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.

The BNB Chain’s official Twitter account first stated that the temporary halt was being implemented owing to suspicious behavior on the blockchain, but then clarified that it was being implemented due to a probable exploit. After announcing that the blockchain was “under maintenance,” Binance temporarily halted all incoming and outgoing transactions.

They stated that they had temporarily disabled BSC after discovering a security hole. They had successfully isolated the problem and were looking into the security hole. The support team also added that they had faith that the community would step up and help them stop any suspicious financial transactions. They assured the customers that all the funds were completely secure.

Twitter users initially speculated that a major breach had occurred on the network, with on-chain analytics suggesting that two million BNB, the chain’s native token, had been stolen, a sum worth over $600 million.

After some time, a BNB Chain engineer updated Reddit to confirm that the exploit had occurred, saying that initial estimates put the worth of the exploit between $100 million and $110 million, with about $7 million frozen.

Although “extra BNB” were created as a result of the hack on the BSC Token Hub, BNB Chain has informed its users that their assets are secure and the issue is being investigated.

Before the official notifications were made, Twitter users conducted preliminary on-chain analyses showing that the attacker had claimed a one million BNB incentive through the token hub and deposited the remainder into the decentralized finance (DeFi) lending platform Venus Protocol.

Before the BNB Chain was halted, they used cross-chain bridges to borrow $150 million worth of stablecoins, which they then exchanged for Ether, Phantom Protocol tokens, and Polygon.

Before the bnb chain halt, attacker successfully transferred:

≈ $57M to Fantom

≈ $53M to Ethereum

≈ $400k to Polygon

The 6th of October, 2022, as tweeted by Hacken (@hackenclub).

The hacker used Stargate Protocol, another cross-chain bridge supplier, to launder another million BNB.

DeFi platform Vesper Finance’s strategy lead Zane Huffman estimated the attacker stole around $100 million from an initial hack of almost $600 million, an amount later provided by Zhao.

@jeffthedunker explained how they would process the funds. It is likely that the next steps of the attackers will be to transfer ETH back to the mainnet via the bridges and then tornado. About $45 million worth of Ethereum can be found on the mainnet, while another $20 million can be found on the bridges (Avalanche and Fantom official). They could get as much as $100 million in overcollateralized ETH loans.

Huffman also noted that the attacker has digital assets worth more than $400 million blocked on the BNB Chain, with more funds perhaps stuck in cross-chain bridges on the BNB blockchain.

Tether, a stablecoin service, has also banned the address linked to the bug.

The post After $100M Exploit, BNB Chain Shut Down Its Network appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.