Attract users Root of Facebook NFT Ambition
By offering more ways for creators of non-fungible tokens (NFTs) to monetize their art or services, Meta hopes to increase Facebook’s user base by attracting artists’ fans as well as a younger demographic, Meta Head of Commerce and Financial Technologies Stephane Kasriel told the Financial Times on Wednesday (July 6).
Despite the NFT price decline and the declines and other declines in the general cryptocurrency market, Kasriel told the news agency that Meta is moving forward with its NFT plans and will not “in any way” adjust its plans.
Kasriel told FT that Meta wants Facebook’s 3 billion members and users of the company’s other apps to be able to collect digital collectibles. The company also wants “millions of creators out there” to sell and create on Meta’s platforms.
See also: Facebook is piloting Ethereum, Polygon NFTs with selected creators
Facebook said last week that it was launching an NFT program with Ethereum and Polygon for selected US creators, with plans to add Solana and Flow, PYMNTS reported. The program allows some Facebook creators to link their cryptocurrency wallets to their Facebook profiles and turn the NFTs into Facebook posts.
Meta’s NFT project is also in line with the metaverse plans, Kasriel told FT, and the company is looking at how NFTs can be used to sell “memberships” and “subscriptions” to content from creators.
Read more: Facebook will restructure the feed around videos to take on TikTok
Facebook has felt the heat from the rival social media platform TikTok, which has grown its user base faster than Facebook. TikTok’s huge brigade of influencers and their legions of fans has posed a threat to Facebook’s advertising-based business model, which brings in an estimated $ 118 billion a year, FT reported.
A redesign of Facebook inspired by TikTok is underway that will restructure the feed around videos and make minor changes to the algorithm, PYMNTS reported in June. Facebook would become more of a “discovery engine”, which would rely on recommendations, similar to TikTok’s “For You” feed.
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NEW PYMNTS DATA: HOW TOOLS AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYING EXPERIENCE
About: More than half of energy and consumer finance companies have the ability to process all monthly bill payments digitally. The kicker? Only 12% of them do. Digital Payments Edge, a PYMNTS and ACI Worldwide collaboration, examined 207 billing and debt collection experts at these companies to find out why it is still elusive to go completely digital.
