1. Home
  2. Meta.

Meta.

Instagram to reportedly launch text-based app to rival Twitter

The upcoming app will maintain a Twitter-like centralized feed, allowing users to view content such as text, images and videos shared by followers and recommended accounts.

In a secret meeting with select creators, Instagram’s parent company, Meta, reportedly revealed its plan to launch a text-based conversation app. The leaked screenshots of the alleged upcoming app show a user interface similar to Twitter.

Instagram’s plan to rival Twitter was uncovered by Lia Haberman, an influencer marketing and social media marketing teacher at the University of California, Los Angeles Extension. According to Haberman, although the text-based app is built on top of Instagram, it is decentralized and will function as a separate app. The app will also be compatible with other decentralized social media apps like Mastodon, allowing users to reach more audiences.

The upcoming app will maintain a Twitter-like centralized feed, allowing users to view content such as text, images and videos shared by followers and recommended accounts. Each text-based post will be limited to a word count of 500 characters.

Screenshots of Instagram’s new text-based app. Source: Twitter

While the app rivaling Twitter will function independently of Instagram, creator controls and account safety features, such as blocked accounts and keywords, will carry over to the new app.

Bloomberg reporter Sarah Frier reportedly confirmed the development of Instagram’s Twitter-like app from insiders. Meta first confirmed plans to develop a standalone decentralized social network in March when it said, “We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.”

Related: Meta pulling the plug on NFTs across Instagram and Facebook

With a vision to impart further decentralization in the internet, TBD — a division of Jack Dorsey’s fintech company Block — announced a Web5 decentralized web platform that aims to introduce “decentralized identity and data storage” to applications.

To facilitate this decentralized web experience, TBD’s web5 platform will introduce several key components and employ the use of decentralized identifiers.

Base sees record 106 TPS as total value locked crosses $10B

Epic CEO mocks ‘metaverse is dead’ notion — 600M coming to the ‘wake’

Epic Games CEO Tim Sweeney made fun of a recent Business Insider article suggesting the Metaverse had run its course.

Epic Games CEO Tim Sweeney is just as optimistic about the Metaverse as ever, after poking fun at a recent suggestion that online virtual worlds are “dead.”

The now-billionaire video game entrepreneur — creator of the Unreal Engine and Fortnite — took to Twitter on May 9 to mock a newly published article from Business Insider titled “RIP Metaverse, we hardly knew ye.”

The article by PR firm CEO Ed Zitron suggested the “once-buzzy technology” had “died after being abandoned by the business world.”

The article made particular mention of Meta’s virtual reality (VR) platform Horizon Worlds which Zitron claims has failed to live up to its “grand promise” of becoming the future of the internet.

It also mentions Decentraland and Yuga Labs’ Otherside as examples of Metaverses that have seemingly failed to live up to their hype and claimed investors have turned their attention to the next big tech fad — generative AI.

Excerpt from RIP Metaverse - An obituary for the latest fad to join the tech graveyard. Source: Business Insider

Sweeney however doesn’t appear to agree, suggesting there are 600 million users across virtual world platforms such as Fortnite, Minecraft, Roblox, The Sandbox and VR Chat.

“The metaverse is dead! Let’s organize an online wake so that we 600,000,000 monthly active users in Fortnite, Minecraft, Roblox, PUBG Mobile, Sandbox, and VRChat can mourn its passing together in real-time 3D,” he joked, which was echoed soon after by Sandbox CEO Sebastien Borget.

Related: Meta coughing up big money to developers building its metaverse

In April 2022, Epic Games announced a $2 billion funding round with the aim of accelerating the company’s plans for the Metaverse. The investment included a $1 billion investment from Sony Group and KIRKBI, the holding company behind the LEGO Group.

It came not long after LEGO Group and Epic Games announced they were entering a long-term partnership to build a “family-friendly” Metaverse.

Neither company is yet to reveal what plans entail. However, Lego Group chief executive Niels Christiansen told the Financial Times earlier this year that it is looking to announce more details about the collaboration.

Web3 Gamer: ‘Ethical’ SBF game axed, Web3 games sign-up process sucks, Tomb Chaser

Base sees record 106 TPS as total value locked crosses $10B

Chatgpt ‘Is the New Crypto,’ Meta Says Malware Actors Exploit AI Craze

Chatgpt ‘Is the New Crypto,’ Meta Says Malware Actors Exploit AI CrazeA growing number of malware creators are now taking advantage of the significant interest in Chatgpt to lure victims, Facebook owner Meta has noticed. According to its head of information security, the AI-based chatbot is “the new crypto” for bad actors and the social media giant is preparing for various abuses. Malware Inspired by Chatgpt […]

Base sees record 106 TPS as total value locked crosses $10B

SUI mainnet goes live as token sees immediate action on Binance, OKX, others

The total supply of the SUI token is capped at 10 billion coins, with tokens running on a delegated proof-of-stake consensus algorithm.

Major cryptocurrency exchanges around the world are launching trading of the Sui (SUI) token amid the Sui Network’s mainnet launch on May 3.

