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Meta to Launch Text-Based Content App Supporting Decentralized Social Networking

by Blockchain NewsMarch 10, 2023

Meta, formerly known as Facebook, is reportedly working on a new app that will support the decentralized social networking protocol ActivityPub. The new text-based content app, codenamed P92, will be Instagram-branded and allow users to log in with their existing Instagram credentials, according to a report by TechCrunch. The P92 team plans to follow the “fork” approach in the initial product version, with users’ profiles populated with their Instagram account details, such as name, username, bio, profile photo, and followers.

The move comes as technology companies and startups are looking to take advantage of the growing trend of Twitter users seeking alternative platforms. In recent months, several rival platforms such as Mastodon, Post.news, and T2 have either launched or gained traction in their efforts to attract these users. The new app by Meta is expected to compete with these platforms and provide an alternative for users who are looking for a decentralized social networking experience.

The current plan for the minimum viable product (MVP) is to enable users to broadcast posts to people on other servers. However, it is still undecided whether users can follow and view people’s content on other servers. The app’s initial version will include tappable links in posts with previews, user bios, usernames, verification badges, images, and videos that can be shared. It will also have functionalities such as followers and likes, but it is uncertain whether commenting and messaging features will be included in the product’s first version.

The development team is also discussing the possibility of allowing content to be reshared like Twitter, but only for business and creator accounts. The MVP will integrate a rights manager for first-party content from the beginning but not third-party content from other apps and servers. The app will adhere to the company’s current privacy policy, but it will also have a supplementary privacy policy and terms of service that specifically address cross-app data sharing.

The move by Meta to support ActivityPub is a significant development in the decentralized social networking space. ActivityPub is an open standard that allows users to share content across different platforms, creating a more decentralized and interoperable social networking experience. Mastodon, a decentralized social networking platform, is one of the most popular platforms that use ActivityPub.

The new app by Meta is expected to provide users with a decentralized social networking experience while leveraging the existing user base of Instagram. The app will enable users to broadcast their posts to people on other servers, creating a more interconnected and interoperable social networking experience. The app’s initial version will include basic functionalities such as followers and likes, but it remains to be seen whether more advanced features such as commenting and messaging will be included in future versions.

Overall, Meta’s move to support ActivityPub is a significant development in the decentralized social networking space. The new app, codenamed P92, will provide users with a decentralized social networking experience while leveraging the existing user base of Instagram. With the growing trend of users seeking alternative platforms, the new app is expected to compete with other decentralized social networking platforms and provide users with an alternative social networking experience.

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Easy Company Raises $14.2M For Social Crypto Wallet

by Blockchain NewsJanuary 11, 2023

The “social” cryptocurrency wallet developed by The Easy Company, a company whose primary focus is the development of a consumer layer for the decentralized web, has received a seed round investment of $14.2 million. This wallet’s primary objective is to facilitate the incorporation of more general audiences into the Web3 ecosystem.

According to TechCrunch, the first investment round was comprised of participation from a diverse group of investors. These investors included Lobby Capital, Relay Ventures, and 6th Man Ventures, as well as Tapestry, Upside, and Scribble. Other investors included Lobby Capital, Relay Ventures, and 6th Man Ventures.

Angel investors who had experience in traditional social media as well as Web3 participated in the round as well. Among these investors were former executives from companies such as Instagram, Novi, Airbnb, Twitter, Uber, OpenTable, and Eventbrite.

It is said that the wallet has entered the public testing phase and is now available for both iOS and Android after going through a period of thirty days during which it was tested in secret.

Mike Dougherty, the Chief Executive Officer of Easy, has stated that the company’s mission is to integrate compelling social elements with user-curated profiles so that anyone can search, browse, and discover the world of Web3 on their own.

The presentation that Dougherty gave, a significant number of the products and services that are currently being provided by Web3 companies are far too complicated for the typical person to be able to make use of them. The mission of the company is to make it easier for customers to interact with Web3 and use digital wallets by streamlining these processes.

The platform has a structure that is comparable to that of social media applications like Instagram, in which users may swipe to see either their own NFTs or those of others they watch, similar to how Instagram Stories are shown. In addition, it is said that the platform features a user interface that is comparable to that of social media applications like Instagram.

Despite the fact that the crypto winter has persisted for such a significant amount of time, venture capitalists continue to provide significant investment for Web3 companies.

