Facebook – following its failed run with Libra – appears to be looking to get back into the crypto game. The social media giant – which recently rebranded itself as “Meta” – has filed eight trademark applications for new features like crypto wallets, exchanges, and tokens relating to its famed “f” logo.
Facebook and Crypto… Could It Actually Work?
It appears six of the eight trademarks have to do with blockchain and crypto products or companies the company is investing in. Facebook has also announced it will soon be looking to release a new line of non-fungible tokens (NFTs) through Instagram, another popular social media company that Facebook purchased a few years back for $1 billion.
The big question that’s likely going through everybody’s minds is, “Hasn’t Facebook learned its lesson?” The company already tried to get into the crypto space with Libra. It tried for three years, and it failed miserably. It’s practical that one will want to pick themselves back up and try again at something when they’re unable to accomplish a specific goal, but the problem was that Libra ended on such a negative note one would think Facebook would not want to humiliate itself any further or take more chances. Alas, it looks like the company has not yet entered this frame of mind.
Libra was supposed to be a digital currency basket – a new token that would have been supported by an array of stable currencies, fiat, and other assets that would ultimately keep the product’s value solid. The token would have worked in tandem with something known as Calibra, which was the wallet system Facebook was looking to introduce. People could store their Libra through their wallets and utilize the token to pay for goods and services on the social media platform.
On the one hand, this may not have been a bad thing. After all, crypto was initially designed to serve as a payment method and potentially push things like credit cards, fiat currencies, and checks to the side. However, this has been a slow journey given that many assets come with heavy volatility, which has resulted in many companies saying “no” to crypto payments.
Libra was a Major Catastrophe
Libra would have allegedly been a stable asset, so it would have given crypto its due and allowed people to utilize it for its initial purpose without having to worry about seeing their portfolio values drop. Sadly, the project was never able to get off the ground largely due to regulatory concerns. Mark Zuckerberg – the man behind Facebook – was repeatedly called in to speak before congressional committees regarding how the company planned to keep users’ private and financial information safe following the Cambridge Analytica scandal that occurred in 2018.
Just a few months ago, Facebook sold all its Libra-related assets and said goodbye to the project.