giants such as Facebook, Google, and Amazon, blockchain technology has recently become Silicon Valley’s main talking point. Some tech giants such as Google remain hesitant to employ technology that would essentially dilute its centralization. Others, however, seem more eager to connect with what the new Web3 movement has to offer.
Meta, Facebook’s parent company, is one of those companies. Its newest chief technology officer Andrew Bosworth, who is set to assume his position in 2022, has big plans for the companyโand they include not sleeping on blockchain.
The New York Times obtained a note Bosworth sent to employees earlier this week, in which he laid out a vision for Facebook to adopt and work with various blockchain and crypto technologies. And while he said that Meta should remain cautious and avoid dramatic changes, he noted that they should look to adopt the technologies before others.
According to the report, Bosworth believes that blockchain could have a profound impact on the tech industry over the next decade.
โMy overall guidance is to target a deep compatibility with the blockchain,โ he wrote. โThere arenโt many places where I expect us to depend on it exclusively yet, but if we see an opportunity to work jointly with entrepreneurs in the web3 space I expect it will be worth the effort.โ
In his note, Bosworth said that Meta should develop ways to work with NFTs and look into investing in areas including smart contracts and DAOs.
However, Bosworth’s openness to NFTs, DAOs, and other features of Web3 doesn’t mean the company is looking into decentralization. He maintains the position that Facebook is and always will be a centralized service, which is why it shouldn’t compete with decentralized technology.
“While most people are happy to use Facebook and Google, some are not. And those that opt-out are disproportionately involved n creating a genuinely impressive wave of technology.”
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Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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Meta (formerly known as Facebook, Inc.) is an American online social media and social networking service company based in Menlo Park, California.