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Tagged : Crypto / EASY / Instagram / News / NFT / Wallet

Polygon MATIC Price Surges to $0.951, Driven by Major Institutional Network Adoptions

by Blockchain NewsNovember 4, 2022

Polygon (Matic) has been one of the major gainers for the last 24 hours in the cryptocurrency trading sector, according to CoinMarketCap. Polygon has risen its value by 4.33% in the past 7 days. The price increased by 11.44% in the last 24 hours.

At the time of writing, Polygon’s price was $0.951668 with a 24-hour trading volume of $1,147,593,937; and ranked #11, with a live market cap of $8,312,170,483.

With Matic topping $0.951668, it emerged as the best-performing asset among the top-ranking cryptocurrencies on November 3, as per CoinMarketCap’s price-tracking website for crypto assets.

Indeed, the crypto market has enjoyed a bit of relief across all assets, which explains why Polygon (MATIC) is showing some short-term price momentum. However, MATIC’s network growth has significantly contributed to the latest decent uptick.

Courtesy: TradingView

On November 2, Instagram parent company Meta announced plans to introduce a number of a nonfungible token (NFT)-related tools that will enable creators to mint, show and sell NFTs. The tech firm tapped the Polygon blockchain as an initial partner for functionality that would allow its creators to make digital collectables and sell them on and off Instagram.

Banking giant JP Morgan also announced on November 2 that it successfully executed its first-ever cross-border transaction using decentralized finance (DeFi) on the layer-2 network Polygon blockchain. JPMorgan said it used Polygon to conduct its first live trade (worth around $71,000) on the blockchain technology, marking a crucial step toward integrating crypto assets into traditional financial frameworks.

After the above announcements, MATIC rose its value by over 13% to $0.985, accompanied by a surge in its daily trading volume.

In the last few months, multiple household names chose Polygon blockchain as their preferred partner to get their foot into Web3. Top-tier brands such as Coca-Cola, Reddit, DraftKings, Bentley Motors, Quadrata, NFTically, and Starbucks launched their NFTs on the Polygon network.

Despite Polygon seeing a considerable uptick in its value prompted by its network growth, it is still early days for the token to maintain its momentum at its $0.90 level. Macro risks threatening the ongoing crypto market recovery may hurt its bullishness and trigger its downsides.

Polygon cryptocurrency is expected to see slow yet steady growth that would maintain its average trading price of around $ 0.889911 and even climb to a maximum level of $1.15 throughout part of this year.

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Tagged : Instagram / JPMorgan / Matic / Polygon / Price Analysis / Prices

Instagram to Run Polygon-backed NFT Marketplace

by Blockchain NewsNovember 3, 2022

Meta has announced that social media giant Instagram will be introducing a non-fungible tokens (NFTs) marketplace that will run with the support of Polygon.

“Creators will soon be able to make their own digital collectables on Instagram and sell them to fans, both on and off Instagram,” Meta announced in an updated blog post.

According to Meta, users will get an end-to-end toolkit starting on the Polygon blockchain. The kit will consist of the creation and showcasing to finally selling.

Through this new feature, users can easily buy and sell NFTs within Instagram, eliminating other middle persons.

Although this new feature has already been available to a small number of users in the U.S, Meta said that theywouldl launch it fullscale in other countries. This move is towards Meta’s goal of expanding into the crypto ecosystem.

According to Meta’s commerce fintech and web3 lead Stephane Kasriel, Meta’s success in the crypto ecosystem requires tapping into the $100 billion worth creator economy with greater portability than the current web service.

On September 29, Meta, the parent company of Facebook and Instagram, announced that Facebook and Instagram users in the US can now connect their wallets and share their digital collectables.

The company said that users of both platformswouldl be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Meta has also announced that they will not charge creators fees in their digital collectables marketplace until 202; rather, the company is focusing on helping creators earn a living.

Until the mentioned date, Meta has planned to pay for the blockchain-related gas costs from their own pocket.

The company also has plans to make its non-NFT features on Instagram seamlessly accessible globally. It has added support for Coinbase and Dapper wallets to complement its earlier integrations with Rainbow, MetaMask, and Trust wallets.

In addition to Instagram, a non-NFT test on Facebook is also in development, with the NFT feature being rolled out to some US creators in early July this year.

