Instagram is set to launch nonfungible token-related tools that allow NFT minting and trading. 

Instagram parent company Meta [announced](https://www.facebook.com/creators/2022-launching-new-creator-tools) at its Creator Week 2022 event on November 2 that the platform would allow its creators to create "digital collectables" and sell them "both on and off Instagram."

## Instagram to launch NFT minting and trading toolkit

Meta claims that creators will have an "end-to-end toolkit" for creating, displaying, and selling NFTs on the platform and that the Polygon blockchain has been chosen as an initial partner for this functionality.

According to the company statement, Meta will first roll out the new NFT features to a chosen group of artists and content creators before making them available to a wider audience. Those selected for early access to the new Instagram NFT features are photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria.

In addition to [Ethereum](/news/article/the-merge-ethereum-nft-impact), Flow (FLOW), and [Polygon](/news/article/polygon-nft-drops-2022), Meta has revealed its support for the Solana blockchain and its widely known wallet, Phantom.

Support for video NFTs will be added, allowing retrieval of NFT metadata from OpenSea to display collection names and descriptions on Instagram.

Stephane Kasriel, Meta's head of commerce and financial technology, stated that Meta will not charge fees to create or trade digital assets until 2024 and that blockchain gas fees for purchasers will be covered by Meta "at launch." However, he did not specify how long the launch timeline would be.

Kasriel also stated that digital asset trading would still be subject to app store charges referring to [Apple's 30% commission on NFT sales](/news/article/apple-crypto-and-nft-rules), which has been heavily criticised for being higher than the average 2.5% commission imposed by marketplaces such as OpenSea.

Buyers will not be able to buy Instagram NFTs using [crypto](/news/article/crypto-wallet-multiple-currencies) through the app because both Google and Apple only allow in-app purchases using fiat currencies. Both prohibit buttons, external links, or other actions that enable users to avoid commissions.

Meta has not disclosed how much of a commission it intends to take from NFT sales, nor has it revealed the details of its creator royalty's system. It is also unclear whether it will follow recent [NFT marketplace](/news/article/magic-eden-expands) pushes to move to opt-in royalty models.




Instagram plans to launch NFT minting and trading

The Metaverse could be here a little sooner than you think, courtesy of Everdome crypto.

The concept of the "Metaverse" is thrown around at an exceedingly overused rate. For a buzzword, it's probably foremost in crypto – very few people know how to define the Metaverse. Massive corporations rename themselves after it. Many believe that the concept of the Metaverse is a potential investment.

Like anything we can invest in, the first thing we have to do is understand it.

## What is the Metaverse?

The term meta is a Greek term meaning to encompass something. It is a prefix that means “transcending.” According to English StackExchange, the prefix meta indicates a concept that is an abstraction from another concept.

Essentially, add the prefix meta to the word universe and you bridge two abstract concepts – our physical reality (which, let's face it, is a pretty abstract concept if you think about it) and virtual worlds, our interactions in them, and how blockchain technology facilitates it. If this isn't "Meta", then I don't know what is.

## Facebook to Meta

When Mr. Zuckerberg rebranded Facebook and turned it into [META](https://www.businessinsider.com/most-metaverse-users-dont-even-make-it-a-month-wsj-2022-10), it was the height of the NFT craze and most recent bullish crypto run. However, as time passed, something became increasingly clear: the Metaverse can never be one company.

The very idea of one corporation owning the Metaverse is the exact opposite of the goal of the Metaverse.

The first thing to realize about the Metaverse is that, right now, it is very much in the infancy stages. It is a concept.

[The Metaverse](/news/article/how-to-invest-in-metaverse) is to our world today what the internet was to the world of the '80 and early '90s.

That means that some people believe the Metaverse is the new evolution of the internet, and next is the step to [Web3](https://en.wikipedia.org/wiki/Web3). The Metaverse may be this impactful. A better way to view it is to imagine it as the evolution of the world wide web, where one can visit "sites" through a 3D virtual world. The Metaverse should not be considered something utterly new. Instead, it seems experts in the field want us to view it as the next step up from the current world wide web.

Try to consider it as a 3D virtual world accessed by anyone, where people can interact, build, and function as a society, but in a setting unconstrained by the boundaries of a pre-developed simulation – like a modern video game.

Matthew Ball describes the Metaverse in this [YouTube video](https://www.youtube.com/watch?v=4S-4mTvK4cI&t=222s):

The Metaverse is ideally a "massively-scaled interoperable network of real-time rendered 3D virtual worlds", he says, "experienced synchronously and persistently, by an unlimited number of users, each with an individual sense of presence while supporting continuity of data, such as history, identity, communications, payments, entitlements, and objects".

Seems highly ambitious. The real good news? We are closer than ever to the above, for the most part.   

