After Twitter, YouTube and Meta (formerly Facebook) considering NFT features too?

    Days after Twitter created rounds in the Social Media world for its new feature, the second most popular website in the world- YouTube- hints at exploring some new NFT features itself. This move is taken in a bid to narrow the gap between artists and their audience by allowing them to showcase their NFTs through features specially curated for their needs.

    As if not to be left behind, Meta Inc. also announced its plans to introduce NFT on Facebook and Instagram. But these plans go beyond creating an original NFT profile picture and touch the realm of selling and profiteering too.

    Excerpts from the statements released.

    YouTube is a platform that constantly creates new tools to keep its creators engaged and refreshed. After popularising YouTube shorts in just two years, the platform may consider adding NFT (Non-fungible token) features for its creators, as suggested by the letter written by  Susan Wojcicki, YouTube’s CEO.

    However, the American conglomerate reportedly plans to allow its users to not only create but also sell their non-fungible-tokens (NFTs) on Facebook and Instagram.
    According to Engadget, Meta’s plans are at an early stage and may take a different turn later on.

    What does this means for the users?

    While not everyone is interested in NFT Marketplace, the new features will likely have mixed reactions upon release. This was the case with Twitter after it released the NFT Profile Picture feature.

    But, the updates will create even more opportunities for digital artists to grow, engage with a larger audience and earn profits through NFT business.
    This development further allows the digital creators to connect with potential customers who can hire them for their art services.

    Concerns regarding the features.

    While the plans for launch may be far away, many digital artists and NFT experts have expressed their concerns over the proposals already and seem sceptical over the two giants entering the world of NFTs.

    In a report by Forbes, Itzel Yard, the best selling female artist globally, worried about privacy issues on Instagram. Narrating her experience, she recalled how someone took her designs from Instagram, posted all of them on OpenSea and sold them as their own.
    Such issues can create a huge problem and a vulnerability issue as frauds can happen all the time. If NFTs are posted by the original creator directly on Instagram, then hackers may pose as them and create undue advantage of this situation, also ripping off money from innocent people.

    Another issue being raised is based on Meta’s policies. Meta Platform essentially does centralised business, and them adopting decentralized NFTs create disharmony between the two.
    Also, while NFT creators have the freedom of expression and can act anonymously- Facebook is known for censoring content and collecting personal information from its users and notoriously using the stored data against its users at times.

    These contradictions create trust issues among the artists and may affect business too. Among the red flags raised by the users, the most nagging one is the degree of control that Meta may have over the transactions and other details.

    In all, we can only hope that both YouTube and Meta take notice of these concerns and make their platforms more user-friendly and secure.

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