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

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Tagged : Blockchain / Crypto / Instagram / Meta / NFT / Polygon

Meta Introduces Digital Collectibles NFT Features on Instagram & Facebook

by Blockchain NewsSeptember 30, 2022

On September 29, Meta, the parent company of Facebook and Instagram, announced that users on Facebook and Instagram in the US can now connect their wallets and share their digital collectables.

The company said that users of both platforms will be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Additionally, there are no fees for posting or sharing digital collectables on Instagram, and it supports users in 100 countries to share non-fungible tokens.

The Meta platform also revealed in August that it had increased the number of compatible blockchain networks, including Flow from Dapper Labs. Based on this, investors can now upload their non-fungible tokens (NFTs) from Ethereum, Polygon, and Flow, respectively.

The company also plans to make its non-ft features on Instagram seamlessly accessible globally and has added support for Coinbase and Dapper wallets to complement its earlier integrations with Rainbow, MetaMask, and Trust wallets.

In May, Instagram announced a trial run of NFTs in the US to select creators.

In addition to Instagram, a non-NFT test on Facebook is also in developing, with the NFT feature being rolled out to some US creators in early July this year.

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

Image source: Shutterstock

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Tagged : Blockchain / Facebook / Instagram / Meta / NFT

Meta Introduces Cross-posting Digital Collectibles Feature on Instagram & Facebook

by Blockchain NewsSeptember 30, 2022

On September 29, Meta, the parent company of Facebook and Instagram, announced that users on Facebook and Instagram in the US can now connect their wallets and share their digital collectables.

The company said that users of both platforms will be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Additionally, there are no fees for posting or sharing digital collectables on Instagram, and it supports users in 100 countries to share non-fungible tokens.

In May, Instagram announced a trial run of NFTs in the US to select creators.

In addition to Instagram, a non-NFT test on Facebook is also in developing, with the NFT feature being rolled out to some US creators in early July this year.

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

Image source: Shutterstock

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Tagged : Blockchain / Facebook / Instagram / Meta / NFT

Meta Platform’s CEO Gets Probed by Senators on Crime Combating Measures on its Apps

by Blockchain NewsSeptember 11, 2022

The data received from the Federal Trade Commission (FTC) has shown a high increment of crypto scams on social media.

To this effect, a group of U.S Senators wrote a letter to Meta Platform’s CEO, Mark Zuckerberg on Thursday to inquire about strategies he is putting in place to mitigate the rise in fraud as a result of cryptocurrency use through the firm’s platforms such as Whatsapp, Facebook, and Instagram.

According to reports gotten by FTC, between January and March, most crypto scams originated from social media platforms and have cost consumers a total of $417 million. This fraud comes in various forms ranging from users being asked to invest in investment schemes where they are promised high returns to ‘’ lovers fraud’’ where users are promised love with the sole intent of defrauding them.

Detailed information has been requested from Zuckerberg on how future fraud occurrence through the use of cryptocurrency will be prevented. The pertinent questions raised include strategies put in place to find and kick out scammers, methods to verify that crypto ads are not scams, policies to help the victims of fraud, and how Meta collaborates with law enforcement agents to make sure that scammers are brought to book.

Meta’s Efforts to Combat Crime

Meta had previously mentioned that there is a high propensity for crypto scammers to use its platforms to perpetrate crime. In reality, Facebook outlawed cryptocurrency advertisements in January 2018 because “many organizations are advertising binary options, ICOs, and cryptocurrencies that are not operating in good faith.”

Facebook announced in 2020 that it will take legal action against a Bangkok-based Indian man, Basant Gajjar over an alleged crypto crime because he created and sold software that enables malicious actors to get around Facebook’s automatic advertising review systems and show consumers unapproved adverts.

In 2020, Facebook users also claimed that there was a ban on Bitcoin-related content. Facebook posts that had pictures, text, and videos with Bitcoin tags were restricted from the public’s view.

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Tagged : Facebook / Instagram / Meta Platforms / News / NFT / Senators

Meta Instagram Embraces NFT, Expanding Footprints to 100 Countries

by Blockchain NewsAugust 5, 2022

Months after it integrated Non-Fungible Tokens (NFTs) into Instagram for American users, Meta Platforms announced the expansion of the allowance to as many as 100 other countries.

The test launch for the NFTs on Instagram was made announced in May to select creators in the U.S.

The functionality will now let users in other continents, including the Americas, Africa, the Middle East, and the Asia-Pacific. With the enhanced allowance, users will now be able to upload their NFTs as profile pictures and even in their stories. The Meta Platforms functionalities for the NFTs on Instagram will permit users to input the description for the digital collectable as well.

