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Crypto News Facebook Social media

Doubts Raised Over Facebook’s $50 Million Investment in Building a ‘Responsible Metaverse’

In what’s widely viewed as a “never mind that mess, look over here” move, troubled social media giant Facebook is to spend US$50 million over the next two years on metaverse-related initiatives and partnerships.

Advocates of the metaverse, a system of shared online spaces used for social interactions, games and more, believe it will also help change the nature of work and offer new digital economic opportunities to users around the world.

But as decentralised projects try to create future online experiences free from oversight and control, it’s exactly the pervasive influence of centralised entities like Facebook they seek to avoid.

FB Attempts to Create a Diversion

In an attempt to diffuse criticism of its track record on user privacy and cultivating misinformation, Facebook vows it will build metaverse products “responsibly”. Australian journalist and digital consultant Abhishek Baxi summed up the reaction of many in the crypto community with this tweet:

We’ll work with experts in government, industry and academia to think through issues and opportunities in the metaverse. For instance, its success depends on building robust interoperability across services, so different companies’ experiences can work together. We also need to involve the human rights and civil rights communities from the start to ensure these technologies are built in a way that’s inclusive and empowering.

Facebook post, September 27

Facebook’s initial partners in the metaverse initiative include the Organisation of American States, Women in Immersive Tech, and African organisations Electric South, Africa No Filter and Imisi3D. It says it will also consult with researchers at Seoul National University, the University of Hong Kong, and the National University of Singapore on these efforts.

No Single Entity Can Rule the Metaverse

Facebook stresses it doesn’t intend to singlehandedly create or oversee the eventual metaverse. “The metaverse isn’t a single product one company can build alone,” tweeted Nick Clegg, Facebook’s Global Affairs VP. “Just like the internet, the metaverse exists whether Facebook is there or not. And it won’t be built overnight. Many of these products will only be fully realised in the next 10-15 years.”

Both Clegg and colleague Andrew Bosworth, Facebook Reality Labs VP and co-author of the company’s metaverse post, drew Twitter fire from digital media veteran Jason Kint:

Clegg and Sheryl Sandberg, Facebook’s operations chief, have effectively replaced Mark Zuckerberg as the company’s frontline promoters. In turn, last week Zuckerberg replaced his chief technology officer with Bosworth, a close friend and the company’s longtime head of hardware, in a move that underscores Facebook’s intended transition from troubled social media purveyor to futuristic tech provider.

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Bitcoin Crypto News NFTs Social media

Twitter Rolls Out Bitcoin Tips and NFT Verification Feature

Twitter users worldwide can now tip each other via new integration with Bitcoin’s Lightning network. For now, it will only be available to those using the IOS operating system, with Android support coming soon.

Twitter Making Instant Payments

Early this month, news was circulating that Twitter was testing bitcoin tipping using the Lightning network. Confirmed on September 23, Twitter has officially launched its new tipping mechanism that allows tipping in bitcoin (BTC) for all global users. The aim is to support creators on the Twitter platform and those who use “Spaces” to hold events for dedicated audiences.

People already drop links to their payment profiles in their bios and in their Tweets […] Tips makes this easier to do, offering one fixed spot, right on your profile, where you can link to your Cash App, Patreon, Venmo, and other platforms where people can support you.

Esther Crawford, staff product manager, Twitter

Users will be able to tip with bitcoin through the Lightning network, a layer-2 payment protocol known for its low transaction fees. Twitter will not collect a fee for transactions made over Tips, nor did it mention any other cryptocurrencies that might be used alongside bitcoin.

How Will It Work?

Twitter users have two options when it comes to how they want to tip in bitcoin. The first is via a menu of payment options that include Square’s Cash App and Go Fund Me, which will allow users to send tips to a Bitcoin address or send money in a more conventional way.

The other is through tipping services like Strike that can connect to the Lightning network, a Bitcoin payment application. The payment will be made through the user’s personal profile on the platform.

Jack Dorsey has long been a fan of the Bitcoin network and with two of his companies (Twitter and Square) integrating bitcoin, it makes sense that he also runs a full node for the network.

Twitter NFTs Are Coming

Alongside the announcement of bitcoin tipping, Twitter also showed it has plans to integrate NFTs into its workings. No specific details were given as to which blockchain it will be running on or when the facility will become available, but Twitter intends to “explore NFTs for authentication”.

However, Twitter executive Esther Crawford stated that “it’s a way to support creators making this art with a stamp to demonstrate authenticity”, and that “by allowing people to connect their bitcoin wallets, they can track and showcase their NFT ownership on Twitter”.

As more large multinational companies start integrating blockchain technologies, the amount of value pumped into the system will increase from users continuing to adopt new features.

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Bitcoin Coinbase Crypto News Social media

Mr Beast Finally Promotes Bitcoin by Teaming Up With Coinbase

American YouTuber “Mr Beast” has finally announced a promotion of Bitcoin. The YouTube sensation has partnered up with Coinbase Global Inc to give one person US$100,000 in bitcoin, he announced this week via Twitter.

Mr Beast, also known as Jimmy Donaldson, has 67.8 million followers on his main YouTube channel, also called “Mr Beast”. He is famous for pioneering YouTube videos featuring expensive stunts. Over time, his content has begun to diversify to include donation and challenge videos that reward participants with thousands of dollars.

