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Social Media Giant Meta Introduces Cross-Platform Functionality for NFTs and Digital Collectibles

Social Media Giant Meta Introduces Cross-Platform Functionality for NFTs and Digital Collectibles

Social media giant Meta is announcing cross-platform functionality for non-fungible tokens (NFTs) across its networks. According to a new company update, users can now showcase their digital collectibles across both of Meta’s marquee platforms, Facebook and Instagram. “Today we’re announcing [that] everyone on Facebook and Instagram in the US can now connect their wallets and […]

The post Social Media Giant Meta Introduces Cross-Platform Functionality for NFTs and Digital Collectibles appeared first on The Daily Hodl.

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Meta introduces NFT crossposting and sharing on Instagram

Users in 100 countries can now connect their digital wallets, post and share nonfungible tokens.

Meta, Facebook and Instagram's parent company, announced another development in its digital arts initiative. As of Sept. 29, all users on both platforms can connect wallets and share nonfungible tokens (NFTs) across 100 countries. 

As part of the feature, which has been in testing since May, users will be able to tag creators and collectors, and cross-post digital collectibles between platforms without paying any fees.

In August, Meta started allowing users to post digital collectibles that they own across Facebook and Instagram and announced an international expansion to countries in Africa, Asia-Pacific, the Middle East and the Americas. 

The company also added support with third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet, along with support for the Ethereum, Polygon and Flow' blockchains.

Several Twitter users expressed concern regarding the safety and privacy of the data transmitted by connecting digital wallets to Meta's platform at that time. In April 2021, sensitive personal information for over half a billion Facebook users was leaked on a well-trafficked hacking forum.

According to Statista figures, Facebook and Instagram have 2.9 billion and 1.4 billion monthly active users respectively.

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Metaverse graphics aim for community and accessibility — Not realism

Metaverse graphics have been questioned in terms of quality, but industry experts explain that images appear certain ways for a reason.

Some may argue that the Metaverse has been around for years, as demonstrated by early gaming platforms, yet virtual ecosystems are now being embraced by almost every industry. A recent report from consulting firm McKinsey & Company believes that the Metaverse has the potential to generate at least $5 billion in value by 2030. McKinsey also found that investments exceeding $120 billion have been put toward Metaverse platforms this year, indicating that major growth is underway.

While notable, there is still the perception that most metaverse platforms are lacking when it comes to graphic quality. For example, Mark Zuckerberg was recently criticized for posting a selfie in front of the Eiffel Tower within Meta. Although Meta has already invested over $10 billion into building its metaverse, some have pointed out that Meta’s current graphics are lower quality than images that appeared in Second Life in 2007.

Metaverse graphics are aesthetic choices 

Although the mainstream has been quick to criticize graphics associated with various metaverses, industry experts note that image quality is intentional. A spokesperson for Linden Lab — the firm behind Second Life — told Cointelegraph that the content design and aesthetic choices that other metaverses make are usually stylistic:

“For instance, the blocky appearance of some Metaverses builds upon the modeling techniques first seen in Minecraft. This was a deliberate choice to not appear realistic.”

Echoing this, Yat Siu, co-founder and chairman of Animoca Brands, told Cointelegraph that graphical representations depend on the brand and the imagery of the Metaverse in question. “If you look at the visuals of Phantom Galaxies or Life Beyond you can see that the quality is both high, and that fashion can be experienced in a manner that is visually closer to what one might expect in reality.”

With this in mind, Linden Lab’s spokesperson mentioned that one key difference between Second Life and other metaverse platforms is its community’s focus on realism. “While there are 20 years of archived Second Life images scattered across the internet, you will see incredible quality our creators are delivering today — way beyond that of even newer virtual worlds or metaverses.”

Image of Le Jardin Des Tuileries in Second Life, uploaded in Sept. 2022. Source: Linden Lab

But, while realistic images may appeal to certain metaverse communities, other platforms are taking different approaches. For example, The Sandbox — dubbed as one of the most popular blockchain-based Metaverses — intentionally has boxy graphics.

Sebastien Borget, co-founder and chief operating officer of The Sandbox, told Cointelegraph that the platform chose voxels as the building blocks for its metaverse due to ease of use:

“Voxels are like ‘digital legos’ that require no user manual. Hundreds of millions of people already know how to work with voxel graphics (thanks to Minecraft) and this opens The Sandbox to a massive community worldwide.” 

