Meta Marketplace Expands Eligibility Requirements for Cryptocurrency Ads on FB | Will Metaverse reach 1 Trillion?

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Facebook rebranded to Meta in an attempt to reflect its growing ambitions beyond traditional social media. Meta plans to connect digital social media with the physical world.

The company said it will allow many more crypto and blockchain advertisements on Facebook and Instagram due to expanded eligibility terms.

BREAKING: Meta expands crypto advertisement eligibility on Facebook

Social media and metaverse marketplace Meta has expanded eligibility requirements for running cryptocurrency advertisements on Facebook, giving companies more leeway to market digital asset product offerings.

Meta announced will now acknowledge 27 regulatory licenses from advertisers, up from three previously. Consequently, there will be many more applications for cryptocurrency ads. Facebook’s updated advertising policy titled “Cryptocurrency Products and Services” reflects these changes.

Before the update, only a narrow segment of crypto companies was able to advertise on Facebook because the platform recognized a small number of regulatory licenses. According to the updated policy, the following crypto products and services can now receive written permission to run ads on Facebook:

  • Cryptocurrency exchanges and trading platforms
  • Cryptocurrency lending and borrowing services
  • Cryptocurrency wallet
  • Cryptocurrency mining infrastructure

In addition, products and services related to blockchain technology, crypto news, education, payment methods and merchandise can be advertised without prior written permission. A Meta spokesperson confirmed to Cointelegraph that the changes also affect Instagram, which is owned by the company.

Meta explained that the updated policy reflects the maturation and increased regulation of the crypto industry, namely:

“Over the years the cryptocurrency landscape has matured and stabilized and experienced an increase in government regulation, which has helped to set clearer responsibilities and expectations for the industry. Going forward, we will be moving away from using a variety of signals to confirm eligibility and instead requiring one of these 27 licenses.”

Related: Meta’s head of crypto to step down at end of year

Facebook initially banned cryptocurrency and initial coin offering advertisements in January 2018 over concerns of so-called “deceptive promotional practices.” Around six months later, the company reversed its blanket ban on crypto ads but maintained a long list of prohibited products and services.

Can the Metaverse hit 1 Trillion in Revenue?

The metaverse has the potential to become a $1 trillion annual revenue opportunity across the worlds of advertising, digital events, e-commerce and hardware, according to a new report from crypto giant Grayscale.

“The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue,” the report said, although it did not specify a timeframe.

The report’s authors, Grayscale’s head of research David Grider and research analyst Matt Maximo, argued the metaverse is a huge opportunity for crypto companies.

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