☟ Instagram & Facebook are deprioritizing NFTs

March 14, 2023

☟ Instagram & Facebook are deprioritizing NFTs 🔍 OpenSea doxxing vulnerability found & patched 🏎️ Nissan files Web3 and NFT trademarks

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☟ Instagram & Facebook de prioritizing NFTs

🔍 OpenSea doxxing vulnerability found & patched

🏎️ Nissan files Web3 and NFT trademarks

Instagram & Facebook are deprioritizing NFTs

Meta, the company that owns Instagram and Facebook was all about the NFT trend, but now has decided to call it quits. After saying that this revolutionary technology would be the future of creator income, the company is now saying that they'll be looking for other ways to help creators "thrive".

Apparently, Meta has now decided that NFTs are too complicated (or maybe not profitable enough) for them and they would rather focus on simpler product lines, like "messaging and monetization opportunities for Reels" according to Meta's Lead of Commerce.

The exec also pointed out that Meta will continue to invest in fintech tools that people and businesses need for the future, such as streamlining payments with Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta. But for now it looks like the NFT hype is over for them.

OpenSea doxxing vulnerability found & patched

Imperva, a cybersecurity firm has spotted a vulnerability in OpenSea that could potentially doxx its users. If exploited, an IP address, browser session or email could easily be linked to an NFT, which could potentially lead to the discovery to the identity of the wallet's owner.

The potential hackers could have exploited the lack of restrictions with OpenSea library's communications and used it as an oracle to pinpoint when searches would return no results. This would have allowed them to send malicious links that, if clicked, would reveal extremely sensitive information about the user.

OpenSea users have been on the receiving end of a multitude of attacks that take advantage of, and/or mimic its functions. Phishing websites and signature-impersonation attacks have been seen more often lately, which spoke to the system's weak security protocols. As of late though, OpenSea was stepping up its game and improving its security measures. The vulnerability that the team at Imperva found was addressed quickly, and they have since implemented additional protections to their platform. Even to this day, users should be extra vigilant when it comes to their digital assets, the tech is still in its infancy, not to say that we've got every hacker out there working hard to game us, because of the anonymous nature of crypto.

Nissan files Web3 and NFT trademarks

While some big players are getting out of Web3 and NFTs, Nissan is jumping in with both feet. The carmaker has embraced the metaverse, filing for four new Web3-related trademarks and setting up a virtual dealership for its Japan unit. But it doesn't stop there - Nissan is even getting into the NFT game, with plans to create a marketplace to trade, mint and purchase virtual clothes, cars, headgear, trading cards, tickets and more.

Of course, the trademark filings don't necessarily mean that Nissan will actually create and sell all these items, but it does mean that they're taking the Web3 and NFT worlds seriously. This is why it's important to pay attention when a company like Nissan takes steps into the blockchain-based world - it's a good indicator that progress is still being made and that Web3 isn't just a fad.