To Borget’s point, Siu noted that the boxy, voxelized images in The Sandbox are not a visual limitation, as it is a style that allows for communal design. “People don't consider Lego as ‘lo-fi.’ 8-bit style or retro pixel art is another example of something that is trendy and fashionable because of what it represents,” he remarked.

Borget added that the graphics enable accessibility for creators of all ages and backgrounds, which is critical since he believes the Metaverse will largely consist of user-generated content moving forward.

To put this in perspective, Loretta Chen, co-founder of Smobler Studios — a Singapore-based multimedia design agency — told Cointelegraph that she recently partnered with The Sandbox to create a wedding reception in its Metaverse.

According to Chen, Smobler Studios used VoxEdit and Game Maker to build the wedding venue, which are two free software applications that can be downloaded from The Sandbox website. In addition to being accessible, Chen noted that she was pleased with the imaginary aspects provided by The Sandbox’s graphics. “We took creative liberty in some aspects. We would be remiss if we aimed to recreate an identical replica of assets with no imagination or element of fun.”

Image from the wedding reception recently hosted in The Sandbox. Source: Smobler Studios

However, some industry experts believe that high-quality images are crucial for ensuring engaging metaverse experiences. Jacob Loewenstein, head of growth at Spatial — a metaverse platform focused on augmented and virtual reality — told Cointelegraph that Spatial prioritizes high-quality graphics for a number of reasons:

“First, they help the user feel more immersed. Secondly, they help the user express themselves more fully. Finally, users that participate in the Metaverse’s economy expect virtual goods with premium graphical fidelity.”

Given Spatial’s focus on quality, it shouldn’t come as a surprise that the firm is partnering with major fashion outlets, like Vogue Singapore, to bring metaverses to the mainstream. Graphic quality is also becoming crucial as the McKinsey report notes that 79% of consumers active on the Metaverse have already made purchases. 

At the same time, it’s important to recognize that user-generated content becomes more difficult to achieve on Metaverses focused on realism. For example, Ready Player Me is also working with Vogue Singapore to ensure that users can interact with realistic avatars.

Unlike voxelized images that may be easy to create with, Rainer Selvet, co-founder and chief technology officer at Ready Player Me, told Cointelegraph that Ready Player Me renders graphics in its avatar editor through the ThreeJS JavaScript 3D library.

Additionally, various cosmetics associated with the avatars are authored by 3D artists that include physically based rendering materials, which define how different assets should physically look in a game engine. Although this process is complex, Selvet shared that Ready Player Me will be open-sourcing its graphics library visage in the coming months to make creating easier for developers.

Avatars created by Ready Player Me. Source: Ready Player Me

Metaverse images will improve, but community remains key

Even though the quality of graphics is based on choices by metaverse platforms, improvements are being made as Web3 advances. For instance, Borget noted that The Sandbox is spending a majority of its resources on research and development to ensure the next phases of user experience. He said:

“Avatar expressions and emotions will make The Sandbox even more immersive and fun for users. And if you look at how The Sandbox looked two years ago, users will already be excited to see how it is different today, and how it may evolve in the next two years.”

Image of how The Sandbox appeared in 2018. Source: The Sandbox

While innovation is clear, technical limitations will likely slow development. For example, Selvet pointed out that software and hardware challenges remain, stating, “Many of today’s metaverse applications are predominantly browser-based, yet users want access to be frictionless.” 

As such, Selvet noted that the need for metaverse accessibility on devices other than gaming PCs is increasing. Loewenstein added that Spatial is particularly focused on bringing the Metaverse to both web and mobile, yet he noted that compute constraints have been problematic.

Fortunately, developments are underway. Loewenstein said, “Firstly, new processors are increasingly powerful, while being light and power efficient. Secondly, new APIs like WebGPU will, in the next 24 months, enable users to access the true power of their GPUs in web metaverse experiences. Thirdly, cloud rendering is becoming more available at a lower cost, while high bandwidth internet (such as 5G) similarly proliferates.”

Image of how The Sandbox currently appears. Source: The Sandbox

All things considered, metaverse development currently seems to be focused more on community building rather than imagery. “I believe we need to move past the expectation of a photorealistic meta-human Metaverse and look at what drives human interaction,” remarked Borget. In order to do so, Borget explained that metaverses should focus on ease of use:

“If we build a world that requires high end technology and skills to build and run, we’ll be leaving out most of the world’s population. However, if we instead focus on making creation and play highly accessible and engaging, we can make the metaverse a new, more level playing field.”

