Parler has decided to take a big dive into the world of non-fungible tokens (NFTs). The company recently helped the former US First Lady Melania Trump to launch her own NFT collection.
On Monday, December 20, the controversial social media app Parler announced that it will be expanding its business in the world of non-fungible tokens (NFTs). As a result, the company has assembled a team of industry veterans having extensive experience working in the blockchain space.
Social media platform Parler serves to become an alternative to giants like Facebook and Twitter. Thus, the company is looking to leverage decentralized technology to compete with the Big Tech. Speaking of its decision to enter the world of NFTs, Parler CEO George Farmer stated:
“No company has been more punitively damaged than Parler by Big Tech, and we, as a business, are now seeking to be an early-stage investor and operator in the Web 3 movement: user, not owner, operated.”
Parler’s move is not surprising since it has been under the clutches of the Big Tech. Earlier this year, giants like Google and Apple suspended the Parler app from their respective app stores. Besides, Amazon also took the Parler servers online on allegations that Parler failed to regulate inciteful content that resulted in attacks on the US Capitol Hill in January 2021.
Parler’s Foray Into NFT
Almost every big tech company has been exploring new opportunities with non-fungible tokens (NFTs). NFTs are basically blockchain-based digital assets that represent the ownership of unique assets. The use of NFTs helps companies to release authentic and genuine products in the market by leveraging blockchain tech’s transparency. Speaking of this development, the company said:
“Parler will continue building its digital offering with an NFT pipeline that builds communities and fosters creativity while furthering its commitment to free speech and security”.
However, this is not the company’s first attempt into the world of NFTs. Recently, the former US First Lady Melania Trump announced her first NFT collection “Melania’s Vision” with Parler spearheading the launch. Parler was responsible for helping them deploy the infrastructure on the Solana blockchain.
Parler CEO George Farmer also stated: “entering the NFT space is a perfect fit for Parler. We have the experience, technical capabilities, and framework to expand into this field”. It will be interesting to know the future plans of Parler and how does it seek to leverage NFTs.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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