According to credible sources, Facebook might have indirectly played a role in luring the masses into fraudulent business investments and misleading government programs. Furthermore, the social media titan allegedly earned ad revenue from these very scam artists who misled innocent people with crypto trading schemes that projected daily returns of up to 30%. These scammers have even utilized images of renowned personalities to enhance their appeal, ensnaring more people into their web of deceit. Chaiwut stressed the magnitude of the issue, stating that the cumulative losses from these scams are estimated at a staggering 10 billion Thai Baht.

Thailand’s Expectations from Facebook On numerous occasions, Thai officials have sought Facebook’s cooperation in combating the menace of fake advertisements, emphasizing the need for the platform to implement stringent ad screening protocols. Regrettably, their pleas have seemingly fallen on deaf ears. The Minister poignantly noted, “While we’ve approached Facebook multiple times about this pressing issue, the platform hasn’t been proactive in addressing the scams.”

Given the gravity of the situation, the MDES is diligently gathering evidence related to the fraudulent ads. Preliminary estimates suggest that there might be more than 5,300 such misleading advertisements circulating on the platform. If these alarming numbers hold true, it underscores the pressing need for immediate remedial action.

In a recently held press conference, the ministry underscored their intention to petition the court to impose a seven-day ban on Facebook operations in Thailand, should the platform not show a genuine commitment to resolving the prevailing concerns. In a final remark, Minister Chaiwut firmly declared, “Facebook must step up and take responsibility if it intends to continue its operations in Thailand.”

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Say Goodbye to NFT Support

NFTs, or non-fungible tokens, have become a hot topic in the art world over the past year. These unique digital assets allow artists to sell their work as one-of-a-kind pieces, with ownership recorded on the blockchain. However, Instagram and Facebook’s decision to phase out NFT support means that users will no longer be able to buy or sell NFTs directly on the platforms.

While this may come as a disappointment to some, it’s important to remember that the art world has been thriving long before the advent of NFTs. Artists can still showcase their work on social media, connect with fans and collectors, and sell their art through other avenues. As we bid farewell to NFT support on Instagram and Facebook, we can look forward to new opportunities and innovations in the art world.

Instagram & Facebook Pulling the Plug

Instagram and Facebook have cited the need to focus on other features and priorities as the reason for phasing out NFT support. While some users may be disappointed by this decision, it’s important to remember that social media platforms are constantly evolving and changing. Instagram and Facebook will continue to be powerful tools for artists and creatives to showcase their work and connect with fans.

Additionally, this move may actually benefit artists in the long run. NFTs have garnered criticism for their environmental impact, as the energy required to create and trade them is significant. By pulling the plug on NFT support, Instagram and Facebook may be taking a step towards sustainability and reducing their carbon footprint.

Explore New Adventures Without NFTs

As we explore new adventures without NFTs, there are plenty of opportunities for artists and creators to continue pushing the boundaries of the art world. From virtual and augmented reality experiences to interactive installations, the possibilities are endless. Social media platforms like Instagram and Facebook will continue to be important tools for artists to connect with fans and showcase their work.

The art world is constantly evolving, and this move by Instagram and Facebook represents just one small part of that evolution. As we embrace the possibilities of what’s to come, let’s remember that the heart of the art world is creativity, innovation, and connection. And those things will never go out of style.

While it may be bittersweet to say goodbye to NFT support on Instagram and Facebook, let’s look forward to the new adventures and possibilities that lie ahead. The art world is full of surprises, and we can’t wait to see what’s next.

The post Saying Goodbye to NFTs on Instagram and Facebook: What’s Next for Digital Art? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In-app purchases of the NFTs will soon be available to Instagram users. According to Meta, it will work the same way on iOS and Android: via regular in-app purchases. Also, Instagram is not yet collecting a portion of creative earnings. This new functionality is being tested with a select number of creators in the United States, with future intentions to roll it out internationally.

Instagram now works with the Solana blockchain and the Phantom wallet. It already worked with the Rainbow blockchain, MetaMask, Trust Wallet, Coinbase Wallet, Dapper Wallet, Ethereum, Polygon, and Flow. When OpenSea improves the metadata of Instagram posts, users can now see more information, like the name and description of a collection.

Along with the changes to the NFT, Instagram is letting all qualified U.S. authors join as members. In January, the social media platform started a limited beta test of subscriptions with a select group of content providers. In addition to their regular Instagram content, producers may charge their fans to watch Instagram Live videos and Instagram Stories. A subscriber’s unique badge will make them stand out in the creators’ comment threads and email inboxes.

Meta also shared that Facebook would be expanding the availability of Stars, a program that allows content producers to get direct payments from their audiences on Facebook’s Reels, Live, and videos. Facebook is also planning to try out a feature called “automatic onboarding,” which would enable artists to immediately get feedback in the form of star ratings. Besides videos, Facebook is expanding Stars to other forms of content.