The authenticity of the uploaded NFT can easily be verified, and users can always tag the digital collectable’s page and creator for additional proof of claim.

In addition to the expansion announcement, Meta Platforms also revealed that it has increased the number of compatible blockchain networks to include Flow from Dapper Labs. Based on this, investors can now upload their NFTs from Ethereum, Polygon, and Flow, respectively.

The company also aims to make global access to its NFT functionality on Instagram a seamless one and has also added support for Coinbase and Dapper Wallets in a bid to complement Rainbow, MetaMask, and Trust Wallet, which it integrated earlier.

Meta Platforms is taking its Web3.0 and Metaverse drive seriously as the company is nurturing a future that is bound to dominate social media interactions. While the entire concept of the metaverse is still relatively vague, companies like Meta Platforms are notably developing innovations within the confines of trademark applications they have applied for.

Besides Instagram, NFT testing for Facebook is also gaining momentum, with trials launched in early July this year. Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

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Tagged : Instagram / Meta Platforms / NFT

Instagram to Support NFT Integration Across 4 Popular Exchange Platforms

by Blockchain NewsMay 9, 2022

Meta Platform Inc’s social media offshoot, Instagram is reportedly on track to support Non-Fungible Tokens (NFTs) from 4 prominent blockchain protocols including Ethereum (ETH), Solana (SOL), Polygon (MATIC), and Flow (FLOW).

First broken by Coindesk, the social media giant is notably set to permit NFTs resident on these blockchains to be showcased as display pictures on the profile of users who own them.

The social media platform will not charge users for this service and uploading an NFT will give users the opportunity to prove their ownership and they will be able to tag the creators of these digital collectibles to further contribute to their overall authenticity.

The new service or allowance is billed to be available only to residents in the United States, and Coindesk was unclear whether the support for these blockchain networks will be rolled out at once or in phases. What is however clear is that the social media will support Metamask, the most popular wallet for keeping custody of NFTs.

The popularity of NFTs has grown by more than a mile since CryptoPunks and the early pioneers were introduced. Today, many retail investors have been collecting NFTs and the visibility this trend has granted to the new offshoot of blockchain technology is now non-negligible.

The choice of the 4 blockchains is centered on the fact that the bulk of NFT transactions is resident on these blockchains, and the integration by Instagram is billed to draw broad acceptability across the board.

With more than 1 billion Monthly Active Users (MAUs), Instagram is a major hub that can help grow the overall acceptance and mainstream adoption of NFTs in general. When the new integration of NFTs as DP is officially launched by the social media giant, the creativity of the social media platform is bound to be fully showcased.

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Tagged : Ethereum / Instagram / NFT

Instagram to Welcome NFTs Feature, Meta CEO Mark Zuckerberg Confirms

by Blockchain NewsMarch 16, 2022

Meta CEO Mark Zuckerberg said Meta will add the Non-Fungible Tokens (NFTs) function to its video and photo social app Instagram in the coming months so that users might display their NFTs on the platform.

Zuckerberg reportedly said at a South by Southwest forum Tuesday in Austin, Texas:

“We’re working on bringing NFTs to Instagram in the near term.”

Zuckerberg hopes that in the near future Instagram users will be able to mint their own NFTs on the platform. However, “I’m not ready to kind of announce exactly what that’s going to be today,” Zuckerberg refused to share specifics on when and how the framework might work.

Meta, formerly known as Facebook, its application Instagram reportedly developed non-fungible tokens (NFT) feature on its app, a mobile developer reveals since last July.

On the other hand, last June, Mobile developer Alessandro Paluzzi indicated that Instagram is working on NFT bidding options to users by providing a platform to sell their “Collectible” products on its platform. However, Instagram has yet to announce the launching of NFT on its platform or show any potential payment features on the platform.

Online adult content subscription platform OnlyFans has launched a feature for users to display verified NFTs as profile pictures, Blockchain.News reported on February 11.

As reported by blockchain. News on January 21, social media platform Twitter announced that it was rolling out an official verification mechanism for NFT avatars, allowing some users to set the NFTs they own as their profile picture.

Following in the footsteps of Twitter, Reddit is eyeing to permit users to have NFT-based profile pictures through a feature that is being tested on January 27.

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Tagged : Bitcoin / Blockchain / Instagram / Mark Zuckerberg / Meta / NFT