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

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

For Meta, this would take the form of a marketplace to buy and sell NFTs and virtual objects 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 stand out from others.

The reception of these proposals from the crypto community is quite mixed, especially depending on the platform we are talking about. Twitter message was very well received: “It is the # 1 social network in the metaverse and NFT community because it is historically the network of computer scientistsexplains John Karp, presenter of the podcast NFT tomorrow and organizer of the Non Fungible Conference. In addition, Twitter’s approach is to embrace this movement by verifying people’s NFTs and recognizing the integrity of NFTs regardless of their source, thus acknowledging their decentralized approach. » What appears to be a simple profile picture is therefore seen by the crypto community as a clear and public support 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. . Proving yourself as a pro-NFT can 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’s going to 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 will happen. » It is therefore not a matter of immediate risk to social networks: they work 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, where it is crucial elements to remain anonymous and have control over its data. According to John Karp, “This desire to position itself in a world of NFTs and cryptocurrencies is a bit daunting because the metaverse sold by Facebook is not the metaverse that the utopias that created this movement strive for.”. The crypto community is actually tied to a particular value that is the opposite of what Meta wants to do: decentralization.

Social networks against decentralized movement, clashes or cohabitation?

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

If Meta’s values ​​are not compatible with the values ​​of the crypto community, then why does he go into NFTs? In fact, only 3.5% of French people have NFTs at this time. “The forecast is five or ten years out, and by that time, with the meta-verse, it will not be a niche at all. It will be for mass use. » Meta is actually betting on the meta-verse with already $ 10 billion invested in this type of platform. “The logic behind Meta is that the interaction we have today on Facebook or Instagram will be tomorrow in more developed environments, in the metaverse.”

Faced with giants like Meta, the crypto community does not yet know its future: will cohabitation be possible? “It is very difficult to predict how it will develop, thinks 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 actually some kind of struggle on the way. Facebook could also choose to change its business model, but it seems to me unlikely, it would question everything they are. »

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

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