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Jan 21 2022

Facebook and Instagram could introduce NFT Avatars

You can ask any new-age investor about his investment plan and they would say NFTs without even giving a second thought to your question. Yes!!! That is the insane craze for Non-Fungible Tokens these days especially amongst the youngsters who find the concept ‘Cool’ and ‘Trendy’. Where firms are connecting people to their favorite collectibles through NFTs, Mark Zuckerberg’s Meta is all set to take the craze a step further by allowing support for NFT avatars on popular social media platforms Facebook and Instagram for NFT fans.

According to the report by Financial Times, Meta is working on plans that would help people from across the globe to design and trade Non-Fungible Tokens on the firm’s core ecosystem. The company is contemplating whether to launch a native marketplace dedicated solely to NFT trading for investors. With this happening, Meta will turn out to be a strong competitor for the OpenSea marketplace that is currently the undisputed leader of the digital collectibles space. So, those owning an NFT avatar might show it off as their display picture on Facebook or Instagram in the near future if Meta manages to implement its plans.

In 2021, Facebook launched its revamped image with a new brand name Meta that signaled its shift from a social media business to Metaverse. The company is actively involved in exploring Metaverse technology and is taking all the steps in the right direction to succeed in the field. Recently, the group hired experts from Microsoft and Apple who possessed experience of work in the Metaverse domain to strengthen its hold in the sector.

Interestingly, Facebook and Instagram have been super successful in the social media sector and have managed to fetch billions of dollars’ worth of revenue for the company. However, with the entry of new platforms, their popularity has been affected to some extent. This triggered the Meta team to look for other high potential revenue sources such as Metaverse which has gained high momentum in a short span. The news report clarified that Meta’s NFT plans are in the nascent stage and are likely to change as per the situation.

The crypto industry has always been a favorite of Meta’s chief Mark Zuckerberg who was actively involved in launching a native crypto project. However, due to regulatory complications, the project got stuck. The company is presently working on its digital wallet solution called Novi. The trials for the project have started in some parts of the U.S and Guatemala. The project runs on the Pax Dollar, stablecoin launched by Paxos. The involvement of Meta in NFTs is likely to turn out as a huge push for the overall NFT industry.

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Blockchain Weekly Source

Nov 18 2021

DAY LONG NEWS ROUNDUP: LATEST NEWS 18/11/21

If you are dealing in crypto, then experiencing constant turnarounds might have become a ‘routine errand’ for you. Fetching worthy content from the huge pile of everyday information can help you become a ‘pro’ learner. So, here is a list of top crypto news that can affect your investment plans, take a look:

India to lower the GST on cryptocurrency exchanges from 18% to 1%

Hailing as the latest addition to the fast-growing list of crypto hubs, India has decided to reduce the Goods and Services Tax paid on crypto exchanges to 1% per transaction. Seen as a turning point for crypto in the Indian subcontinent, the new policy will lead to the reclassification of cryptocurrency exchanges as e-commerce portals. Currently, virtual asset holders are required to pay a transaction fee of 18% for every transaction executed on the exchange.

According to the report, the new proposed GST rate can cause a surge in tax liability for some investors depending on the official domicile of the exchange. The trading fee structure on crypto exchanges is equivalent to the brokerage system of India’s stock exchange platforms. With crypto emerging as a strong financial tool for Indian investors, the government is keeping a vigilant eye on the industry. Special emphasis is being given to formulating a strong legal framework for the management of virtual tokens and trading exchanges.

In July 2021, Business Insider India in its report revealed that the central government might urge foreign crypto exchanges to levy an 18% GST charge, equivalent to native exchanges, from Indian investors. As foreign crypto exchanges are free from the burden of GST registration in India, it creates a huge difference between traders of other exchanges. The inclusion of GST is necessary to bring parity between overseas and Indian crypto exchanges.

Despite all the crucial steps, it is seen that the Indian legal authorities are divided on the idea of crafting a regulatory structure for cryptocurrencies. The proposed guidelines will categorize crypto tokens as commodities. This will help to remove restrictions on the trading of crypto. The idea of blockchain technology was publicly acknowledged by Prime Minister Narendra Modi as well. The industry saw a surge in 2020 when the Supreme Court of India annihilated the ban imposed by the Reserve Bank of India on the crypto field.

