Meta smells money in the NFT craze
Although NFTs are much derided for their speculative value and lack of security , these assets will become more significant if existing tech giants choose to support them.
An NFT is, at heart, a way to claim ownership of a digital item like a JPG or a GIF via a unique address on the blockchain. And despite claims that these assets embody a decentralized forms of ownership, their legitimacy rests upon recognition from existing online platforms.
For Meta, embracing NFTs could also help it wield greater influence in what the company has labelled the metaverse — a nebulous concept of interconnected virtual worlds, similar to promises of VR universes floated in the 1990s and before. That could potentially boost the value and importance of NFTs while simultaneously centralizing control over the assets.Subscribe to get the best Verge-approved tech deals of the week.
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