A great example of how the Metaverse can be used is by looking at the positive effects that real-life interactions in a virtual space can have. For instance, [one veteran used a virtual space to treat her PTSD](https://www.youtube.com/watch?v=xrsoselqh7w&t=2s), feeling safe enough to talk about her experience. This brings up a pivotal crux of the Metaverse which will inevitably be discussed: anonymity.

## The biggest step toward the Metaverse so far: Everdome

The next step in the Metaverse is creating it, and no one seems to be closer so far than [Everdome](https://everdome.io/).

According to [CoinGecko](https://www.coingecko.com/en/coins/everdome), the Everdome crypto offering is the digital frontier's first hyper-realistic Metaverse.

Built on [Unreal Engine 5](https://time.com/6164332/epic-unreal-engine-5-launch/#:~:text=The%20company%20promises%20that%20the,and%20of%20course%2C%20video%20games.), that really seems to be the case. On their website and promotional videos, Everdome features a beautiful futuristic space beginning on Earth and ending on Mars. The video features an option to "Connect Wallet", which opens a door to the Everdome crypto sphere, seemingly on a virtual 'red planet'.

Inside the Everdome is where it gets really interesting. Here is where the first true high-quality hyper-realistic Metaverse might come into existence. Also, it is best not to think of one company or project, Everdome crypto or any other, as the "Metaverse".

Instead, consider the idea that the Everdome crypto project is just another "verse", albeit a high-quality one with much potential. This verse is part of a multitude of other verses. By now, you are probably thinking about Dr. Strange.

It is important to realize the ambitious goals behind a project like Everdome. The project aims to facilitate a new age of interaction across virtual spaces, which has never been done before. The [Everdome litepaper](https://everdome-static.s3.eu-north-1.amazonaws.com/L_Pv004_4d98afb1d1.pdf?updated_at=2022-04-05T19:03:59.020Z) says it best: people, brands, and organizations looking to showcase themselves and their brands in a high-quality format will make Everdome the place to do so.


Everdome Crypto and the Metaverse

Mark Zuckerberg, the creator and CEO of [Meta](https://about.fb.com/news/2022/05/introducing-digital-collectibles-to-showcase-nfts-instagram/), revealed today that both the Facebook and Instagram platforms would allow users to connect their digital wallets and post-non-fungible tokens (NFTs) on their social media profiles. This development has been in testing since May 2022.

## What’s the reason behind the Instagram and Facebook NFT feature?

This change is expected to improve social media engagement and give NFT producers new earning possibilities. 
The recently revealed NFT capabilities for Facebook and Instagram represent a significant step forward for Meta. 

Meta's goals to continue exploring the possibilities of blockchain technology and Web 3 within its platforms are bolstered by this move. Considering Facebook and Instagram's massive user bases, adding NFTs could result in accelerated growth fuelled by demand from their target market of digital natives.

The capability to share NFTs on Facebook and Instagram will surely raise awareness and interest in NFTs. As the crypto market enters its tenth month of being in a bear market, there is little enthusiasm for non-fungible tokens. However, NFT values are not always affected by what happens in the crypto sector.

Users can now connect to their digital wallets to speed up the process. There are currently few choices for blockchain networks that provide seamless links to Facebook and Instagram. To post NFTs to these social media platforms, users must connect their NFT networks to Meta. 

Users now have access to third-party blockchain wallets such as Trust Wallet, Dapper Wallet, [Coinbase wallet](https://www.coinbase.com/wallet?__cf_chl_f_tk=H8avkp0A61D_fJ1_xuMxOdzBE3s36W2U6ihh2ithcAI-1664524771-0-gaNycGzNCT0), and Metamask wallet for the time being. The procedure supports digital collectables created on the [Polygon](https://polygon.technology/), Ethereum, and Flow networks.

Mark Zuckerberg's team has been hard at work on digital collectables, announcing developments before this recent announcement. The group stated their ambitions to incorporate NFTs on Instagram throughout the year until July when [Meta](/news/article/meta-share-price) launched [NFT](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq) support in 100 countries. 

Although [NFT capabilities](/news/article/moonboys-nft) are available in over 100 countries on Instagram, the recently launched functionality that allows for cross-posting on both platforms is only available to US users. 

Similarly, the new capabilities will raise awareness and demystify the Web 3 ecosystem for regular social media users, who can navigate among different NFTs the same way they do images.



Meta launch Instagram and Facebook NFT functionality

The recent market sell-off has taken a toll on just about every sector, but some have been hit harder than others. For example, the tech-heavy Nasdaq is down nearly 7% from its high just two weeks ago.

One area that has been particularly hard hit is the red-hot sector of cloud computing. Companies like Amazon (AMZN), Microsoft (MSFT), and Salesforce.com (CRM) have all seen their stock prices drop by double digits in the past two weeks.