The channel also features videos of arduous tasks or survival missions and includes simple vlogging videos. Alongside his main channel, Donaldson runs the Mr Beast Gaming and Mr Beast Shorts YouTube channels. There’s also Mr Beast Burger, a delivery-only fast-food restaurant founded in 2020 in partnership with Virtual Dining Concepts LLC. The chain now boasts 900 locations across North America and Europe.

‘Last to Leave Circle Wins $500k’

Coinbase has published the terms of the giveaway, which appears to be relatively simple. This event will not mark the first partnership between the cryptocurrency exchange platform and the YouTuber.

Earlier this week, Coinbase sponsored a Mr Beast video and launched a promotion. The video, called “Last to Leave Circle wins $500k”, explains how to sign up for a Coinbase account and even mentions some cryptocurrencies available for purchase on the trading platform, including Bitcoin, Ethereum and Dogecoin.

As part of the promotion, Coinbase is offering US$10 in free bitcoin for anybody signing up using the Mr Beast promotion. The video currently has over 24 million views.

A Caution to New and Young Investors

As the reach of social media grows ever more, people are urged to be aware of the risk associated with taking advice from social media and so-called “finfluencers”. While social media is a means of getting background information, it is not necessarily a source of sound financial or investment advice.

Crypto News Australia recently reported on the latest pump and dump scandal after Dink Donk, a meme coin promoted by popular YouTuber Logan Paul, crashed 95 percent in two weeks. Though it was claimed not to be a scam and only a funny meme coin, the self-appointed CEO of Dink Donk is still the target of criticism.

The Mr Beast promotion does not appear to be a scam, only a promotion for Coinbase.

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Facebook NFTs Social media

Facebook Exploring NFTs as Part of ‘Ready’ Digital Wallet

Facebook is considering allowing the company’s Novi digital wallet to support NFTs, according to David Marcus, the social media giant’s head of financial services. 

In a recent interview with Bloomberg, Marcus said Facebook is in a “good position” to enter the NFT market and allow users with related features to store their work. This would make the Novi wallet a multifunctional system besides just storing Diem, Facebook’s delayed token formerly known as Libra.

We’re definitely thinking about this. It’s really an area that is worth exploring, and one where we can have a positive impact for both creators and consumers.

David Marcus, head of financial services, Facebook

Novi Would Facilitate Cross-Border Payments

Facebook hopes Novi (which will go live as soon as Diem goes live) will make cross-border payments more efficient and reduce transaction costs.

Novi is Facebook’s blockchain-based wallet to support Diem transactions. Libra, Diem’s predecessor, was a coin meant to be backed by a mixed set of currencies and government debt, yet after several regulatory hurdles it was left as another stablecoin pegged to the US Dollar.

Speaking of regulatory uncertainty, the Reserve Bank of Australia, which has been dragging its feet regarding the study and launch of its own CBDC, remains unsure if the Diem will gain regulatory approval and be allowed to operate in Australia.

Facebook still suffers from the mistrust people have felt over the years regarding personal data security and privacy, thus their negative response to the company’s involvement in finance. Marcus has referred to this opposition as “un-American”, adding: “I don’t think we deserve people’s trust, I think we deserve a shot at earning people’s trust.”

Western Countries Are Losing the Race

Marcus notes that Western countries such as the US are lagging in technological and financial innovation compared to countries like China. “We are really falling behind at an alarming rate,” he says.

Four months ago, Facebook announced it was working on Pontem, an experimental network for Diem that will allow users to build decentralised applications (dApps), DeFi strategies, and other tools before Diem goes live.

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Crypto News Social media

Twitter is Decentralising Social Media in Project ‘Bluesky’

Twitter’s plan to create a decentralised social web has progressed with the recruitment of a project lead. Software engineer Jay Graber will take the helm of Bluesky, which is actively recruiting additional developers.

CEO Jack Dorsey said that Graber’s appointment would speed up work to decentralise Twitter:

Graber’s career history includes software development on two crypto-based products: supply chain security and tracking platform Skuchain; and digital currency Zcash. She also founded Happening (happening.net), a site for social event creation and invitations.

Announcing her role in the Bluesky initiative, Graber said:

Over the past year, I’ve been working closely with a group of thinkers and builders from the decentralised social ecosystem. We published an ecosystem review in January, and my next step will be hiring for the Bluesky team.

Jay Graber, Bluesky project lead

What is Bluesky About?  

Back in 2019, Dorsey announced that Twitter would fund a small team to develop an open and decentralised standard for social media with the goal that Twitter would become a client of the standard. 

That idea become Bluesky, which states on its website that it will develop and drive the adoption of decentralised technologies to “re-build” the social web and return control of the social experience to users.

Throughout 2020-21, Twitter brought together people from different parts of the decentralisation community via a virtual forum to discuss the purpose and direction of Bluesky, and develop an ecosystem review

While the Bluesky entity is still being set up, it will operate independently from Twitter. 

Other recent examples of how decentralised networks are putting users in control include Dtravel, a platform that facilitates home-sharing, and cryptocurrency exchange ShapeShift’s historic move to become fully decentralised, evolving into a community-owned platform.