According to an official announcement by the Sui Foundation, the Sui mainnet went live at 12:00 pm UTC. Many global crypto trading platforms supported the Sui mainnet launch, enabling investors to buy and sell the new SUI token.

Crypto exchange Binance plans to debut SUI trading immediately after mainnet launch. The platform will allow users to trade between SUI and cryptocurrencies like Bitcoin (BTC), Tether (USDT) and BNB (BNB) at 12:15 pm UTC. The firm will also enable investors to exchange SUI against euros and Turkish liras.

Other big exchanges, including Huobi, KuCoin, ByBit, OKX and Poloniex, also announced SUI listings. KuCoin noted that it also plans to list SUI/USDT-margined futures and isolated margin trading pair SUI/USDT when its “liquidity meets the requirement.”

Poloniex also emphasized that the total supply of SUI is capped at 10 billion tokens.

Some South Korean exchanges, known to face investigations by local authorities for listing certain native coins, have joined the global SUI hype. Upbit is one of those exchanges preparing to start SUI trading on May 3.

Shortly after the trading launch, the value of the SUI took a sharp dive to below $2. According to data from CoingGecko, SUI tanked 40% from its opening price. In the meantime, data from CoinMarketCap and Binance suggest that SUI dropped as much as 70%. The SUI token lost the majority of value in the first five minutes after the launch of trading.

SUI to USD chart. Source: CoinMarketCap

At the time of writing, the token is trading at $1.29. SUI’s fully diluted market capitalization amounts to about $13 billion.

What is SUI token?

Sui, or the Sui Network, is a layer-1 blockchain and smart contract platform designed to increase Web3 adoption with fast speeds and high scalability.

Unlike Bitcoin or Ethereum blockchains — which run on proof-of-work and proof-of-stake consensus mechanisms, respectively — the Sui platform relies on delegated proof-of-stake. That means that SUI network users can elect and vote for delegates to confirm the next block.

Related: Justin Sun issues apology after Sui LaunchPool clashes with Binance CEO

The Sui project is famous for being built on Move, a new Rust-based programming language designed at Meta, formerly known as Facebook. Sui is backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research.

After Meta shut down its crypto project Diem in 2022, Mysten Labs started actively working on the Sui network. In September 2022, the Sui Foundation announced a $300 million raise for the development of the Sui ecosystem.

Magazine: Whatever happened to EOS? Community shoots for unlikely comeback

Base sees record 106 TPS as total value locked crosses $10B

Meta SEC filing reveals debt securities offering plans

The Facebook parent company filed a prospectus that says it may offer and sell debt securities from time to time.

Tech giant Meta Platforms Inc., the parent company of Facebook, Instagram and WhatApp, submitted a new filing to the United States Securities and Exchange Commission (SEC) for new debt shelf offerings. 

The big tech company filed the prospectus on May 1 in which it said that it “may, from time to time, offer and sell debt securities in one or more series.” The statement continued, saying each time a debt security is sold, it will issue a new “prospectus supplement” containing the “specific terms of the debt securities offered.”

Debt shelf offerings, or debt securities, are a provision that grants the issuer (i.e., Meta) the ability to register a new issue of securities without the need to sell the entire issue at once.

Additionally, the filing stated that debt securities may be offered and sold to or via “underwriters, brokers, dealers, or agents as designated from time to time, directly to one or more other purchasers, or through a combination of such methods."

The filing did not disclose the exact amount of debt securities being offered.

Related: Google Ads data: $4M stolen through crypto phishing URLs

Shelf offerings have the potential to be helpful to investors, by occasionally giving insights into a company’s game plan for raising capital. On the other hand, because new shares could also potentially negatively impact the price of current shares.

On Twitter, the community responded by trying to connect the dots to Meta’s recent spending on AI development and buybacks as a potential reason for the new alternative funding sources. 

This filing also comes shortly after Meta released its latest earnings report in which it revealed a nearly $4 billion loss from its metaverse unit. This loss follows a deficit of $14 billion over the last year with Zuckerberg anticipating more to come in 2023. 

Nonetheless, sources close to the company recently shared that the company offers its metaverse developers salaries of anywhere from $500,000 to 1 million a year.

In August 2022, Meta raised $10 billion in its first-ever bond offering to fund share buybacks and business investments.

Magazine: All rise for the robot judge: AI and blockchain could transform the courtroom

Base sees record 106 TPS as total value locked crosses $10B

Metaverse for youth: Meta urged to ban minors from virtual world

Currently allowing users from 18, Meta also wants to open up its metaverse app Horizon Worlds to users aged 13 to 17.

Advocacy organizations and safety groups have urged Mark Zuckerberg’s social media giant Meta to halt plans to allow minors into the metaverse.

Online safety groups and experts sent a letter to the Meta CEO on April 14, calling out the firm to scrap its plans to invite teenagers and young adults to join its metaverse app, Horizon Worlds. The letter was signed by major safety groups, including Airplay, the Center for Countering Digital Hate, Common Sense Media and others, according to a report by Bloomberg.

