Meta wants to own what’s occurring on social media, so it’s no surprise that it’s looking on methods to capitalise on the popularity of NFTs. To enable the movement of diverse digital assets inside its proposed metaverse, Meta sees a future for digital goods that goes beyond cartoonish profile images.
Sorry, the metaverse, as Meta is anxious to stress that it will not own it (antitrust lawyers take note).
The underlying NFT transaction method will ultimately make it easier to sell digital things through Meta’s apps, according to Head of Metaverse Products Vishal Shah.
Given that Meta is also working on its own coin, it seems probable that Meta will be able to support larger digital transactions through the NFT process.
But those NFTs won’t be confined to PFP photos, as the existing NFT market is. Why pay for something you can see for free? Why pay for a digital picture receipt but not the complete copyright and commercial re-use rights (for most projects)?
The legality of this is still being debated. But consider NFTs as a doorway to wider digital goods transactions, from avatar clothes to skins to in-game weapons, equipment, and spells. Consider that NFTs can be more than just images of happy monkeys and kittens, especially as we spend more time in digital surroundings.
In essence, early NFT users are indeed early, and many are overly reliant on PFPs, leading to overcharging. In the future, these digital products will have greater usage and application.
Because of this early engagement, Meta is seeking to step in and create more tools. While you may think those NFT dudes were a touch enthusiastic in their pursuit of JPGs, keep in mind that NFTs will expand in the future.
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