Meta Considering NFT Marketplace Within Facebook and Instagram

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According to a Financial Times report, Meta may be investigating the NFT marketplace on Facebook and Instagram. But what does such a move mean for young but explosive photographers? Do NFTs work to prevent image theft on social media?

Some anonymous “problem-savvy” reports show that Meta is building support for NFTs, allowing users to view, buy and sell digital collections on the platform. Suggests. NFTs, or non-fungible tokens, are digital files (often art or collectibles) that use blockchain technology to authenticate and prove ownership. NFT collections have been around for several years, but the success of the first NFT sold at an art auction house last year brought many photographers and artists to the space to certify their art. I picked it up as a finished digital collection.

[Read: Associated Press Photos Will Soon Be Minted as NFTs in New Marketplace]

The report has not been confirmed by Meta, but it’s not surprising. The company launched its own digital currency wallet last year, but Instagram head Adam Mosseri said the social media platform is “exploring NFTs.” In last month’s story.. The company changed its brand name as Meta at the end of last year, emphasizing the move to Metaverse, a virtual world built on several key technology concepts, including virtual reality and NFTs.

But while the move to NFTs isn’t surprising, the report reports how accurate integration of digital collections and adaptation by platforms with well over 2 billion users will impact the NFT market. The question remains.

We contacted Daniel Yurcho, a blockchain entrepreneur, NFT consultant and founder of Yurokat Inc. “Meta’s involvement in the NFT market will actually increase the exposure of NFTs to the average person,” he says. “Initially, I think the market will be flooded with more buyers than NFT creators and will generally be more expensive. The value of NFTs still needs to be based on something, not created from thin air. Both NFT projects and individuals who already have a large follower community can charge higher prices in a sudden flood of consumers. “

[Read: Lindsay Adler’s 10 Steps to Selling Photographs as NFTs]

Yurcho believes that the involvement of major social media platforms could initially spike prices, but its accessibility could make NFTS more affordable in the future. “I think the widespread launch certainly gives the technology more legitimacy and is likely to bring some of these overpriced prices seen today back to reality,” he says. “This happens naturally over time, improving the underlying blockchain technology and making it easier to create on the market.”

NFTs are backed by blockchains, which are records of ownership stored on multiple servers to make hacking more difficult. Due to the ownership records of NFTs, this technology could prevent image theft on social media platforms or serve as another source of income for creators. In a video posted in DecemberMoseri described the NFT as “an interesting place for us to play and a way to help creators.”

“Photographers and meme creators usually want to see their content as many times as possible,” explains Yurcho. “Creating an NFT from an image not only helps protect it from fraudulent ownership, but can also act as a digital copyright for the content, so that only the creator or owner of that token can do it. You will be able to profit from that particular image. “

[Read: Peter Hurley Launches Collection of 10,000 Photography-Inspired NFT Characters]

Like other new technologies, companies that have become headlines of privacy breaches have some potential pitfalls. One of the biggest risks is deploying technology to billions of people when NFTs are not widely understood. “Emerging technologies are fraudulent and there are certainly many NFT projects trying to reach uneducated consumers,” says Yurcho. “If users become widely available to tokenize content, I don’t think the average person will understand the benefits and pitfalls of doing so.”

Meta does not provide any details about the potential of the NFT marketplace other than the Moseri post that Instagram is “actively investigating” NFTs. It’s still debatable what NFT spaces will look like on the platform and how they will help creators and users.

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