The activists argued that Meta must first assess potential risks of allowing youth in the metaverse as minors are likely to face harassment and privacy violations on its virtual reality app.

“Meta must wait for more peer-reviewed research on the potential risks of the metaverse to be certain that children and teens would be safe,” the advocates wrote in the letter.

The statement referred to a March report from the Center for Countering Digital Hate that found that users under 18 have already been facing harassment from adults on the app. The study specifically witnessed 19 episodes of of abuse directed at minors by adults, including sexual harassment, during 100 visits to the most popular worlds within Horizon Universe.

The safety experts argued that Meta should create a new path with its metaverse project to protect the youth, stating:

“Should Meta throw open the doors of these worlds to minors rather than pause to protect them, you would, yet again, demonstrate your company to be untrustworthy when it comes to safeguarding young people’s best interests.”

As previously reported, Meta started planning to open up Horizon Worlds to users aged 13 and 17 in February. The company first opened Horizon Worlds to users from 18 years old in 2021 but has since been struggling to keep users coming back to the platform.

Related: France’s metaverse consultation seeks input on alternative to tech ‘giants’

According to Bloomberg, Meta currently doesn’t plan to abandon its plans for miners in the metaverse but prepares to adopt some extra measures to protect such users from any metaverse-related violations, Meta’s Joe Osborne said.

“Before we make Horizon Worlds available to teens, we will have additional protections and tools in place to help provide age-appropriate experiences for them,” Osborne noted, adding:

“Quest headsets are for people 13+ and we encourage parents and caretakers to use our parental supervision tools, including managing access to apps, to help ensure safe experiences.”

Magazine: NFT Creator, Sarah Zucker: The Sarah Show’s analog past meets dizzying digital future

Base sees record 106 TPS as total value locked crosses $10B

2023’s Bitcoin Obituaries: Bitcoin Defies 6 Death Predictions With 80% Price Increase Since End of 2022

2023’s Bitcoin Obituaries: Bitcoin Defies 6 Death Predictions With 80% Price Increase Since End of 2022It’s been more than 100 days since the end of 2022, and the price of bitcoin has risen more than 80% since then. Over the past 30 days, bitcoin has increased by more than 45% against the U.S. dollar. Despite its recovery this year, after a long crypto winter in the previous year, the Bitcoin […]

Base sees record 106 TPS as total value locked crosses $10B

NFT Marketplace Looksrare Launches Version 2, Cutting Protocol Fees by 75% and Introducing Bulk Purchases

NFT Marketplace Looksrare Launches Version 2, Cutting Protocol Fees by 75% and Introducing Bulk PurchasesLooksrare, the non-fungible token (NFT) marketplace, has launched version two, also known as v2, which reduces protocol fees by 75%. According to statistics from Dune Analytics, Looksrare was the tenth-largest NFT marketplace in terms of trader count during the past week. NFT Market Protocol Looksrare Launches v2 NFT marketplace Looksrare announced the launch of version […]

Base sees record 106 TPS as total value locked crosses $10B

Meta coughing up big money to developers building their metaverse

Despite turbulent times for Meta in terms of metaverse development, sources close to the company say its metaverse programmers are paid up to $1 million for their work.

Tech giant Meta - the parent company of Facebook, Instagram and WhatsApp messaging service - has been eyeing expansion into the metaverse for some time now. However, it has had a rough start, with billions in losses.

Nonetheless, a new report from the Wall Street Journal says that Meta’s programmers working on the company’s virtual reality suite can earn total compensation from “$600,000 to packages approaching $1 million.”

The report said the information on metaverse developer salaries at Meta came from anonymous “people familiar with the matter.”

According to reports from the beginning of the year, the company’s metaverse-building division Reality Labs, lost $13.7 billion over the course of 2022. It marked the largest yearly losses recorded for this division. 

However, Mark Zuckerberg, the company’s co-founder and CEO, was on record saying the company didn’t have any plans to change its long-term vision for the metaverse. In fact, at the beginning of February 2023, Meta was given approval by a judge in the United States to go forward with acquiring a virtual reality company.

Related: Meta working on text-based decentralized social network codenamed P92

Prior to that ruling, Meta was served with a lawsuit from the Federal Trade Commission against Meta and Zuckerberg as an attempt to block “its ultimate goal of owning the entire ‘metaverse."

Recently, two U.S. Senators released a letter addressed to Zuckerberg which urged the Meta CEO to not allow teenagers access to the metaverse platform Horizon Worlds. They cited “serious risks” and called it a “...digital space rife with potential harms."

On March 13 the head of commerce and financial technologies at Meta tweeted the company is slowly stopping its support for nonfungible tokens (NFTs) on Facebook and Instagram for the time being. According to the executive the move was to “focus on other ways to support creators, people, and businesses.”

Magazine: Crypto audits and bug bounties are broken: Here’s how to fix them

Base sees record 106 TPS as total value locked crosses $10B

Disney Reportedly Axing Metaverse Division Amidst Company Restructuring

Disney Reportedly Axing Metaverse Division Amidst Company RestructuringThe metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the […]

Base sees record 106 TPS as total value locked crosses $10B