Meta CEO and founder Mark Zuckerberg says the technology conglomerate is experimenting with digital collectibles on two of its biggest social media brands. Zuckerberg says that Meta will initially test non-fungible tokens (NFTs) on Instagram and then Facebook before rolling out NFTs to other apps. “We’re starting building for NFTs not just in our metaverse […]
The post Meta’s Mark Zuckerberg Says NFTs Are Coming to Both Instagram and Facebook appeared first on The Daily Hodl.
MATIC has rebounded sharply after testing the July 2021 support level, borrowing further upside cues from Polygon's partnership with Meta.
Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99.
The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve's hawkish policies.
MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year.
A previous retest of the $0.787-level in July 2021 and the 0.786 Fib line (near $0.61) of the Fibonacci retracement graph — drawn from the $0.002-swing low to 2.86-swing high — followed up with MATIC rising to its record high of $3 by December 2021.
Therefore, MATIC/USD might undergo a similar, sharp upside retracement in the coming weeks after rebounding from the same support confluence.
However, a lot has changed in terms of market fundamentals between July 2021 and May 2022 that may influence MATIC traders' behavior.
For instance, MATIC's price boom occurred last year as demand for layer-2 solutions increased due to Ethereum's skyrocketing gas and transaction costs.
As a result, popular decentralized finance (DeFI) applications, including decentralized exchange SushiSwap (SUSHI), liquidity service Curve (CRV), and lending platform Aave (AAVE), expanded their operations in the Polygon chain.
But 2022 has been a bad year for cryptos. The Fed's decision to hike interest rates followed by the unwinding of their $9 trillion balance sheet has prompted investors to reduce their exposures to riskier assets. Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.
Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.
Related: 10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap
"This is a risk-off across all asset classes, including crypto,” Daniel Ives, strategist at Wedbush Securities, told the Financial Times, adding that digital asset investors have “nowhere to hide.” He added:
"Some investors are playing crypto like a hedge against inflation, but it’s trading like the Nasdaq’s Siamese twin."
On May 9, Polygon CEO Ryan Watt announced that they are partnering with Meta to create a nonfungible token (NFT) platform for Facebook and Instagram.
Meta CEO Mark Zuckerberg also confirmed that they have been "testing digital collectibles for creators and collectors to showcase NFTs on Instagram," adding that similar features would come to Facebook soon. The hype could help MATIC form a strong price floor.
Massive.
— Michaël van de Poppe (@CryptoMichNL) May 9, 2022
But from a technical perspective, MATIC risks bearish continuation toward $0.615 in May.
Meanwhile, a bullish confirmation looks less likely to appear unless the token reclaims its 50-week exponential moving average (50-week EMA; the red wave) near $1.37 as support.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
According to Mark Zuckerberg, Meta was planning to “bring similar functionality to Facebook soon” and working on “augmented reality NFTs” for Instagram as well.
Mark Zuckerberg, CEO of Facebook’s parent company Meta, said that the company is starting to test digital collectibles on photo and video sharing platform Instagram this week, signaling a move toward adding nonfungible tokens, or NFTs.
In an interview with Impact Theory’s Tom Bilyeu published to Facebook on Monday, Zuckerberg said the move to test digital collectibles on Instagram was the first step toward allowing creators and collectors to display NFTs on other apps under Meta’s control: WhatsApp, Facebook Messenger and Facebook. According to the CEO, Meta was planning to “bring similar functionality to Facebook soon” and working on “augmented reality NFTs” for Instagram as well.
The move would seemingly allow Instagram users to display NFTs as profile profiles as Twitter first announced in September 2021 that its users would be able to do and then, rolling out iOS support for NFT hexagonal avatars in January. Reddit said shortly after Twitter’s NFT rollout that it was testing the tokens as profile pictures on its platform, while content subscription service app OnlyFans — which many use to promote adult content — has offered NFT profile pictures since December 2021.
Datareportal reported that Instagram had roughly 1.5 billion users globally as of January 2022, roughly half of Facebook’s 2.9 billion. Many prominent users in the crypto space already have accounts with the photo and video sharing platform, which some hackers have taken advantage of. Cointelegraph reported in April that bad actors breached Bored Ape Yacht Club’s Instagram page and shared links to a fake airdrop with the project’s more than 600,000 followers.
Related: 5 ways nonfungible tokens will transform society
Since rebranding from Facebook to Meta in October 2021, the social media company has announced many initiatives aimed at cryptocurrency and metaverse users. Though Meta shut down its digital currency project Diem — formerly Libra — in February, the company also opened the doors for a brick and mortar metaverse-themed retail store in the San Francisco Peninsula on Monday.
Meta’s Reality Labs division posted a $2.9 billion loss in Wednesday’s Q1 earnings call but Zuckerberg remains optimistic about future profitability from the metaverse.
Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses.
The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. That's 61% more than its $1.8 billion loss in Q1 2021.
Overall Reality Labs revenue came in above expectations, seeing $695 million in revenue during the first quarter of this year from the sales of things like VR headsets and Meta Portal hardware.
In a Wednesday earnings call, Meta CEO Mark Zuckerberg said losses in this division are to be expected, owing to the fact that Reality Labs is still largely focused on research and development for a series of software and hardware products such as Project Cambria.
"I recognize it’s expensive to build this, it’s something that’s never been built before. And it’s a new paradigm for computing and social connection," said Zuckerberg.
"We expect to be meaningfully better at monetization than others in the space, and we expect that should become a sustainable advantage for our platforms as they develop."
In financial reports from earlier this year, Reality Labs posted an approximate $10 billion loss throughout 2021, with roughly $4 billion of those losses owing to employee costs and research and development.