And while the sell-off in these stocks may have been overdone, it has left investors wondering if now is the time to buy or if there could be more downside ahead.

One cloud stock that has been especially hard hit is MetaPlatforms (MP). The [Meta share price](https://finance.yahoo.com/quote/META/) has dropped by more than 50% over the last 12 months.

So, what’s going on with MP? And is the recent sell-off an opportunity to buy the dip or a sign that there could be more downside ahead?

Let’s take a closer look…

## What’s Going on With MP?

Meta Platforms is a cloud-based enterprise software company. Its flagship product is [Metaverse](/news/article/facebook-metaverse-nft), a digital workspace that allows employees to securely access all of their applications and data from one central location. The company has seen strong demand for its product as more and more businesses move to the cloud. 

However, the company reported second-quarter revenue of $169.5 million, down 4% from a year ago and below the $172.3 million that analysts were expecting. Meta also posted a net loss of $11.1 million, or 9 cents a share, compared with a profit of $2.2 million, or 2 cents a share, a year ago.

The stock has come under pressure in recent weeks, and is down by over 50% from its all-time high. So, what does the future hold for the Meta share price? Let’s take a look at the bulls and the bears…

## The Bull Case for MP

The bulls argue that the sell-off in Meta Platforms stock is overdone and that the recent weak quarter was an anomaly. There are still plenty of reasons to be bullish on MetaPlatforms.

First, the company’s flagship product, Metaverse, is in high demand. The product is being adopted by more and more businesses as they move to the cloud.

Second, MetaPlatforms is growing quickly. 

Third, MetaPlatforms has a strong balance sheet. The company has no debt and $100 million in cash. This gives the company plenty of financial flexibility to invest in growth.

Fourth, MetaPlatforms is led by a proven management team. The company’s CEO, Scott Smith, is a co-founder of Salesforce.com (CRM). He knows how to build a successful cloud company.

## The Bear Case for MP

The bears argue that the recent weak quarter was not an anomaly and that MetaPlatforms is facing some serious headwinds. They point to the company’s high valuation, which is now trading at nearly 30 times sales. It has been viewed that the company previously known as ‘Facebook’ was forced to rebrand as Meta Platforms after coming under much [scrutiny from its services impact on the mental health of teens](https://www.everydayhealth.com/public-health/facebook-comes-under-fire-after-whistleblower-and-leaked-documents-reveal-negative-impact-on-young-girls/). This was seen as a ploy to divert the negative publicity and not affect the company’s share price.

They also note that Meta Platforms is up against some tough competition, including Microsoft, Amazon, and Google. And they believe that the recent sell-off could be just the beginning for MP stock.

So, what’s the verdict? Is MetaPlatforms a buy or a sell?

## The Verdict

There are both positive and negative factors to consider when deciding if Meta Platforms stock is a buy in August 2022. 

Ultimately, it comes down to whether you believe the stock is a good long-term investment. 

If you think the company's fundamentals are strong and the stock is cheap at current levels, then it could be a good buy. However, if you're concerned about the stock's technical, tainted reputation  or the overall market conditions, then it may be best to wait for a better entry point.

Please be aware that this is not financial advice.

A Comprehensive Look at Meta Share Price

The Sandbox blockchain is a community-driven NFT game where users can create their own worlds and earn cryptocurrency. It is one of the top games that implement the play-to-earn model (P2E), allowing players to develop assets and profit from them.

## What is The Sandbox All About?

The Sandbox is a multiplayer game that allows players to create their own worlds with unique objects. You can draw relief maps, make all kinds of puzzles, build a labyrinth, or visit the created worlds of other users. The Sandbox games don’t require programming skills; you just need to realize your ideas and create your own game. You can create games alone and with friends.

## How does The Sandbox work?

The Sandbox world consists of voxels (pixels with 3-D volume), similar to Minecraft’s cubic graphics. But it gives everyone a chance to create a game, design characters, and earn SAND tokens by finishing quests.

## Where can I play The Sandbox games?

The Sandbox is easily available on the App Store and Google Play Store. It also has a desktop version, only supported on a PC with at least a 64-bit processor, minimum Windows 7 and 4GB RAM.

You can start this creative unique by owning plots of LAND, which is a space to build assets, such as games and building, turning them into profits.

As of April 2022, the value of 1 SAND is $2.96 (£2.27).

## How to earn money in The Sandbox games?

The game’s main idea is to create unique items you can sell. So, you have to be creative to make money in the Sandbox.
One way to earn some SAND is to create artworks and sell them on the market. Another way is to create game designs and charge other players to play them.

If you want to generate passive income, owning LAND can also help you earn as the price of the cryptocurrency increases when more players invest in the game.

The game also allows users to rent out their LAND to other players and earn by participating in competitions and playing platform games.