Meta previews haptic gloves in the VR Metaverse, bringing it closer to reality

Feeling confused about what actually Metaverse means? Well, in my opinion, you should switch from theoretical meaning to practical usage of the term for better understanding. Following the latest trend, Meta, the new name adopted by social media giant Facebook, has unveiled a preview of haptic gloves that offer sensory responses in digital spaces. With this project, Facebook has displayed a sample of its potential in the field of Virtual Reality Metaverse.

On November 16, 2021, a team of experts at Meta shared a video showcasing two individuals using the haptic gloves in a demo Metaverse. The blog post highlighted the latest developments achieved by Meta’s VR technology firm called Reality Labs related to haptic gloves. The team has been working on the gloves for seven years to bring a revolutionary change in the VR field. The individuals shown in the video were seen using the haptic gloves to do a lot of activities including playing Jenga within the Metaverse. They used the gloves for picking up blocks, shaking hands, throwing objects, etc.

Meta shared that the haptic gloves give necessary instructions to the actuators of the hand in a similar fashion as a tracking tool. The gloves come packed with a small soft robotic motor that works in sync to offer a real-like hand movement experience in Metaverse. The post conveyed that the haptic tools will not be currently available for public purchase. The team is looking forward to creating a dedicated VR Metaverse for users similar to the setup of Ready Player One movie. The company envisions bringing the best integration of VR technology and virtual gaming in a live Metaverse.

The market is anxiously waiting for Meta to unveil an ‘open Metaverse’ as its blockchain-empowered counterpart in the crypto industry. Some experts are also opining that Meta might win dominance over the sector in the future. The share value of Meta’s stock has surged by 9% post the announcement of the haptic gloves launch by the firm.

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Blockchain Weekly Source

Oct 29 2021

Facebook Changes To Meta In A Rebranding Effort

The global social media giant Facebook has altered the name of its parent company to ‘Meta’. Many believe this is an attempt from the tech giant to surpass and move away from their reputation as a social media platform that is often plagued by controversies and scandals, towards their vision for the future that is focused on developing a global community of individuals based on technology of virtual reality.

The new announcement has been revealed as the company is trying to fend off one of the worst situations it has ever been in. They are channeling their ambitions towards the ‘metaverse’, a vision that would blur the difference between the digital world and the physical one.

Billions of people around the world are using Whatsapp, Facebook and Instagram on a regular basis and it has been announced that the rebranding will not affect the names of these social media applications and will get to keep them. Some of the critics have also pointed out that the rebranding of the company is an attempt to distract the public from the various dysfunctionalities of the social media platform.

Mark Zuckerberg, the Chief Executive Officer of Facebook clearly stated that they have learnt a great deal from struggling with compelling social issues and so far we have lived under platforms that were closed in nature. However, according to him, this is an attempt to put into practice everything that they have learnt so far and take the social media experience to its next stage of evolution.

He announced that he is indeed proud to introduce Meta, which is the new name for the global social media giant. However, he also said that even though the parent company is changing names, their brands and applications remain unchanged.

The Metaverse

The social media giant has been facing a complicated situation ever since Frances Haugen, a former employee leaked some serious documents which entailed that the executives working in Facebook were aware of some of the harming potentials of Facebook.

However according to a report from the Washington Post states that the introduction to the virtual metaverse comes as a huge push from the company in order to rehabilitate the reputation of the social media platform in front of the policymakers and reestablish the company to position them as the pioneer of the next generation of internet technologies.

In a video message spanning more than one hour, Mark Zuckerberg had demonstrated his idea of the virtual world and he even dubbed this vision as the future that is about to unfold in front of our very eyes.

He further added that within the duration of the next decade, the Metaverse will touch billions of lives across the world, facilitating billions of dollars worth of digital commerce and business worldwide, creating job opportunities for millions of developers and creators globally. The Metaverse will transform the way we communicate with each other and conduct our daily affairs.

During the demonstration, he pointed out that in order to reach that level of the Metaverse, their company is looking to achieve significant technological breakthroughs, at least a dozen of them. Facebook recently announced that they are planning to hire around 10,000 people in the European Union for constructing the Metaverse and Mark himself would be the leading promoter of the metaverse concept.

Conclusion

The term metaverse is in fact, a part of science fiction. It was coined in 1992 by Neal Stephenson for his novel “Snow Crash” where he had portrayed a game-like future world where people interact with each other while wearing virtual reality headsets. So if you want to be a Blockchain Expert and are keen to know more about blockchain technology and cryptocurrencies, check out online certifications and courses on Blockchain Council.

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