ByteDance Valuation Falls 26% to $223.5 Billion in New Employee Share BuybackRead more

Incoming Meta Platforms CTO Andrew Bosworth speaks during the virtual Facebook Connect event in October. Screengrab via YouTube.

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

By  |  Dec. 23, 2021 4:22 PM PST
Photo: Incoming Meta Platforms CTO Andrew Bosworth speaks during the virtual Facebook Connect event in October. Screengrab via YouTube.

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. 

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Former Apple design chief Jony Ive and OpenAI CEO Sam Altman. Photos by Getty.
Designer Jony Ive and OpenAI’s Sam Altman Discuss AI Hardware Project
Jony Ive, the renowned designer of the iPhone, and OpenAI CEO Sam Altman have been discussing building a new AI hardware device, according to two people familiar with the conversations.
From left to right: Blair Effron, Robert Pruzan and David Handler. Photos by Getty; Tidal Partners.
Exclusive Finance
Disputes, Employee Misconduct Rattle Centerview’s Silicon Valley Dreams
The San Francisco Bay Area–based bankers at Centerview Partners, the investment bank that advised Silicon Valley Bank’s owner and Credit Suisse through recent turmoil, got two doses of bad news last week.
OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella. Photos via Getty
Exclusive microsoft ai
How Microsoft is Trying to Lessen Its Addiction to OpenAI as AI Costs Soar
Microsoft’s push to put artificial intelligence into its software has hinged almost entirely on OpenAI , the startup Microsoft funded in exchange for the right to use its cutting-edge technology.
From left: Paul Graham, Garry Tan and Michael Seibel. Photos by Getty. Art by Mike Sullivan.
Exclusive startups ai
Y Combinator’s Garry Tan Goes to the Mat
Garry Tan was in his happy place. Surrounded by food trucks and techies basking in San Francisco’s September sun, the CEO of Y Combinator snapped selfies with entrepreneurs as he meandered through a crowd of 2,700 attendees at the startup accelerator’s annual alumni event.
Dave Rogenmoser, cofounder of Jasper. Photo via Getty.
Exclusive startups ai
Jasper, an Early Generative AI Winner, Cuts Internal Valuation as Growth Slows
Jasper AI, an early darling of the generative artificial intelligence boom, has cut the internal value of its common shares 20%, according to former employees who were notified by the company.
The X (formerly Twitter) office in San Francisco on July 29. Photo by Bloomberg via Getty.
Musk’s X Cuts Half of Election Integrity Team After Promising to Expand It
Elon Musk’s X, formerly known as Twitter , is cutting around half of the global team devoted to limiting disinformation and election fraud on the platform, including the head of the group, according to three people familiar with the situation.