Facebook is releasing a new feature called Stars Party for users of the Stars platform. If the challenge’s author accomplishes their objective, the Stars community will throw a party to celebrate.

In addition, Facebook is equipping content producers with new ways to interact with Star recipients. To respond to several comments at once, authors may apply a filter to Remarks Manager that collects all of their star comments in one spot.

Meta also said that Instagram Gifts would be coming out, starting with Reels, to give content creators more ways to make money. Fans can now buy stars on Instagram and use them to give each other presents on reels. Initially, only a select number of American artists will have access to this functionality. But Meta has plans to roll it out to a much larger community shortly.

Meta is also giving all content producers the option to set their Facebook profiles to “professional mode.” Creators who want to make money off of their social media followings should switch to “professional mode.” In December 2021, Facebook started testing a “professional mode” with a small group of creators.

Meta is making these changes because it knows that creator subscriptions and other ways could give it a new way to make money. That’s why the company wants to cultivate its user base of content creators.

With these changes, Instagram hopes to better compete with rival platforms like TikTok, which has been gaining popularity among content producers. Not surprisingly, Meta wants to add more services for creators because it needs their help to keep growing the metaverse.

The post Meta Will Soon Let Artists Sell NFTs In-app. appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

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.

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Meta has also announced the plans to charge the 47.5% on each item sold to the latest Meta Quest app store, including non-fungible tokens (NFT) when they are available.

This Meta Quest app store sells apps and games on the Horizon Worlds platform. This platform was formerly by the Meta to build its part of the Metaverse. 

CNBC reported on April 13 that the store may also sell NFTs. The fee is cut down as a hardware platform fee of 30% per transaction plus a 17.5% usage fee on Horizon Worlds.

Moreover, the Potential customers aren’t happy with what is displayed as an outrageously high cut. Even popular NFT collector Pranksy— who has nearly 400,000 Twitter followers, said it the “the greatest example of being completely and utterly out of touch with something that I have ever witnessed.”

If we compare the most popular NFT marketplace, OpenSea takes a flat 2.5% fee while its close competitor LooksRare charges just 2% per transaction. While Apple’s App Store takes a maximum 30% cut on sales.

Coca-Cola Bytes in Meta

Coca-cola is not new in the virtual world as this  American food giant has unveiled a new product. This new product is Coca-Cola Zero Sugar Byte, which was apparently born in the Metaverse. This product exactly tastes like pixels.

Moreover, the drink’s gimmick as a physical drink from the Metaverse includes the fact that it comes with an Island Code. This island code unlocks special maps and four mini-games on the popular Fortnite video game by Epic Games. 

Recently, Epic scored a $2 billion investment from Sony and LEGO to build its own part of the Metaverse. However, the Fortnite is actually a metaverse right now is debatable.

Enter the Mile-high NFT club in Metaverse

Just like Meta, Airline asset tokenization platform TravelX and Spanish airline Air Europa have partnered up to allow the airline to issue tickets in NFT form as NFTickets.

The specially-designed series of tickets grant owners a business class flight to Miami Beach on Nov. 29, 2022. There will be a total of 10 NFTickets auctioning off every 14 days on the Travel Exchange auction platform. The NFT collection will be up on the Algorand blockchain network.

The Eiffel Tower in Paris will host the event for the final bid of the first NFTicket to be released and sold during Paris Blockchain Week on April 14.

NBA Maybe Going Virtual

The National Basketball Association (NBA) has filed a patent application for a laundry list of items it wishes to make into “virtual consumer merchandise.” Among the 37 items that could become NFTs are game tickets, collectables, and player autographs.

The wide array of virtual items is paving the way for the league. They want to enter the Metaverse as it appears applications for everything. However, the playing surface has been submitted.

NBA players are already in NFT form on NBA Top Shot by Dapper Labs.

Other Nifty News

Japanese gaming mainstay Sega wants to include cloud technology and NFTs into its Super Game project. This game will connect different games together. While NFT collectors may applaud the decision, some in the gaming community disagree with the move.

The post Meta Desires 50% of NFT sales, Coke’s Metaverse Flavor and More in Nifty News Session appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In 2021, Facebook rebranded itself as ‘Meta,’ offering its biggest shift into the world of Metaverse. 

As per the latest news, Meta Inc (NASDAQ: FB) plans to introduce virtual coins, metaverse tokens, and lending services to its apps.

As per the report from Financial Times, Meta chief Mark Zuckerberg is exploring alternative revenue streams to attract and retain users. Also, the company’s financial arm “Meta Financial Technologies” is looking to introduce a virtual currency to its Metaverse. 