## How to get started

To play the Sandbox game, you will need to install a wallet as a smartphone app or a browser extension to store your SAND and virtual assets like LAND.

The start can be quite expensive as you will need to invest some money into SAND and LAND. Once you log in with your wallet and buy real estate, you can start trading NFTs and assets. You can start creating your own by using one of the free tools The Sandbox offers:

•	VoxEdit: a free 3D modeling software for PC and Mac.
•	Market: a decentralized NFT marketplace, allowing users to trade assets for profit
•	Game Maker: a basic visual scripting toolbox editor, allowing to design games without coding

If you learn more about these tools, it will help you demonstrate your creativity and make a profit in no time.
What Does the Future Hold for The Sandbox in Metaverse?

One of the most promising NFT projects, The Sandbox, has partnered with over 165 brands, including The Walking Dead, Atari, and Smurfs. It has also raised $93 million so far and is dedicated to establishing its grounds in Metaverse.


Metaverse Sandbox Games: How to Play and Earn?

## Are we on the brink of another crypto market crash?

Anyone following Bitcoin clearly remembers the 2017 craze when the strongest cryptocurrency reached a record of almost $20,000.

Sure, it was a fruitful year for most ICOs and wannabe entrepreneurs who wanted to get rich in no time. However, as it usually happens, the ICO bubble had to pop. At the beginning of 2018, the crypto market crash became inevitable.

In 2019, the CEO of Facebook, Mark Zuckerberg, announced that the biggest social network would enter the crypto space with its own project called Libra. Even though the idea sounded lucrative, many big names started backing out as the US Congress expressed concerns about the lack of regulation within the sector. The price of [Bitcoin](/coins/btc) then went down by more than 30%, below $10,000, followed by other cryptocurrencies. Analysts called it "a period of indecision," and investors hoped that Facebook's entry would bring greater legitimacy to the cryptospace. Even though Facebook changed its name to [Meta](https://about.facebook.com/) at the beginning of 2022, it doesn’t seem the social network affected crypto prices during the period to come.

## Fear of a Crypto Market Crash

Price changes usually depend on other circumstances such as recession, inflation, the geopolitical situation, pandemics, US regulatory actions, and so on. In 2020, Bitcoin jumped to a new record, following the government's stimulus packages to boost countries' economies during the COVID-19 pandemic.

Despite Bitcoin being on its way to becoming a hedge against inflation, it still isn't seen as a safe haven such as real estate or gold. That is why we are witnessing the price of Bitcoin moving along with the US dollar and the overall stock market.
We have often witnessed a situation when new short-term investors start to panic and decide to sell their holdings and, therefore, contribute to the drop in Bitcoin’s value. On the other hand, a crypto market crash can happen when so-called "whales" are involved. Holders with a significant amount of Bitcoin can temporarily affect Bitcoin's price if they make large buyings or sales.

## Crypto Market Crash Inevitable?

2022 started badly for Bitcoin and other cryptos even though the number one cryptocurrency was still 500% up since the end of 2019, primarily thanks to the US Government's COVID-19 stimulus.

The total market cap plunged by more than $300 million since the beginning of the year. This was chiefly due to record inflation and the Russia-Ukraine conflict, leading many investors to worry that a crypto market crash may be inevitable.
At the time of writing, Bitcoin stood at around $46,115 and headed towards a traditionally bullish April. The data shows that during the last six years, April was an extremely good month for crypto, as some speculate it's a psychological paradox connected to the spring optimism.

However, a seasonally bullish April could turn positive for Bitcoin even in the long term, together with stock markets.
The first all-spring month means most of the winter debts have been paid off, and buyers are in the mood to buy on a decline.

Still, there is a reason why a crypto market crash could soon be happening. US investors started to pull out of crypto, liquidating over $101 million worth of Bitcoin and approximately $151 million from Ethereum.
 
 



Crypto Market Crash: Bull April Suggests No Fear

In early May, Chief Executive Officer (CEO) of [Meta](https://about.facebook.com/meta/) Platform Inc. (NASDAQ: FB) Mark Zuckerberg announced that there would be the testing of integrating non-fungible tokens (NFTs) on Instagram beginning within weeks.

It came just days after Meta announced that the photo and video sharing platform, Instagram, will be supporting NFTs from Flow, Solana, Polygon, and [Ethereum](/coins/eth) blockchains.

Widely used cryptocurrency wallets MetaMask, TrustWallet, and Rainbow will be the go-to wallets for Instagram in its journey of supporting digital collectibles.

Zuckerberg pointed out that the building of NFTs is not only intended to draw the company to the metaverse, but to expand its non-fungible token ecosystem to Meta's family of applications.

He added that after the successful integration of NFTs on Instagram, Facebook would be next in line to enjoy this feature.

