Exec Wants Meta to Look to NFT, DAO and Blockchain Expansion Next Year – Report

Exec Wants Meta to Look to NFT, DAO and Blockchain Expansion Next Year – Report

Source: Adobe/Valeriya Zankovych

The man who will become Meta’s chief technology officer in 2022 reportedly wants the firm (formerly known as Facebook) to “target a deep compatibility with the blockchain” – and has talked up the possibility of exploring decentralized autonomous organizations (DAOs) and non-fungible token (NFT)-related business avenues.

Andrew Bosworth, already a leading Meta executive charged with leading the firm’s augmented and virtual-reality drives, is expected to take up his new position in the coming weeks, and will help the firm execute its much-vaunted metaverse pivot.

According to the New York Times, Bosworth spelled out his intentions in an “internal post” made on Tuesday.

The “note to employees,” was “obtained by” the media outlet, it claimed. The post reportedly saw Bosworth “urge caution” but add that meta “should look to adopt the technologies before others,” adding that blockchain technology would likely have “profound impacts on our industry over the next decade.”

The media outlet added that Bosworth said the company should “develop ways to work with NFTs,” and “look to possibly invest in areas including blockchain-based smart contracts and DAOs.”

He was quoted as writing:

“My overall guidance is to target a deep compatibility with the blockchain. There aren’t 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 Web 3.0 space I expect it will be worth the effort.”

But Bosworth allegedly warned staff members not to be too gung-ho on Web 3.0, and “urged employees not to over-correct by only relying on decentralized technologies.”

He also showed signs that he was aware of the level of skepticism Meta faces in the crypto and metaverse spheres, allegedly noting:

“While most people are happy to use Facebook and Google, some are not. And those that opt out are disproportionately involved in creating a genuinely impressive wave of technology.”

Meanwhile, the Meta board member, Marc Andreessen of the crypto-keen venture capital player Andreessen Horowitz, has already “created dedicated funds” to invest in Web 3.0 startups.
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Learn more: 
– How to Buy Virtual Land in the Metaverse: A Beginner’s Guide
– Meta Spends USD 60M On Rights, Trademarks To Secure Its New Name

– Meta Tests Stablecoin Transfers via WhatsApp
– Meta Loses its Crypto Chief as Head of Novi Wallet David Marcus Steps Aside

– We Know Better Than to Allow Facebook to Control the Metaverse
– Should We Let Facebook/Meta Rule The Metaverse Too?

Originally Posted on: https://cryptonews.com/news/exec-wants-meta-look-nft-dao-blockchain-expansion-next-year-report.htm
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