As per people familiar with the matter, Meta’s internal employees have dubbed it “Zuck Bucks” for the time being.

Although, the sources said that this wouldn’t be a blockchain-based cryptocurrency. Rather, Meta focuses on in-app tokens, which it can control centrally. Moreover, this is similar to the introduction of Roblox currency by the gaming app Roblox.

Therefore Meta is also working on creating “social tokens” or “reputation tokens”.  These metaverse tokens will be a means of rewarding Facebook users and groups for their meaningful contributions. 

Another plan is to have “creator coins” associated with particular influencers on its photo-sharing app Instagram. 

Earlier this year, Meta’s finance division Stephane Kasriel said:

“ We’re making changes to our product strategy and road map . . . so we can prioritize on building for the metaverse and on what payments and financial services will look like in this digital world.”

NFT sharing Feature Coming to Facebook by Mid-May Along with the Metaverse Tokens

Mark Zuckerberg has been bullish about non-fungible tokens (NFTs). He believes that they could serve as potential means of transacting commerce and digital goods in the Metaverse. Also, Zuckerberg has confirmed that they would add support for NFTs in the company’s Instagram app.

People familiar with the matter said that Meta might launch a pilot for posting and sharing NFTs on Facebook by mid-May 2022. 

Facebook may later test a feature for allowing Facebook Group memberships for NFT owners and minting new NFTs. 

In addition, Sources said that Facebook could monetize NFTs via “fees or ads” in the future. 

Lastly, we can say this won’t be the first time that Facebook is venturing into the world of virtual currencies by introducing Metaverse Tokens. Back in 2019, Facebook planned for its Libra cryptocurrency; however, it dropped the project after solid regulatory backlash.

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In the past few years, Marcus has led Facebook’s Novi crypto wallet and its other payments products. Nevertheless, it is still unclear whether he will remain involved with the Diem cryptocurrency or not. This crypto is not solely run by Facebook. He also declared that he would leave Facebook’s parent company, Meta and made the difficult decision to step down and leave the company at the end of this year.

Back in 2014, Marcus joined Facebook as the head of Messenger and helped introduce payment services there. In 2018, he became the head of Facebook’s blockchain operations, where he started two interrelated projects: Novi wallet and the Diem stablecoin. Eventually, in 2020, Marcus became the Facebook Financial Head.

In addition, David Marcus’ latest achievement was a limited launch of the Novi wallet in October. Also, Novi’s primary launch was about remittances between Guatemala and the U.S. utilizing the Paxos stablecoin.

Right after the launch of the Novi Wallet, Facebook renamed all of its financial products under the brand Novi. Also, this was related to facebook’s huge decision to rebrand Meta. 

Marcus will no longer be head of Facebook’s Novi. This product line includes the cryptocurrency wallet. Further, the company’s executive Stephane Kasriel will take his position.

Lastly, the news comes just one day after Jack Dorsey, CEO of Twitter,  announced that he would leave his position. He had more than 16 years of involvement with the company.

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Facebook, the controlling entity of these three apps, also confirmed the outage of service, and they also confirmed that the technical team is working on the glitch, and it will be resolved soon. Though in few hours, the services were also resumed.

Reason for Facebook, WhatsApp, and Instagram to go down?

These apps were down because of the outage, mainly caused by the initial domain name server. It was also blamed to be a configuration error. Because of this outage, communication was cut off between the data users of Facebook. This leads to a cascade of interruptions as the servers were not connected.

Was it because of Whistle-Blower?

In some reports, it was also shown that all the platforms of Facebook were impacted. However, some reports also said that this outage was because of a whistleblower where the Largest Social network in the world is claimed to prioritize their profits over the safety of the user.

Impact on Facebook’s Stock

There was a sudden dive in the stock as the site suffered from the worst outages. The stocks of Facebook were down by 5% on Monday and lead to the shedding of billions in the market cap value. In 2021, the Facebook stock has reached $1 trillion of market cap, but with this sudden technical outage, the stock dived on Monday.

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The virtual metaverse is a Facebook project that is inspired by the increasingly popular crypto and NFT markets. In an announcement, Facebook has said that they now have a clear roadmap for developing its Metaverse. The funds will be shared with their “global research and program partners” song with their internal R&D team. 

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” the announcement read.

Facebook’s plans to build a virtual platform had surfaced earlier in June. However, there weren’t a lot of confirmed reports throwing light on how Facebook was going to develop the Metaverse and how the project would work. 

While the company has planned a two-year period, experts say that it will take not less than a decade to make a functional Facebook metaverse. 

In the decentralized Metaverse, users will be able to interact digitally in a virtual format. Capitalizing on blockchain technology the Metaverse will add to the fun of using Facebook.

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