## Why is Instagram’s Integration with NFTs important? 

As of March 2022, there are more than one billion active users of Instagram. Although NFTs were first created in 2014 and became popular in 2021, millions of people still ask questions about what digital collectibles entail.

Several people have heard about the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks, Axie Infinity, NBA Top Shot, Meebits, Cool Cats, and CryptoKitties, but do not know how to get their hands on some of these collectibles.

Others have seen Beeple sell digital art for more than $69 million and could not wrap their head around such a news story.

Instagram NFTs will play an invaluable role in introducing billions of active platform users to several collections.

As of writing, popular NFT marketplaces known to stakeholders of digital collectibles include but are not limited to OpenSea, LooksRare, Rarible, and Nifty Gateway, among others.

The complexities of registering for a crypto wallet and using several digital currencies have not boded well for the adoption of NFTs by the mainstream.

With an Instagram NFT Marketplace, billions of users will trust Meta’s platform as one of the best NFT marketplaces to buy digital art.

One of the key areas you have to consider is the blockchains that Instagram NFTs will be integrating with.

As of May 2022, Ethereum is the [biggest NFT blockchain](https://cryptoslam.io/) by sales volume. Solana has surpassed Flow in terms of periodical NFT sales volume. Flow, the blockchain that holds NBA Top Shots, is in third place when sales volume is considered, and Polygon makes up the top 10 NFT blockchains by sales volume.

Should 100 million users on Instagram take a stake in digital collectibles, there could be an average of $100 million weekly sales volume from NFT art on Instagram alone.
This can contribute substantially to the more than $1 billion in volume recorded as total NFT sales weekly.

Finally, seeing NFT Instagram posts that entice people to buy using the three aforementioned crypto wallets bodes well for the adoption of digital wallets in the mainstream.

As of May 2022, TrustWallet had more than 5 million users, and MetaMask had more than 10 million active users. Although Rainbow wallet is relatively new, it continues to register new wallet addresses daily.

Instagram NFT Marketplace will see a minimum of 100 million users daily. This means that each crypto wallet can be projected to see five times the current number of users.

Once this happens, MetaMask might be soaring to around 50 million users, TrustWallet’s active users could reach 25 million, and Rainbow could see at least 10 million users in the long term.

## What next for Meta Platforms Inc. and NFTs? 

Aside from Instagram, WhatsApp, and Facebook are part of the Meta family. Per the words of Mark Zuckerberg, the success of Instagram NFTs will lead to the integration of Facebook into other NFT blockchains.

Once that is successful, there is a huge chance that WhatsApp could be next to join the non-fungible token (NFT) train.

As of writing, WhatsApp and Facebook have almost 5 billion daily active users.

With billions of people relying on Facebook ads to promote their products purchased by billions of people, NFT ads could be seeing the same reaction.

In the end, digital art from millions of developers could rake in billions of dollars in sales volume.

The resultant effect of this will be a positive reflection in cryptocurrencies backed by NFT projects.




	


Instagram to Start Testing NFTs in May

If you only know one thing about Cameron Winklevoss, it might be that he was part of the team that created Facebook.
You may not know that his story didn't end when Facebook became a household name.

Cameron has continued to be a successful entrepreneur, and he has even ventured into the world of cryptocurrency. Here, we take a closer look at Cameron Winklevoss and his impressive career.

## Who are the Winklevoss twins, and what do they do?

Cameron and Tyler Winklevoss are identical twins who are perhaps best known for their role in the early days of Facebook.

The two were born in 1981 and raised in Greenwich, Connecticut. They attended Harvard University, where they studied economics. While at Harvard, they met Mark Zuckerberg, the founder of Facebook.

Cameron and Tyler eventually sued Zuckerberg, claiming that he had stolen their idea for a social networking site. An out-of-court settlement saw the twins receiving $65 million in cash and stock.

The twins have turned their attention to investing in Bitcoin and other cryptocurrencies in recent years. They are estimated to be worth billions of dollars after making wise investments in this fledgling industry.

What is the backstory to their legal battle with Facebook founder Mark Zuckerberg over the origins of Facebook?
Cameron and his brother, Tyler, first came up with the idea for Facebook while attending Harvard University. They asked Mark Zuckerberg, a fellow student, to help them develop the site.

However, after the site was running, Cameron and Tyler accused Zuckerberg of stealing their idea and taking credit for himself.

Despite the settlement mentioned earlier, Cameron asserts that he was wronged by Zuckerberg and that Facebook should have been his.

How did they eventually settle with Zuckerberg, and what did they receive in return?

After a lengthy legal battle, the two parties settled on a deal which included a seat on Facebook's board of directors.

The settlement also included a provision that granted them 1.2% of Facebook's shares. Today, Cameron and Tyler's stake in Facebook is worth billions of dollars.
What investments have the Winklevoss twins made since then, and how have they done so far?