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US lawmakers call on Mark Zuckerberg to address ‘breeding ground’ for crypto scams: Report

A Federal Trade Commission report from June identified Facebook, Instagram and WhatsApp among the top platforms for crypto fraud originating on social media.

A group of Democrats from the United States Senate has reportedly asked Meta CEO Mark Zuckerberg to provide details on the social media giant’s policies addressing cryptocurrency fraud.

According to a Friday report from the Washington Post, Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernie Sanders and Cory Booker called on Zuckerberg for the actions the company may take to detect crypto scams, to coordinate with law enforcement and to assist victims of fraud. Meta currently controls Facebook, WhatsApp, Messenger and Instagram.

“Based on recent reports of scams on other social media platforms and apps, we are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” reportedly said the group of senators.

The lawmakers cited a Federal Trade Commission report from June, which labeled social media and crypto a “combustible combination for fraud.” The commission reported that roughly half of the $1 billion worth of crypto-related scams in 2021 — the majority of which were focused on investments — originated from social media platforms:

“Nearly four out of every ten dollars reported lost to a fraud originating on social media was lost in crypto, far more than any other payment method. The top platforms identified in these reports were Instagram (32%), Facebook (26%), WhatsApp (9%) and Telegram (7%).”

In addition, the Democratic senators called on Meta to offer warnings a potential scams in languages other than English. Meta spokesperson Andy Stone reportedly said the social media firm invested “substantial resources to detect and prevent scams.” The lawmakers have requested Zuckerberg respond with detailed information by Oct. 24.

Related: 4 clever crypto scams to beware — Dubai OTC trader Amin Rad

The U.S. Federal Bureau of Investigation similarly targeted crypto scams in a July notice, warning the public about apps using the same logos and identifying information as legitimate companies to commit fraud. Many unsuspecting users have also fallen prey to scams on Twitter and YouTube through hacked accounts, copycat websites and fake crypto projects and airdrops.

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Social Media Giant Meta Announces Expansion of NFT Integration to Instagram and Facebook

Social Media Giant Meta Announces Expansion of NFT Integration to Instagram and Facebook

Social media giant Meta says it will now allow users to share non-fungible tokens (NFTs) on both Instagram and Facebook by connecting to their crypto wallets. In May, the tech titan enabled a small number of users in the US to connect their digital wallets to Instagram and share their NFTs on the photo-sharing app. […]

The post Social Media Giant Meta Announces Expansion of NFT Integration to Instagram and Facebook appeared first on The Daily Hodl.

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Meta Reveals Cross-Posting NFT Compatibility Between Facebook and Instagram

Meta Reveals Cross-Posting NFT Compatibility Between Facebook and InstagramMeta, the corporate entity behind the social media platforms Instagram and Facebook, has revealed that non-fungible token (NFT) support now offers cross-posting compatibility between the two major social media platforms. The digital collectible-sharing ability follows Meta rolling out NFT and Web3 wallet support to 100 countries during the first week of August. Meta’s NFT Rollout […]

Whales and Sharks Gobble Up Over $7,863,000,000 in Bitcoin As ‘Impatient’ Traders Drop Their Holdings: Santiment

Meta announces Facebook and Instagram users can post NFTs from digital wallets

“This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” said Meta.

Facebook and Instagram users can both post nonfungible tokens, or NFTs, and digital collectibles to their accounts by linking their wallets.

In a Monday update to a May 10 blog post, Facebook’s parent company Meta said the social media platform’s roughly 2.9 billion users would have the ability to share digital collectibles and NFTs. The announcement followed an Aug. 4 update in which Meta said Instagram users across 100 countries could post digital collectibles minted on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchains to their accounts, estimated to be between 1 billion and 2 billion users as of the second quarter of 2022.

Source: Meta

“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram,” said Meta. “This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.”

Connecting digital wallets to either Facebook or Instagram seems to be limited to the apps rather than through third-party browsers. However, expanding the reach of NFTs into each and every smartphone with one of Meta’s apps installed could result in additional earnings or adoption for the social media giant. In May, Meta also filed applications with the United States Patent and Trademark Office for its namesake to be used in a crypto payments platform called Meta Pay.

