Meta Exec Expresses Blockchain Ambitions

Meta Platforms Inc (NASDAQ: FB) is looking for “deep compatibility” with blockchain technology, the New York Times reports.

• Andrew Bosworth, who will become Meta’s CTO in 2022, laid out a vision for the social network to adopt and work with various blockchain or cryptocurrency technologies that have collectively become known as web3.
• Bosworth urged caution but said the company should look to adopt the technologies before others, noting that blockchain technology, essentially distributed ledger systems, could have “profound impacts on our industry over the next decade.”
• Bosworth, who oversees Meta’s augmented and virtual-reality efforts, said the company should develop ways to work with nonfungible tokens while possibly investing in areas including blockchain-based intelligent contracts and decentralized autonomous organizations.
• Meta board member Marc Andreessen, who helps lead the venture capital firm Andreessen Horowitz, has created dedicated funds to invest in web3 companies and technologies.
• Price Action: FB shares traded higher by 1.57% at $335.64 in the premarket session on the last check Thursday.