The twins have been busy investing their fortune. In 2013, they invested $11 million in bitcoin, purchasing 1% of all outstanding bitcoins at the time. It proved a good investment, as the price of [Bitcoin](/news/category/bitcoin-news) has surged in recent years.

## What is their opinion on Bitcoin and other cryptocurrencies?

Cameron Winklevoss, one of the early investors in Bitcoin, believes that the cryptocurrency is still in its early stages and has much growth potential.

Cameron and his brother started investing in Bitcoin in 2012, when each Bitcoin was worth around $12. At that time, they bought about 1% of all the Bitcoins in circulation.

He believes that Bitcoin still has room to grow, citing its limited supply and increasing demand as two significant factors.

Cameron also points to the many big institutions now investing in Bitcoin, which he sees as a positive sign for cryptocurrency's future.

How has their experience as entrepreneurs shaped their views on business and life?

Cameron Winklevoss is one of the most famous entrepreneurs in the world. He has also started several other successful businesses.

Cameron has become an outspoken advocate for Bitcoin and other cryptocurrencies. He is now a partner at [Gemini,](https://www.gemini.com/) a cryptocurrency exchange.

In an interview, Cameron talked about how his entrepreneurial experiences have shaped his views on business and life in general.

He said that "entrepreneurship is all about making the impossible possible. It's about seeing opportunities where others see only risk".

Cameron also said that entrepreneurship taught him the importance of "thinking big" and taking risks. These lessons have helped him become a successful investor and businessman


Cameron Winklevoss: Facebook's “Other Half” 

David Marcus will leave [Meta](https://about.facebook.com/meta/) (formerly Facebook) at the end of the year, with the company’s stablecoin project – Diem, formerly Libra, still not fully launched.

He confirmed he was stepping down as Meta’s crypto lead on Twitter.

The former president of PayPal joined Facebook as the vice president of the company’s Messenger division and took over the firm’s blockchain work in 2018.

Libra has faced regulatory scrutiny since its announcement in 2019, with Marcus becoming the face of the project in front of the US authorities.

## New Head for Novi

The project appeared to undergo cutbacks, with key staff leaving, before it was rebranded Diem. Recently, the Meta-owned cryptocurrency wallet subsidiary Novi launched a pilot that used the Paxos-administered USDP stablecoin instead of Diem.

Stephane Kasriel, also ex-PayPal, will be the new head of Novi

Confirming his departure on Twitter, Marcus said: ‘Personal news: after a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year.

‘While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it.

‘The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with.

## Greatness Ahead 

‘I find comfort and confidence in knowing that they will continue to execute our important mission well under @skasriel’s leadership, and I can’t wait to witness this from the outside. I know there’s greatness ahead.

‘I’ll keep a special place in my heart for some of the most fun and stimulating years of my life building Messenger with so many talented people. In turn, the Novi years were the most mission-driven and intellectually stimulating ones.

‘I’m incredibly grateful to Mark for the opportunity and privilege to share a bit of the journey over the years. I’ll keep lifelong memories and friendships from my time at the company, and I wish it well in the years to come.

‘I now look forward to having more free time in the months to come before I start building something new and exciting again. Onward!’

Facebook Stablecoin Project Manager Quits

Facebook, and parent company, Meta, have been in the media a lot lately.  While not all of the headlines have been good, a recent one that announced the company’s mega investment of $10 billion into creating “the metaverse” should pique the curiosity of crypto communities around the world. 

Metaverse is more than a new buzzword, and it is _not_ unique to Facebook.  Microsoft is another industry titan trying to lay its own claim to this so-called metaverse. They may, in fact, be _leading_ the charge considering how Microsoft has already adapted several technologies currently used in these environments.

## What _is_ a metaverse? 

The term was first used in Neal Stephenson’s 1992 science fiction novel, "Snow Crash."  In it, Stephenson hatched the term when he described avatars who would connect and congregate in 3D buildings and other virtual reality environments.  In our world, metaverses are best defined as digital universes that people access with a virtual reality headset. This allows them to work and play in an imaginary, digital realm.  It’s virtual reality at its finest.

Here’s where it gets interesting – the leading members of the technology brain trust are convinced that the metaverse represents _the future of the internet_, and it’s rapidly evolving.  With metaverses making more strides into becoming a reality, we are learning that to truly become _fully_ immersive worlds with their own economies, they need to have a form of currency.

That’s where digital assets come into play as they are often paired with blockchain VR social platforms. This is so that people can buy items within the game, such as land, weapons, or other items that can be traded with other players. 

## Top 3 Cryptocurrencies for Metaverses

Here are three of the top cryptocurrencies well positioned to serve as the economic backbone of future metaverses:

### **SAND**

The Sandbox is a virtual world (metaverse) where players can build, own, and monetise their gaming experiences in the Ethereum blockchain using the platform’s token, (SAND).  SAND has a current market cap of over $2 billion and the Hong Kong-based gaming platform very recently raised $93 million from SoftBank. SoftBank is apparently committed to watching Sandbox further expand its digital world.