Related: FTC files lawsuit against Meta over attempted monopolization of metaverse

Though Meta abandoned launching its own stablecoin in February after facing pushback from regulators globally, CEO Mark Zuckerberg said there was a “massive opportunity” to make up to trillions of dollars in the digital asset space as it grows. The company reported a 1% drop in revenue year over year in the second quarter of 2022.

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Facebook and Twitter will soon be obsolete thanks to blockchain technology

On Web2 — Twitter and Facebook — users do not own their own content or followers. That isn't the case on Web3, where our corporate overseers will become powerless.

Today’s social media landscape is dominated by Web2 corporations — mostly Meta (Facebook) and Twitter. The companies collect data from billions of users and collect billions of dollars in revenue from user-generated content. While it’s great for the corporations and their shareholders, it comes at a cost for average users and professional content creators.

But in the near future, decentralized social media — or Web3 — is likely to end that old model by giving power back to users.

No more evicting unruly users

Because platforms such as Facebook, Instagram and Twitter are centralized, users are at the mercy of company bosses, who demand compliance with their platform policies. If users fail to comply, they can lose content and followers they spent years building up in just a matter of seconds.

A famous example is Twitter’s ban on former President Donald Trump. While you may debate Trump’s views, the decision by Twitter management did not include millions of Twitter users who make the platform so valuable. It showed how little control Web2 users hold over Twitter’s decisions related to their content, even though they are the ones creating value for the company.

The beauty of Web3? Corporate bosses will no longer be able to dictate who is allowed to use their platforms.

Another problem with Web2 social networks? Walled gardens

Another problem with Web2 social media is that it has been characterized by “walled gardens.” If you have 1 million followers on Instagram and want to start an account on YouTube, you need to start with zero followers. There is no way to move your audience over because they are connected to the individual platforms, not to you. That applies even to platforms owned by the same company — such as Facebook and Instagram.

Related: Decentralized social media: The next big thing in crypto?

Web3 introduces solutions to reduce the number of intermediaries, create an open ecosystem, enable new forms of monetization, and give individuals more power not only over their content but also over their followers.

New blockchains on the horizon

Multiple platforms have launched what may supplant the social media industry on Web2. They include the Aave team’s Lens Protocol and the Andreessen Horowitz-backed DeSo. Both are built to host decentralized social media apps. They already have numerous live applications, including Lenster, Phaver, Iris (decentralized Twitter) and LensTube (decentralized YouTube).

How do they work? With Lens, for example, users can utilize a nonfungible token (NFT) to link their content and followers directly to a cryptocurrency wallet. That means zero dependencies on the individual platform because they hold cross-platform access to their followers.

If a user posts something, it’s automatically shared across all platforms they use. And because their followers are linked across platforms, they have the same number of followers on every platform. If a new platform emerges, users do not have to build their audience all over again. In Web2 terms, it’s like having an account linked directly to the internet instead of one linked to Facebook’s closed ecosystem.

Direct user monetization instead of advertisements

Another feature of Web3 social media is that rather than generating revenue from advertising, users have the ability to monetize their work directly. The model incentivizes users to publish much better content. It’s simplified by allowing creators to set a fee for “collecting” their posts — or to set a fee for following them. The revenue then flows directly to the creator, not to the platform.

Influencers will accelerate adoption

Some critics argue that Web2 social media has such a head start that it will be impossible for Web3 social to catch up. But the reality is that the benefits of decentralized social media are so substantial that big content creators will transition, bringing their audiences with them.

Related: The metaverse will change the paradigm of content creation

There are already many examples of prominent influencers who have their own social media platforms because the corporate platforms would not allow them to share their content anymore. Web3 offers an obvious solution for the growing number of those who have been banned from Web2.

Providing ownership over their own content and followers? Easy ways to generate revenue from their work? Connecting it all with easy-to-use NFTs? What is there to complain about? Blockchain technology is bringing us a social-media space that rewards users — not platforms — and is better than any we’ve dreamed of in the past.

Darius Moukhtarzadeh is a cryptocurrency entrepreneur focused on decentralized social- media applications. He previously worked as a researcher for Sygnum, the world’s first digital asset bank. He also worked for Ernst & Young in blockchain consultancy and for several startups in the Swiss Crypto Valley.

The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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