The social media company Parler has announced it is growing its business to include non-fungible tokens (NFT) as it makes a move to take on more decentralized technology projects.
In a news release issued Monday, the company which bills itself as a free-speech alternative space to Facebook and Twitter, announced that it has embraced Web 3.0 – a new decentralized form of internet – and “demonstrated its commitment to being a first mover amongst social media companies in this sphere.”
Parler noted that the move comes as it had “assembled a team of industry veterans with extensive experience in the development and management of blockchain to support the growth of digital assets. ”
Parler CEO George Farmer took a shot at Big Tech in comments, harkening back to how the social media app which launched in 2018, was taken offline after the Jan. 6 attack on the U.S. Capitol.
Farmer said, “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.”
The company asserted its commitment to free speech in the press release announcing the plan to expand its portfolio.
“Fueled by widespread public outcry to break up Big Tech and Big Government, 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,” the news release stated.
The company’s announced expansion into Web 3 and decentralized assets follows last week’s announcement of an NFT and blockchain technology venture with former first lady Melania Trump.
“Parler is providing MelaniaTrump.com programming, crypto, and operational infrastructure support,” the press release noted.
“Melania Trump’s NFT platform allows buyers to purchase digital and physical assets. Parler’s proven dedication to security and privacy provides a robust backbone, alongside its full-stack operational capacities,” it added.
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“I am proud to announce my new NFT endeavor, which embodies my passion for the arts, and will support my ongoing commitment to children through my Be Best initiative,” Mrs. Trump said in a statement.
Non-fungible tokens (NFTs) have been around since 2014 but are increasingly becoming a popular – and profitable – way to buy and sell digital artwork, according to Forbes which notes that since November 2017, $174 million has been spent on NFTs.
According to Parler’s CEO, “entering the NFT space is a perfect fit for Parler. We have the experience, technical capabilities, and framework to expand into this field.”
The Nashville, Tenn.-based company with over 16 million users bills itself as “the public town hall where everyone is welcome,” and vows it “has a bold vision to make freedom of expression, security, and privacy a reality through social media and blockchain technology.”
“Parler uses the First Amendment of the U.S. Constitution as a guide, making it possible for people to speak freely without fear of being suspended or labeled ‘dangerous’ and banned,” the company noted in its press release.
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