### [**Decentraland**](https://decentraland.org/)

Decentraland is another blockchain-based metaverse powered by the ETH blockchain.  Here, users can purchase plots of digital real estate called "LAND.”  Users are then able to buy plots of LAND using the metaverse’s in-game cryptocurrency token, (MANA).  Users can both purchase LAND in this metaverse as well as use their MANA tokens to pay for in-world goods and services.  At present, MANA has a market cap of over $4 billion and since trading at around $0.08 this past January, MANA has shot up to $3.18 today.

### [**Enjin**](https://enjin.io/)

The self-proclaimed “largest gaming community platform” currently boasts more than 250,000 gaming communities and more than 18 million registered players.  The Enjin Coin (ENJ) is an Ethereum-based coin with a market cap of almost $3 billion.  The main use case for Enjin is creating ENJ backed assets that can be accessed in games.  For example, developers can create items such as weapons, and back them with a certain amount of ENJ coins. 



Metaverse from Facebook has Begun- 3 Coins to Watch

Facebook (FB) announced Friday that it has formed a new company called ‘Meta’. The news comes as the Senate is set to vote on stronger privacy protections for Facebook users, following significant scrutiny of the social network’s data practices. The metaverse will be a 3D virtual world that will be 'more immersive'.

The House passed new privacy legislation this week. It will require companies like Facebook to get their users' permission before they can share their personal information with advertisers.

The new company is led by Meron Gribetz, who has been described as a "reality visionary." When asked about what its business strategy will be, Facebook said it's focusing on hardware and software development through the lens of augmented reality (AR). CEO Mark Zuckerberg announced that the 3D world would include NFTs.

"It’s going to take ecosystem building, norm setting, and new forms of governance and this is something that we’re really going to focus on,” Zuckerberg said.

Pundi X has been building out a network of retail devices over the past couple years. The company has a goal of enabling "any store to buy, sell and accept cryptocurrency as payment." The company's initial plan was for consumers to spend their digital tokens on everyday items from groceries to transportation. Now it seems Facebook is pushing NFTs into that same physical, real-world realm.

**Privacy will be built in Facebook Metaverse from "day one"**
--------------------------------------------------------------

Zuckerberg assured the public that privacy and safety will be built into the metaverse along with interoperability.

He reiterated; "Privacy and safety need to be built into the metaverse from day one.”

And so we've gone from a world of isolated VR headsets, to one where we will have our own token economy that locks us into an all-encompassing social metaverse. This isn't science fiction anymore. What used to feel like the distant future is now just around the corner.



Facebook Metaverse Will Feature NFTs

US lawmakers have urged Facebook boss Mark Zuckerberg to ditch his company’s cryptocurrency plans.

It was announced recently that Novi, a digital wallet, will enter a trial period in Guatemala, allowing cryptocurrency payments. Facebook is also reported to have revived plans to launch a cryptocurrency called Diem.

A letter signed by five Democratic Senators was sent to Zuckerberg outlining concerns about Facebook’s involvement in crypto, and demanding digital currency projects are discontinued.

The letter concludes: ‘Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.

## 'Immediately Discontinue Nivot Pilot'

‘We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.’

The letter from Brian Schatz (D-Hawai‘i), Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.) reads: ‘We write to voice our strongest opposition to Facebook’s revived effort to launch a cryptocurrency and digital wallet, now branded “Diem” and “Novi,” respectively. In October 2019, Senators Schatz and Brown wrote to members of the Diem Association’s predecessor, the Libra Association, and expressed deep concerns about the risks the project posed to consumers and the financial system. Facebook subsequently shelved Libra amid regulatory scrutiny, but you did not address our concerns before resuming this endeavour.

‘On multiple occasions, Facebook has committed not to launch a digital currency absent federal financial regulators’ approval. In prepared remarks before the House Financial Services Committee in October 2019, you said that Facebook would “not be a part of launching the Libra payments system anywhere in the world unless all US regulators approve it.” More recently, David Marcus, the executive overseeing Facebook’s digital currency efforts, said, “\[w\]e are definitely not going to launch without the proper regulatory framework.”

‘Despite these assurances, Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape - not only for Diem specifically, but also for stablecoins in general. The agencies that oversee the US financial system are studying the risks that stablecoins pose to financial stability. Accordingly, they are considering how to address these inherent risks and clarify regulation and supervision of these products.’

