Meta intends to adopt non-fungible token (NFT) and Decentralized Autonomous Organizations (DAO) technologies. This information was passed on by Andrew Bosworth, the company’s future chief technology officer.
According to Bosworth, Meta will target deep compatibility with blockchain technology. In this sense, DAOs and NFTs are business avenues that the company intends to explore in the coming years.
Note to employees
The information was shared through a note to employees issued by Meta. The document emphasizes that the Goal “should seek to adopt technologies before others”, even if it does so with caution.
In the company’s view, blockchain technology is likely to have profound impacts on our industry over the next decade. Therefore, the company should develop ways to work with NFTs, and look to invest in areas, including smart contracts and DAOs.
“My general guidance is to drive deep blockchain compatibility. There aren’t many places I expect we’ll rely solely on, but if we see an opportunity to work together with entrepreneurs in the Web 3.0 space, I hope it’s worth the effort,” said Bosworth.
However, this movement must take place in a centralized manner, as Bosworth was concerned about the use of networks without central control. But executive admitted that Meta still needs to prove itself in the face of the growth of decentralized applications with a focus on Metaverse.
As the company makes its first moves, applications such as Decentraland, The Sandbox and others are already bearing fruit. The land in the Metaverse moved values in the amount of millions of dollars in the last quarter.
“While most people are happy to use Facebook and Google, some aren’t. And those who choose to abandon these services have become involved in creating a genuinely impressive wave of technology,” he said.
But it’s worth noting that this whole Metaverse movement started after Facebook changed its name to Meta. This shift served as a bullish springboard that resulted in exponential valuations in the cryptocurrency and blockchain market.