Facebook and Instagram May Help You Create and Sell NFTs (techcrunch.com) 23
According to the Financial Times, Meta is developing ways to create, display and sell NFTs on Facebook and Instagram. TechCrunch reports: The company's Novi wallet technology would power much of the "supporting functionality," one tipster said. Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell these digital collectibles.
The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was "actively exploring" NFTs. The technology is on the company's mind, at least. Twitter appears to have beat Meta to the chase. According to Engadget, the social media company is testing a new feature that allows NFT owners to authenticate NFTs displayed in their profile photos. It's currently only available for Twitter Blue subscribers, but the authentication symbol will be visible to everyone on Twitter.
The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was "actively exploring" NFTs. The technology is on the company's mind, at least. Twitter appears to have beat Meta to the chase. According to Engadget, the social media company is testing a new feature that allows NFT owners to authenticate NFTs displayed in their profile photos. It's currently only available for Twitter Blue subscribers, but the authentication symbol will be visible to everyone on Twitter.
Why? (Score:5, Informative)
As far as I can tell, a NFT is just an encrypted link that points to a JPEG. Is there anything else to it?
https://moxie.org/2022/01/07/w... [moxie.org]
Re:Why? (Score:4, Informative)
You are correct. It's just an encrypted link to a JPEG, stored on someone else's server. So if they take it down or go bankrupt, you own a dead link to nothing.
Re:Why? (Score:5, Funny)
But at least I can prove (if everyone agrees anyway) that it's my dead link to nothing. Mine, mine, all miiiine!
Re: (Score:2)
Unless, of course, you've save a copy of the JPEG, in which case you have that.
Re: (Score:2)
And? Literally anyone can save a copy of the JPEG. The link doesn't point to that JPEG, and if the site goes down, the link doesn't point to proof you own it. The point of these things is supposed to be proof that you own the art, but that proof depends on the site staying up. And these are some sketchy con artists making the things. The sites won't stay up.
Re: (Score:3)
The only "maybe" convincing argument is that ownership provides perks with the token. I've seen mentions about exclusive access to clubs, restaurants, etc.. That makes sense, but for the million dollar price tags this marketplace feels like a gold rush, but the gold is ephemeral at best.
So, it has a purpose like a VIP card. Would I buy NFTs right now? No.
Re: (Score:3)
See, I could almost understand something like what you're describing. You buy this special magical token that gets you access to specific perks. But I'd need to see some sort of proof that, once purchased, the token can't be revoked without notice.
The way it is right now is just dumb and dumber fighting about the stupidest possibly way to throw cash away.
Re: Why? (Score:2)
I see NFTs as a meta potential, where you can buy exclusive rights to an virtual object that you carry and display on your avatar in various games. This sounds stupid but thatâ(TM)s what people are blowing money in games on today, armor sets and clothing. NFT makes a unique object more valuable, and if it can be used/displayed cross platform, itâ(TM)s the same as having some unique jewelry or clothing item IRL.
Re:Why? (Score:5, Insightful)
NFTs are for laundering money. And/or passing on to suckers. That's it. You can make an NFT in seconds, claim it's worth millions, and sell it to your bud who needs some money laundered. You kick back some of that cash, but keep some as a fee. Then he sells it to himself a few times, inflating the price each time. Finally, he shows some sucker that the thing is increasing in value, and sells it for more than he paid for it (which was with dirty money anyhow.) You profit, he profits, the first few suckers may even profit. But at some point some dumb bastard is left holding a worthless monkey with a shit eating grin.
Re: (Score:3)
Vastly oversimplified. It's a crowd-validated proof of decentralised workstakes that umm, errr.
I give up. What you said.
Re: (Score:2)
Because you believe you can find the next sucker. Sorry. Most of us are the next sucker if we buy.
Re: (Score:1)
Not NFTs! (Score:2)
Don't let those EVIL companies ruin something as good and wholesome as NFTs!
Title Correction: (Score:1)
"Privacy Rapists to Help You Rape Others' Finances with Scams"
There, FTFY.
"They" (Score:2)
Facebook == Instagram == Meta.
and "Meta" stands for (Score:5, Funny)
"Metastasize"
"Help" to a cut. (Score:1)
right.
Why not? (Score:2)
I already get all my stock trading advice and business news from Facebook, so why not buy the actual things I'm trading from there too!?
Hey buddy... (Score:2)
Wanna buy some tulips? They keep going up in price and they're all the rage! Get in on the ground floor of this amazing opportunity to make (me) money!
"A fool and his money are soon parted."
I say fuck it, shake em down, then woah take the money and run...