Meta, Twitter and NFTs, what does the crypto community think?

In recent months, more and more social networks have taken an interest in NFTs and are looking for ways to integrate them. On the front line: Meta (Facebook, Instagram, WhatsApp) and Twitter. Is it relevant? And what is the feeling of the first interested parties?

For Meta, this would take the form of a marketplace to buy and sell NFTs and virtual items for use in its metaverse. For Twitter, it has been possible since January to connect your crypto wallet to put an NFT in your profile picture, giving it a hexagonal shape that allows the user to distinguish themselves from others.

The reception of these proposals by the crypto community is rather mixed, especially depending on the platform we are talking about. Twitter’s announcement was very well received: “It’s the #1 social network in the metaverse and NFT community, because historically it’s the network for computer scientistsexplains John Karp, presenter of the podcast NFT Morning and organizer of the Non Fungible Conference. Additionally, Twitter’s approach is to embrace this movement by verifying people’s NFTs and acknowledging the integrity of NFTs regardless of their source, thus acknowledging their decentralized approach. » What seems to be basically just a simple profile picture is therefore seen by the crypto community as a clear and public endorsement that respects its values.

However, NFTs are now divisive on social networks, to the point that anti-NFTs will boycott artists and brands or even create a plug-in that automatically blocks any Twitter user who has an NFT as a profile picture. . Showing up as pro-NFT could therefore be a risky decision for social networks, but John Karp is not worried: “It’s part of a new movement, Web 3, and it will eventually be a fact. It’s like in the early days of the internet, people didn’t care and thought it was useless. In the end, the Internet is everywhere and we no longer ask questions. The same thing will happen. » It is therefore not a question of immediate risk for social networks: they are working on it several years in advance for fear of missing an opportunity and falling behind their competitors.

Meta has therefore also embarked on the NFT adventure, except that it is poorly perceived by the crypto community, for which remaining anonymous and having control of its data are crucial elements. According to John Karp, “This desire to position itself in the world of NFTs and cryptos is a bit scary, because the metaverse sold by Facebook is not the metaverse to which the utopians who created this movement aspire”. The crypto community is indeed attached to a particular value that is antithetical to what Meta wants to do: decentralization.

Social networks against decentralist movement, clash or cohabitation?

One of the key elements of decentralization is interoperability, that is to say the creation of gateways to easily exchange between different systems such as blockchains or metaverses. “Today, the Sandbox and Decentraland metaverses are two competing elements that, at the same time, are doing everything to ensure that there is interoperability between their two systems, says John Karp. It is a very open approach, which sticks with that of NFTs. »

If Meta’s values ​​are not compatible with those of the crypto community, then why is he getting into NFTs? Indeed, only 3.5% of French people have NFTs at this time. “The projection is five or ten years out, and by then, with the metaverse, it won’t be a niche at all. It will be for mass use. » Meta is indeed betting on the metaverse with already 10 billion dollars invested in this type of platform. “The logic of Meta is that the interaction we have today on Facebook or on Instagram will be tomorrow in more evolved environments, in the metaverse. »

Faced with behemoths like Meta, the crypto community does not yet know its future: will cohabitation be possible? “It is very difficult to anticipate how it will unfold, believes John Karp. We can hope that the new generations, who better understand the challenges of the Web, are sensitive to the arguments of decentralization. There is indeed a form of battle looming. Facebook could also choose to change its business model, but that seems unlikely to me, it would call into question everything they are. »

The decentralist movement could remain a minority current against the Gafam, but John Karp thinks that their values ​​could resonate with those of the new generations by redefining the relationship between users and brands on the Internet: instead of seeing their data collected to be resold to advertisers, users would have the opportunity to monetize the time they invest on a platform or with a brand. “When we talk about this quest for meaning and new ways of working among new generations, it’s part of this movement. »

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Meta, Twitter and NFTs, what does the crypto community think?

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