Meta Bets on Blockchain; New Crypto Legislation Could Ring in 2022

Meta Platforms is diving even further into the blockchain matrix. It wants to create “deep compatibility” with blockchain technology, according to an internal post that The New York Times obtained. In his post on Tuesday, Andrew Bosworth, who leads Meta’s augmented reality and virtual reality efforts, said that the company is interested in working on projects involving non-fungible tokens (NFTs) and with entrepreneurs in Web3, which refers to a decentralized, blockchain-powered version of the internet. 

Bosworth will become CTO of Meta next year and his post hints at significant changes ahead for the company as it tries to find its Web3 footing. It makes sense that Meta might feel unsure about where it fits into the next iteration of the internet. Web3’s goal is to wrest control of the internet away from tech giants and put it in the hands of users. And some Web3 founders, like The Sandbox’s Sebastien Borget, aren’t exactly welcoming toward Meta.