Meta Platforms Inc has allowed individuals to submit their NFTs online.
The history of data breaches at this organization raises serious concerns about its security.
Metamask and Coinbase users may now connect to Facebook and Instagram.
Users of crypto currencies were curious about how Meta will make use of NFT data.
Represantatives of Meta said that they gather and arrange data from open blockchains.
They can only identify collectors’ and makers’ collectibles from public blockchain data when users link third-party wallets to Instagram.
Meta closed its crypto wallet Novi, which was formerly known as Libra, in July.
It designed the wallet with the intention of facilitating borderless crypto and fiat payments, but ended the project when regulators in numerous countries complained.
The company granted access to user information to unaffiliated third parties. Cambridge Analytica was caught stealing Facebook user data from a quiz app.
A former employee revealed the data leak. He said the company illegally created 50 million accounts using personal data. The dispute between Meta and Cambridge Analytica was resolved.
Yet, Meta’s data protection wasn’t the only issue. A hacker forum posted 533 million Facebook users’ personal data in April 2021, Business Insider reported. 32 million Americans, 11 million Brits, and 6 million Indians were victims.
Concerns about the Safety of Wallets
Because of Meta’s past, members of the cryptocurrency community is skeptical about the safety of wallets and NFTs. NPC-Picac tweeted that they don’t believe connecting digital things to Meta is wise.
Another member of the cryptocurrency community expressed confusion on the way in which Meta will exploit NFT data. He was concerned that Meta would link the data from public blockchains to its existing database.
Secure Wallets on Meta
Use two-step verification if you use Coinbase’s wallet.
Enable Google Duo on the Coinbase wallet app.
Use multisigs for non-custodial wallets; this will need you to store your private key in a few different locations.
You may also choose to write or save information offline.
For optimal security, use a hardware wallet.