Risk Ahead, Meta Looks To Open NFT Industry

In the future, Facebook and Instagram will allow users to use NFTs for their photos. Meta can create trading NFTs where users can exit and trade NFTs.This could push the existing NFT industry into the mainstream, but it could also mean greater risk.. Meta may be trying to get more rights to repair its reputation by renaming and launching popular products.

As tech companies compete to "save" Metaverse, the potential multimillion-dollar market, Time Financial reported that Meta Inc (formerly Facebook) is talking about the potential for the NFT industry to grow, with consumers selling mint and NFTs. To do.

Groups from Facebook and Instagram also say they are "working on something special" that could be used to display the NFT as a profile picture on social media.This will provide a new choice of raw NFT and JPG representation, allowing NFT holders to increase their preference for shared content..

Corporate interest in NFTs has been around for some time. Last year, Instagram CEO Adam Mosseri said the company was "looking for ways to make NFT more accessible and accessible to NFTs and more people."

"These efforts are in their infancy, but they can change," the Financial Times said.The OpenSea NFT platform has brought in more than $3.5 billion in monthly sales and $169 million in day-to-day revenue., it is natural for Meta to take advantage against strong competitors.

However, Facebook has been accused of criticizing benefits, disrupting users' privacy and having dangerous consequences for young people. Disruption has caused Meta to lose popularity over the years, but users will return to the new concept.

These new efforts from Meta are considered the biggest boost for the NFT industry, but how much will they cost?

Has the meta taken over NFTs, or has NFTs changed companies?

Novi is Meta's crypto wallet.The Financial Times backed it up and will be "at the heart of the plan" as "the various backings Novi will bring to NFT energy".

This wallet is a continuation of the Diem Stabilitycoin project launched in October 2021. When approached, the community raised concerns about the risk of meta-trades.

US Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren and Tina Smith have all said they don't trust Facebook to protect user data or take responsibility for its payment platform.

They immediately postponed the announcement of the project and told Mark Zuckerberg to "present the Novi project and not put Diem on the market".

At the same time, lawmakers said:Beyond the financial security risk of products like Diem, Diem has failed to provide a satisfactory explanation of how to prevent financial fraud and other crimes. .."

In response, the financial company Diem announced to the board of directors: “Diem is not Facebook. We are an independent organization. Novi on Facebook is just one of more than 20 members of the Diem association. and Novi has nothing to do with Diem.

However, everything indicates that Facebook is working on two projects: Novi Wallet and Diem. Although market concerns about the company are not going away.

Rebranding, new product launches, rebranding and jumping strategies for metaverse, crypto and NFTs distract users from the fact that there are many risks for groups to influence the lives of the same people. The plan will work.

In 2015, Mark Zuckerberg said, "Facebook is a family of apps," but today it seems like a very risky family.