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Meta's meta ambition - Facebook and Instagram are reportedly exploring plans to make, showcase, and sell NFTs

Lightwreather
By Lightwreather
in Tech News
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Summary

Social media conglomerate Meta is exploring plans to let users create, showcase, and sell NFTs on Facebook and Instagram, according to a report from The Financial Times.

 

Quotes

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As per the FT, the plans are “at an early stage and could yet change.” The publication says teams at Facebook and Instagram are “readying” a feature that will let users display NFTs as their profile pictures, as well as working on a prototype to let users mint new NFTs. Others at Meta are reportedly discussing “launching a marketplace for users to buy and sell NFTs.”

Exactly how far along these plans are is impossible to say, but it’s not the first show of interest in NFTs we’ve seen from Meta’s leaders. Instagram chief Adam Mosseri said last December that the company is “actively exploring NFTs and how we can make them more accessible to a wider audience,” while last October Meta CEO Mark Zuckerberg spoke about how the metaverse will need to support “ownership of digital goods or NFTs.”

 

My thoughts

Ho boy. Meta just went ahead and combined two of, if not THE, most controversial (or loathed) things in the tech space --  NFTs and the Metaverse. (Slightly off-topic: The lack of automatic em-dash insertation is annoying to me). Back on topic, I don't really know how to feel about this, after the initial amusement and mild annoyance (to put it mildly), I'm just left feeling indifferent. I'm not going to mention how I think that while the idea behind NFTs is good and blockchain tech is fine, NFTs and the like are just not good implementation atm. Well, anyway, have fun with this one.

But I do know one thing: Remember the infamous Torvalds moment with Nvidia, yea that about describes how I feel about Meta.

 

Sources

TheVerge

FinancialTimes

"A high ideal missed by a little, is far better than low ideal that is achievable, yet far less effective"

 

If you think I'm wrong, correct me. If I've offended you in some way tell me what it is and how I can correct it. I want to learn, and along the way one can make mistakes; Being wrong helps you learn what's right.

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2 minutes ago, J-from-Nucleon said:

Ho boy. Meta just went ahead and combined two of, if not THE, most controversial (or loathed) things in the tech space --  NFTs and the Metaverse.

On the plus side, this means we might be able to get rid of both by setting fire to a single building!

Just gimme a sec to go grab my pitchfork and torch.

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Why are people butthurt. If the photo you post to Instagram is automatically an NFT then it will prevent people stealing others content

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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7 minutes ago, BuckGup said:

Why are people butthurt. If the photo you post to Instagram is automatically an NFT then it will prevent people stealing others content

How? Nfts aren't a form of protection. They are just a receipt to a link to the file. I can still do whatever I want with that image.

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34 minutes ago, BuckGup said:

Why are people butthurt. If the photo you post to Instagram is automatically an NFT then it will prevent people stealing others content

Yeah just think of it. Now people can't steal each others memes. Or at least if they want to use their memes they have to pay for it. 

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Can't wait all this in gaming...

But yeah we see Metaverse being used and talked like it's some miracle, yet it's just an idea, mainly for companies to get even more money with less effort and more control over people. But of course, even though yet to all start... people in the end are the ones, that feed it.

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Since NFTs are completely useless this probably won't change much so long as you are allowed to not use them.

Don't ask to ask, just ask... please 🤨

sudo chmod -R 000 /*

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21 hours ago, BuckGup said:

Why are people butthurt. If the photo you post to Instagram is automatically an NFT then it will prevent people stealing others content

Literally PrtSc... Good luck trying to blocking clever thieves who are using that...

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I'm not surprised with this nor would I be surprised it facemeta tried it's hand at crypto currency again. 

 

 

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6 hours ago, RejZoR said:

Literally PrtSc... Good luck trying to blocking clever thieves who are using that...

Do you not understand what an NFT is? 

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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Posted
4 minutes ago, BuckGup said:

Do you not understand what an NFT is? 

Are you telling me NFT is an image on Instagram profile that's not actually an image and after you pay for its blockchain uniqueness, you can't actually view it as a picture? Apparently I really don't understand what it is...

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On 1/20/2022 at 10:46 AM, jaslion said:

How? Nfts aren't a form of protection. They are just a receipt to a link to the file. I can still do whatever I want with that image.

If you have a unique hash and proof of ownership to this hash than any copies posted can be instantly verified as genuine. But if the user alters the image then the hash will be different and they didn't steal it as it's now been modified and is protected under fair use. An NFT doesn't and never was intended to protect against read and writes of the item. Though an NFT could be used to verify who owns a patent which then represents legally what can and can't be done to something. People are heavily misinformed for the applicable uses of NFTs because all they see and hear is $250,000 monkeys being sold by 14 year olds. When you buy something like a home and have to transfer the title an NFT and smart contract can cover it completely without the need for 3rd party title services. Which are historically shit, cost extra, a security entrance concern, and takes more time than is required. Don't be mad at a hammer when you are trying to use it as a screwdriver

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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1 minute ago, RejZoR said:

Are you telling me NFT is an image on Instagram profile that's not actually an image and after you pay for its blockchain uniqueness, you can't actually view it as a picture? Apparently I really don't understand what it is...