## 'Facebook Cannot be Trusted'

It continues: ‘You have not offered a satisfactory explanation for how Diem will prevent illicit financial flows and other criminal activity. The intergovernmental Financial Action Task Force warned in a report to the G-20 finance ministers that stablecoins’ “propensity for mass-adoption makes them more vulnerable to be used by criminals and terrorists to launder their proceeds of crime and finance their terrorist activities.” The President’s Working Group on Financial Markets said in December 2020 that stablecoins “are likely to attract illicit actors and, without appropriate mitigation measures, allow evasion of key public policy objectives.”

‘Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient. We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.’

[CNBC](https://www.cnbc.com/world/?region=world) carried responses issued on behalf of Facebook and Diem.

The broadcaster said Facebook claims to have already addressed many of the concerns raised by the senators. The social media giant had said that Novi and Facebook accounts are kept separately to ensure privacy and protection and added that the wallet was built to be completely secure.

## Privacy Top of Mind for Customers

The statement is reported to say: ‘We know privacy is top of mind for Novi customers, so it will always be top of mind for us. We prioritise the security and privacy of people’s information by encrypting sensitive financial information'. If we determine a transaction is unauthorised, we provide a full refund back to a person’s Novi balance. People’s Novi accounts and Facebook accounts are separate.’

CNBC added that Diem had highlighted it is not part of Facebook, which is just one of two dozen members of the Diem Association. The association is a network of ‘merchants, payment service providers, social impact partners, and other entities’ that are ‘dedicated to building a blockchain-based payment system that supports financial innovation, inclusion, and integrity’.

A statement carried by CNBC adds: ‘Diem welcomes the opportunity to engage with members of Congress on the robust controls we have spent two years building into our payment system.

‘Unfortunately, today's letter from lawmakers to Facebook misunderstands the relationship between Diem and Facebook. Diem is not Facebook. We are an independent organisation, and Facebook's Novi is just one of more than two dozen members of the Diem Association. Novi's pilot with Paxos is unrelated to Diem.’



Facebook Should 'Discontinue' Crypto Projects

Former Facebook employee and Facebook whistleblower, Frances Haugen, has said that she is financially supporting herself due to crypto investments she has made. She told [The New York Times](https://www.nytimes.com/) that for the foreseeable future, she will be fine as she invested in crypto at 'the right time.'

In a phone interview with Cheddar, Haugen said that when she first heard of cryptocurrencies from her brother in 2017 she thought they were 'absolutely crazy'. As a result, she went to a meetup with him and was surprised by how many people loved the idea of cryptocurrency. She said:

"I couldn't understand it because I didn't get it. But I think everybody gets this, like, 'what is money,' right? It's just something that we use to trade and barter with, but the technology behind it is what's really interesting."

## 'Facebook Prioritise Growth'

37-year-old Haugen recently accused her former employer, Facebook, of prioritising growth over safety. She said:

"I do not think that Facebook has prioritised privacy overgrowth. I feel like there are some leaders within the company who have, but for me, it's always been that data privacy and security are foundational to the success of our business."

The data scientist admitted that she has some concerns over the future of her career. However, she said that the investments she made in crypto are enough to support her for now.

"It's a big risk for me," she explained, "but I've been living a frugal lifestyle and investing in crypto since 2015 so that I could feel secure in my ability to leave the industry if I decided to. For now, that security is enough."

More [Business news](/news/category/crypto-business-news). 



FB Whistleblower Supporting Herself with Crypto

Yesterday’s 24 hour outage of centralised service providers [Facebook](https://www.facebook.com/), WhatsApp and Instagram had many in the crypto space calling for the advent of Web 3.0 as fast as reasonably possible.

## What is Web 3.0?

But what exactly is Web 3.0, why is it relevant and how does it fit with blockchain, cryptocurrency and the decentralised economy?

Web 3.0 is essentially the next evolutionary step in the development of what we know commonly as ‘the internet.’ If web 1.0 was the message board era which only allowed one way interaction then Web 2.0 saw the advent of user led content and the inevitable rise of social media.

Web 3.0 can therefore be defined as ‘the machine based understanding and management of data in order to provide a user driven and semantic internet experience.’ Ok, that doesn’t sound like the most exciting raison d’etre I agree, however when you consider the aim of a web 3.0 based society is to create a more intelligent, connected and open internet it begins to make a little more sense.

## Web 2.0 vs Web 3.0

The essential difference between Web 2.0 and Web 3.0 is that in their third iteration websites and applications will be _written_ by artificial intelligence and machine learning in order to provide consumer led content in a style which is both personal and pleasing. This in turn will lead to the provision of a faster, more innovative and more personal end user experience.

Naturally, this new internet will be decentralised and will rely heavily on peer to peer led networks facilitating, among other things, the rise of new payment infrastructure, supply chains and unimaginable levels of personal security.

Centralised corporate giants such as Facebook, Twitter and YouTube have no choice but to adapt in order to survive as the internet once again returns to its customer driven and consumer led intended purpose.

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