• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
NFT
Advertisement

Meta To Launch An NFT Marketplace. Danger Ahead

Julia Arvelaiz by Julia Arvelaiz
1 year ago
in NFT
0
Advertisement

Soon, Facebook and Instagram could let you use NFTs as a profile picture, and Meta is likely to build a non-fungible tokens marketplace where users can create and trade the collectible tokens. This could catapult the already booming industry into the mainstream, but it could also mean huge risks as the conglomerate gains more power and aims to clean its name by rebranding and launching popular products.

The Vision

As the tech giants are racing to “support” the industry that promises billions in profit, The Financial Times reported that the company Meta, formerly known as Facebook, is discussing the possibility of building an NFT marketplace and looking into a prototype that would allow users to mint and sell non-fungible tokens.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Reportedly, the teams at Facebook and Instagram are also “readying a feature” that could be used to display NFTs as the social medias’ profile pictures. This would likely provide a new differentiation between displaying the original NFTs and a JPG, thus enhancing the NFT holders’ fondness of bragging about ownership.

The firms have been interested in NFTs for a while now. Last year, Instagram’s CEO Adam Mosseri stated that the company was “actively exploring NFTs and how we can make them more accessible to a wider audience.”

The FT added that “the efforts are at an early stage and could yet change”. But the NFT platform OpenSea just surpassed the $3.5 billion mark of its monthly Ether trade volume for the first time ever, breaking over $169 million in trading volume for each day, so competitors are not going to look away and it makes a lot of sense for Meta to cash in.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

However, Facebook has been widely accused of putting profit before people, endangering users’ security, and being dangerously influential, especially to the younger generations. Scandals have led the company to lose popularity over the years, but users could always come back to join a new craze.

These new efforts from Meta are believed to be the largest mainstream support for the NFT industry yet, but at what cost?

Is Meta supporting NFTs or are will NFTs support the firm’s shady goals?

Related Reading | Retail Giant Walmart Ventures Into The Metaverse With Its Own Crypto And NFTs

Novi Traces A Zigzag

Novi is Meta’s digital currency wallet. The FT’s sources claimed it would be “vital to the plans” since “A lot of the supporting functionality relating to Novi will be powering the NFTs.”

The wallet was launched in October 2021 as an extension of the Diem Stablecoin Project (formerly known as Libra). It immediately raised concerns because of the risks that Meta products display.

The U.S. Senators Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.) do not trust Facebook to protect user data or be in charge of payments platform.

They immediately pushed back on the launch. ”We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market,” they said in an open letter directed to the CEO Mark Zuckerberg.

The letter added: “In addition to the risks products like Diem pose to financial stability, you have not offered a satisfactory explanation for how Diem will prevent illicit financial flows and other criminal activity.”

In response, the stablecoin project Diem told the regulators that “Diem is not Facebook. We are an independent organization, and Facebook’s Novi is just one of more than two dozen members of the Diem Association. Novi’s pilot with Paxos is unrelated to Diem.”

Everything indicates that Facebook is moving forward with both projects: the Novi wallet and Diem. But the concerns the firm imposes have not gone away.

As they rebrand, launch new products, rebrand again, and play with the idea of the Metaverse and crypto and NFTs, their plan of driving the focus away from the risk of giving the conglomerate so much power over people’s lives could be working.

“Facebook is a family of apps,” said Mark Zuckerberg back in 2015. And what a toxic family it became.

Related Reading | Facebook Evolves Into The Metaverse, A Centralized and Dystopian Virtual Reality

NFT
Crypto total market cap at $1,9 trillion in the daily chart | Source: Tradingview.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julia Arvelaiz

Julia Arvelaiz

Related Posts

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark, What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?

2 days ago
DappRadar Report Shows Decline in NFT Trading Following SVB Crash

DappRadar Report Shows Decline in NFT Trading Following SVB Crash

3 days ago
salesforce

Salesforce Teams Up With Polygon For New NFT Management Platform

4 days ago
formfunction

Solana NFT Marketplace Formfunction Will Shutdown – Here’s When

5 days ago
Meta

Why Meta Is Calling It Quits On Support For NFTs In Both Facebook, Instagram

7 days ago
DappRadar Report Shows Decline in NFT Trading Following SVB Crash

Bitcoin NFT Auction by Yuga Labs Draws In $16.5 Million Despite Criticism

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
Coinplay
Coinplay
K8
K8

Sportbooks

Coinplay
Coinplay

Press Releases

  • Cryptocurrency News Today: Shiba Inu Burns Tokens While...

    11 hours ago
  • Vote-to-Earn Project Love Hate Inu Raises $1 Million &...

    16 hours ago
  • Get Ready to Save Animals and the Environment with...

    20 hours ago
  • Investors Turn to TMS Network (TMSN) As Tron (TRX) And...

    20 hours ago
  • Investors Have Lost Confidence in Solana (SOL) And Ripple...

    20 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.