I think you are too hyperfixated on images. An NFT is like a title on a home and not the home itself

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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30 minutes ago, BuckGup said:

I think you are too hyperfixated on images. An NFT is like a title on a home and not the home itself

Because home titles totally can't be stolen either, right? Also, it's Instagram being mentioned. Aren't images kinda Instagram's shtick? Kinda relevant...

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2 hours ago, RejZoR said:

Are you telling me NFT is an image on Instagram profile that's not actually an image and after you pay for its blockchain uniqueness, you can't actually view it as a picture? Apparently I really don't understand what it is...

 

Here.  It's a bit dry, but explains things that the crypto shills won't tell you.

 

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1 hour ago, BuckGup said:

Don't be mad at a hammer when you are trying to use it as a screwdriver

The quite is hilarious from someone talking about blockchain type technology. You think block chain type technology is the solution to every problem. It is a solution in search of a problem. I have yet to see a blockchain application that would not just be better of being a database.

 

1 hour ago, BuckGup said:

An NFT doesn't and never was intended to protect against read and writes of the item.

What else is there to protect against for a digital asset? They are infinitely fungible, there is no way even in principle to distinguish a copy from the original since it just boils down to a number and the number 2 is exactly the same as every other number 2.

 

1 hour ago, BuckGup said:

If you have a unique hash and proof of ownership

So you admit that NFTs do not provide proof of ownership. They are an overly complicated receipt and nothing more. If some steals something and then makes a NFT for it and sells it to me do I own it? The answer is no, since the person I bought it from did not own it to begin with. They just add a layer on top and never can replace the layers below it. It does not solve any new problems.

 

1 hour ago, BuckGup said:

When you buy something like a home and have to transfer the title an NFT and smart contract can cover it completely without the need for 3rd party title services.

This could only ever happen if there were a government controlled NTF system for property titles. At that that point since the government is running it why would it need to have a distributed zero trust architecture? It is already being run by the government, and you already have to trust them what benefit would the government get from a NFT system?

 

Another example that is always brought up is items in games. The game is made by a company and that company created the item, and the item is only useful in the game. Why would there be any benefit to have a distributed for tracking who bought what when everything requires the company that created the game to serve them that asset.

 

Also I am not sure you understand what a title company does and how NFTs would do any of this:

Quote

The thing that most often immediately comes to mind is whether other people have ownership in or rights to the property, but a title search also looks for the following issues:

  • Outstanding Mortgages: Unless the previous home is owned free and clear, the current homeowner will have a mortgage tied to the property. This will need to be paid off at closing so that the title can be transferred to you.
  • Other Existing Liens: You could have a lien on the property for other things like a home equity line of credit or a loan to pay off solar panels, for example. These will need to be paid off or otherwise removed before you can close.
  • Unpaid Homeowners Association Dues: While this will vary depending on what’s written in the HOA contract, associations often give themselves broad powers in these agreements to place a lien on and even foreclose your property as a consequence of unpaid HOA dues. The dues of the previous owner will need to be dealt with one way or the other before moving forward.
  • Judgments Or Unpaid Tax Liens: If the previous owner has some unfulfilled responsibility, they can be taken to court and the complaining party can win a judgment that stays with the property until the person is paid. One scenario where this could come up in homeownership is if a contractor wasn’t paid for work that was completed. If the Internal Revenue Service (IRS) or another taxing authority places a lien on the property for unpaid taxes, they can collect proceeds in the event of a sale. Both issues must be taken care of before closing.
  • Restrictions: If there’s anything restricting the free transfer of ownership in a property, that can cause a problem. Examples of restrictions would be a requirement to be a certain age to live in a community or a requirement to belong to a certain group.
  • Easements: Easements are agreements that, although you own the property, you’re giving someone else the right to use your land for a specific purpose. An example of an easement might be the right to use space for parking.
  • Leases: Is the property rented out to anyone for a specified term? A title search will turn this up.

 

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Posted

NFT or Non-Fungible Token.... the key word here is "Non" or also known as Non-Tangible.

I'm sorry but words do define, and I can read. 

 

NFT's are not worth anything as it is not backed by anything hence the Non-Fungible, but, if people are willing to buy nothing, go ahead and buy yourself nothing.

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16 hours ago, SansVarnic said:

NFT or Non-Fungible Token.... the key word here is "Non" or also known as Non-Tangible.