Overall, the company's total revenue for Q1 2022 is $27.9 billion up 6.9% from $26.1 billion in the first quarter of last year. Meta’s quarterly report was well received by the market, with Meta’s stock price up 18% in after hours trading at the time of writing.
Continuing the growth trend, Meta’s overall employee count surged by 28% year-over-year, with 77,805 employees as of March 31.
Related: Meta will open physical metaverse-themed store in San Francisco Bay Area
In February, Meta suffered the largest daily crash in stock market history as $251 billion was wiped from the company’s market cap. The crash came in the wake of the number of daily active users dropping by roughly 1 million.
The store, which will be located on the company campus in Burlingame, California, will feature a wall-to-wall curved LED screen that displays what users see using Meta VR headsets.
Social media giant Facebook's parent company, Meta, will be opening a retail store in the San Francisco Peninsula offering hardware for the virtual reality space.
In a Monday announcement, Meta said it would be opening a retail store in Burlingame, California on May 9 aimed at providing interactive demos for the company’s hardware products, including virtual reality headsets, video communications displays and smart glasses. The store, which will be located on the Meta campus — its headquarters is in Menlo Park — will feature a wall-to-wall curved LED screen that displays what users see using Meta headsets.
“The Meta Store is going to help people make that connection to how our products can be the gateway to the Metaverse in the future,” said Martin Gilliard, the store head. “We’re not selling the Metaverse in our store, but hopefully people will come in and walk out knowing a little bit more about how our products will help connect them to it.”
Facebook rebranded to Meta in October 2021, saying at the time that its focus was expanding beyond social media and later announcing its Metaverse vision for connecting online social experiences and the physical world. Though tech giants including Apple have brick and mortar stores across the world, Facebook’s roughly 2.9 billion users have not had the opportunity to enter a company retail store since the company was founded in 2004.
Related: Basic and weird: What the Metaverse is like right now
In the Metaverse, however, many firms are scooping up virtual properties, with electronics giant Samsung launching a metaverse store in the blockchain-powered world Decentraland in January. Reports have also suggested that major retailers like Walmart may also be preparing to go Meta.
Tech unicorn Meta is planning on taking almost a 50% cut on all non-fungible token (NFT) transactions in its upcoming metaverse product called Horizon Worlds. According to a report from CNBC, a Meta spokesperson said that the company will take up to 47.5% of each transaction, including a “hardware platform fee” of 30% for all […]
The post Meta Plans To Take Nearly 50% Cut of Every NFT Transaction in Horizon Worlds’ Metaverse: Report appeared first on The Daily Hodl.
The metaverse will become the most popular place to buy, sell, and trade cryptocurrency, according to a recent survey. In addition, 70% of respondents agreed that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Survey: Metaverse Will Be the Most Popular Place for Crypto Nasdaq-listed Agora (NASDAQ: API), […]
Social media titan Meta is reportedly formulating a plan to incorporate a proprietary crypto asset and social tokens into its business model. According to a new report by the Financial Times (FT), Meta has been looking into creating a digital asset to serve as the currency for its upcoming metaverse as the popularity of its […]
The post Social Media Giant Meta Unveils Plans To Launch New Crypto Asset: Report appeared first on The Daily Hodl.
The virtual currency, which employees have reportedly dubbed ‘Zuck Bucks’, will be aimed at use in the metaverse.
Social media giant Facebook’s parent company Meta is reportedly planning to introduce virtual currency named after CEO Mark Zuckerberg as well as lending services to apps it owns, which may include Facebook, WhatsApp, Instagram, and Messenger.
According to a Financial Times report on Wednesday, the move toward tokens and virtual currency is aimed at exploring alternative sources of revenue as interest in Facebook and Instagram drops. Meta’s potential virtual currency, which employees have reportedly dubbed ‘Zuck Bucks’, will be aimed at use in the metaverse.
Facebook owner Meta targets finance with ‘Zuck Bucks’ and creator coins https://t.co/IcK6oAM0J7
— Financial Times (@FT) April 6, 2022
The report does not allege Meta is exploring traditional cryptocurrencies tied to a blockchain, but rather centrally controlled tokens to be used within its apps, similar to in-game currency. The company is also reportedly considering creating ‘social tokens’ for engagement rewards, as well as ‘creator coins’ for influencers.
“We’re making changes to our product strategy and road map [...] so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world,” said Meta’s head of finance division Stephane Kasriel in January.
Integrating virtual currencies into Meta’s apps may be coming alongside the company exploring nonfungible tokens on users’ Facebook and Instagram profiles. The report suggested Meta was planning to launch an NFT pilot program as early as May 2022.
Cointelegraph reported in January that Meta was in the early stages of potentially launching an NFT marketplace, as well as exploring methods of allowing users to mint collectible tokens. David Marcus, the co-creator of the Facebook-backed Diem token, said in August that the company was “definitely looking” at ways to get into NFTs.
Related: Vale Diem: How Facebook’s ambitious stablecoin project came to an end
Facebook rebranded to Meta in October 2021, saying at the time its focus was expanding beyond social media. The change came following the release of thousands of documents that implied the company was not doing what it claimed in regard to removing hate speech and posts encouraging violence from its platform. The number of Facebook users dropped by roughly 500,000 in the fourth quarter of 2021, while at least one expert predicted Instagram’s growth in monthly users could drop from 16.5% in 2021 to 3.1% by 2025.
Meta is bringing interactive 3D ads to Facebook and Instagram feeds, inspired by the metaverse pivot the company has begun to execute since its name change. This is possible due to a new integration in Meta’s AR (Augmented Reality) publishing library with a development from a company called Vntana. Vntana Integrates 3D Ads in Meta’s […]
