Web3 is a decentralized plan for the internet's future. People perceive it as a "utopian" concept or Ponzi scheme, but we expect that what precedes it will be different. Hence, people think Meta, the company that owns Facebook and Instagram, and Twitter's recent moves are strange.

On January 20, Twitter Blue users changed their profile pictures to a non-fungible token (NFT) they owned. The Financial Times reported that Meta was adding NFT ownership to their Facebook and Instagram profiles the same day. According to reports, the company is developing a tool that allows people to create their own NFTs on Meta platforms. In addition, Instagram CEO Adam Mosseri announced in December 2021 that his app was investigating the capabilities of NFTs.

NFTs are undeniably the next big thing on the market. For instance, the NFT marketplace OpenSea raised $300 million in funding this month, valuing $13.3 billion. It is thus the most influential player on the market. In addition, web3 and NFTs are becoming increasingly popular. The biggest names in Web 2.0 want to understand and capitalize on the trend.

Unfortunately, Meta and Twitter's plan to clean up NFTs contradicts their core values. Both companies want a small number of multibillion-dollar companies to control key digital services, which Web3 supporters want to eliminate. In fact, both sides profit from the issues that Web3 supporters would love to see removed.
<h2>Who's to blame for social media's menace? Meta or Twitter?</h2>
There is a heated political debate over whether Twitter and Meta are responsible for spreading violent and extreme content online. Therefore, giving their detractors more reasons to hate them would be a mistake.

They approve of a technology known for racism and stealing millions of dollars from victims. In addition, they have questionable ties to shady Russian crime gangs willing to lie about their nationality and gender to steal money from people who aren't paying attention.

"Despite the optimism about NFT use cases, there is a lot of mistrust in the community," says PJ Cooper, the founder, and CEO of <a href="https://www.pandimensionals.io/about-ptco/"><span style="font-weight: 400">Pandimensional Trading Co</span></a><span style="font-weight: 400">. This company will launch its NFT collection sometime this year. Even though he has these concerns, Cooper still supports Twitter's move into the NFT space.</span>

Cooper is worried that people can right-click on NFT profile pictures and save them to their computers. Then, they can make copies and sell them as NFTs. However, Allie Mack, who works for the NFT marketplace OpenSea, confirmed that they verified NFT profile pictures on Twitter through its website.

Twitter uses API and metadata from OpenSea to verify an NFT on a user's profile and turn it into a "soft hexagon" on the website. Unfortunately, OpenSea went down about the same time Twitter started NFTs.

Others aren't sure that relying on a website run by someone else is best. Patrick McCorry, a senior system engineer at the blockchain startup Infura, says that OpenSea is super unreliable. He said that Big Tech might want to deal with this issue before going all-in on NFTs.
<h2>OpenSea's Maliciousness</h2>
There has been a lot of talk about the OpenSea platform. Artists have said that the site is full of fake NFT versions of their real-world art. These arts include sculptures and paintings that social media users could buy without knowing.

DeviantArt, a website for displaying art where works were often stolen, made a tool that searches the blockchain for works on its website and notifies the artists. There are ways for people whose work has been stolen to ask for it to be taken down, but the problem continues. A recent investigation found profiles selling non-fungible tokens with Microsoft, Disney, Amazon, and Adidas logos without permission.

In NFTs, theft is a persistent problem that doesn't seem to eradicate, but McCorry thinks this doesn't matter for Meta and Twitter. "Owning it and being able to sell it on a secondary market is what matters," he says. At the moment, it is clear that neither business would own or have an NFT. But, he said, "Keeping them in custody is a risk for them."
<h2>What are the odds that the landgrab could backfire?</h2>
Those who work in the NFT space are especially happy that Twitter is following official standards. Many people on Twitter use NFT art as their profile picture. However, it's nearly impossible to prove ownership. Trolls right-click and steal their NFTs to show how useless their investments are.

"Currently, anyone can post a <a href="https://www.cryptoknowmics.com/news/bored-ape-yacht-club-creator-has-acquired-cryptopunks" target="_blank" rel="noopener">CryptoPunk</a> image and say they own it," says McCorry. Twitter's plans to officially prove ownership are "a nice way to show digital property rights," as one person put it. It's easy to see why Twitter and Meta want to get into the NFT space. According to Woodward, it's a land grab that gives Meta the right to use one of the fundamental technologies needed to build its version of the metaverse.

It's a way for Twitter to gain respect in the tech community of people who think ahead. Woodward says, "However, there will come a time when the rubber hits the road, and there could be serious business disputes over it."

Woodward tells NFT members who are overjoyed to calm down, "I don't think anyone truly understands what NFTs can do or how they will impact things." He adds, "However, I believe that a lot of nonsense is being said about it. I'm not sure if anyone has decided on what to do. I believe this is due to big tech companies wanting to jump on the bandwagon because it moves quickly." What would the major social media platforms do if they were in charge of the bandwagon? Woodward has a single thought. In my opinion, it's just another way to get people to sign up and keep them there.

Could Meta's NFT Landgrab Result in a Backfire? What Are the Odds?

Artists have said that Opensea is full of fake NFT versions of their real-world art that social media users could buy without knowing.

Oluwademilade Afolabi is a freelance writer and editor passionate about blockchain technology and the health industry. He is a 6th year medical student, and has worked with various companies and blogs since the blockchain revolution began.

Could Meta's NFT Landgrab Result in a Backfire? What Are the Odds?

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