Facebook unveiled a series of new projects on Thursday to support its vision for the Metaverse, including a $150 million fund to spur use among its customer base. As noted by Axios, Facebook has made clear that it plans to spend billions of dollars in an effort to make its 3-D worlds plan a reality.
Precisely how NFTs will fit into this vision is unclear, based on the presentation, though Zuckerberg referred to "digital goods" as part of the user experience.
Past comments from Facebook Financial head David Marcus suggest that NFTs could a part of the offering from Novi, which grew out of Facebook's crypto and stablecoin efforts. "It's too early to talk about our plans, but we're definitely looking at a number of plans to get involved in the space, because we're in a good position to do so," Marcus told Bloomberg in late August.
Facebook also announced Thursday that it would change its name to align with the outlined vision: Meta.
Sygnum Bank’s Digital Asset Outlook 2022 report analyses the developments that shaped the crypto industry in 2021, and lays out Sygnum’s strategic outlook for the market and its key sectors and trends for the year ahead.
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."