I'm sorry but words do define, and I can read

Finally someone who gets it.  However, most nft buyers probably don't even know what the letters stand for let alone mean. 

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17 hours ago, SansVarnic said:

NFT or Non-Fungible Token.... the key word here is "Non" or also known as Non-Tangible.

I'm sorry but words do define, and I can read. 

 

NFT's are not worth anything as it is not backed by anything hence the Non-Fungible, but, if people are willing to buy nothing, go ahead and buy yourself nothing.

Fungible means that there's nothing unique or specific about it and an exact copy can be created. Non-fungible means that it is unique, it cannot be copied. Does not have anything to do with whether or not something is tangible (real, has physical properties, able to be touched or perceived in the physical world).

 

NFTs are only worth what someone considers their value to be and is willing to pay. You are correct that their value is not backed by anything. An NFT that sold for 1 million dollars yesterday could be considered worthless today. The way I see it is most NFTs that are being traded right now are essentially limited edition baseball cards or Pokemon cards and people are hoping they'll get in early on the next Mickey Mantle or Charizard except everyone is making and selling their own versions of cards on their inkjet printer at home and trying to convince you that their cards will one day be worth something. 

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10 hours ago, Spotty said:

The way I see it is most NFTs that are being traded right now are essentially limited edition baseball cards or Pokemon cards and people are hoping they'll get in early on the next Mickey Mantle or Charizard except everyone is making and selling their own versions of cards on their inkjet printer at home and trying to convince you that their cards will one day be worth something. 

Oh boy, that's not even the tip of the iceberg. Counterfeits can send you to jail if those items are of any value.

 

The problem in NFT-land is it does absolutely nothing of value. It doesn't prove you own something. It's like selling the tiffany or louis vuitton box, but not the item that was in the box. People can use those real boxes to sell fakes to unsuspecting people in the real-world. Which is what happens when people steal NFT's off deviantart and mint them without the permission of the artist/steal an existing image from a previous NFT and just change a the color of one pixel to make it unique again.

 

NFT has pretty much been a solution in search of a problem that does not exist. Blockchain itself is a solution to a problem that does exist, but nobody wants to solve if they aren't the one controlling the blockchain. So in both cases you have an interesting piece of tech that is made absolutely useless because it conflicts with it's cornerstone piece of the puzzle, in that it's distributed, not centralized. As people lose interest in it, the time it takes to process blockchain transactions goes up, and so do their costs. That's why these cryptobros want all the gullible FOMO's to buy-in so they can cash out and disappear.

 

Russia just recently announced a ban on Bitcoin, and the US is about to announce regulatory measures on it.

https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/

https://www.cnbctv18.com/cryptocurrency/biden-administration-may-release-executive-order-on-crypto-in-february-12231772.htm

 

Like I'll be somewhat surprised if Crypto currencies and NFT's aren't made completely worthless in two years. Usually air doesn't come out of a bubble asset that quickly.

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1 minute ago, Kisai said:

Russia just recently announced a ban on Bitcoin

Technically a ban on the usuage of Crytocurrencies not on mining just to be clear.

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On 1/22/2022 at 8:15 AM, BuckGup said:

If you have a unique hash and proof of ownership to this hash than any copies posted can be instantly verified as genuine. But if the user alters the image then the hash will be different and they didn't steal it as it's now been modified and is protected under fair use. An NFT doesn't and never was intended to protect against read and writes of the item. Though an NFT could be used to verify who owns a patent which then represents legally what can and can't be done to something. People are heavily misinformed for the applicable uses of NFTs because all they see and hear is $250,000 monkeys being sold by 14 year olds. When you buy something like a home and have to transfer the title an NFT and smart contract can cover it completely without the need for 3rd party title services. Which are historically shit, cost extra, a security entrance concern, and takes more time than is required. Don't be mad at a hammer when you are trying to use it as a screwdriver

We already have laws and evidence of ownershiip under copyright law, but it doesn't stop people pirating and using illegal content.   And you still have to engage a lengthy and expensive legal battle to rememdy the situation.  So the NFT part is literally not going to stop anything, at best it makes it easier to prove you own the picture, that's all.

 

 

Besides, NFT's have been around for donkeys years, the only difference with Blockchain linked NFT is the indisputable ownership of a very specific variant of one of the pictures.  I can;t see it doing anything other than making a quick buck for those able to capitalise on the ignorance of the masses.  you know, like how most startups fail and the people who lose out are the backers, not the guy making the sales spiel.  

 

 

Grammar and spelling is not indicative of intelligence/knowledge.  Not having the same opinion does not always mean lack of understanding.  

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On 1/20/2022 at 5:46 PM, jaslion said:

How? Nfts aren't a form of protection. They are just a receipt to a link to the file. I can still do whatever I want with that image.

You wouldn't go and smash that PrtSc button on it, would you?

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