Tech

Meta and Twitter’s NFT Landgrab can backfire


“Despite the positivity surrounding NFT use cases, there is a lot of distrust in the community — perhaps due to the anonymity of key artists and influencers and almost certainly due to scammers surround themselves like vultures and often pull carpets,” said PJ Cooper, founder of Pandimensional Trading Co., which will launch its own NFT collection later this year. Despite those reservations, Cooper is primarily supportive of Twitter’s entry into the NFT space and has said he will feature NFT as his profile picture when the functionality is rolled out in the UK.

However, Cooper is concerned about the fact that people can still right-click and save the NFT profile picture and mint their own version as an NFT.

The company’s spokesperson for the NFT marketplace OpenSea, Allie Mack, confirmed that the NFT profile photos appearing on Twitter are verified through the company’s website. In effect, Twitter uses APIs, metadata, and information gathered from OpenSea to validate an NFT displayed on a user’s profile and turn it into a “soft hexagon” on the website. At the same time as Twitter launched NFT, OpenSea crashes. At that time, Security researcher Jane Manchun Wong tweeted that OpenSea’s platform used Twitter’s NFT feature. OpenSea says the outage has been “Doesn’t affect public Twitter integration at all” and the issue flagged by Jane happened in a closed beta. Since launching the Twitter integration, Mack says the Twitter service hasn’t been disrupted.

Others do not believe that relying on a third-party website is the right decision. Patrick McCaly, senior systems engineer at blockchain startup Infura, said: “OpenSea is quite unreliable. This could be something Big Tech wants to fix before full adoption of NFTs, he said.

The OpenSea platform itself was not without controversy. Artists have pointed out that the site is rife with fake NFT versions of their real-life artwork, or the versions of their sculptures and paintings that social media users accidentally can easily buy. The problem became so great that DeviantArt, an art archive from which works have been repeatedly removed, develop your own tools to scan the blockchain for works that also appear on its website and notify the creators. The platform has procedure for those whose work has been stolen to call for the job to be removed, but the problem persisted. ONE recent investigation found records of selling NFTs of trademarked logos from some of the world’s biggest brands, including Microsoft, Disney, Amazon and Adidas, without authorization.

Theft is a perennial problem for the NFT world, and one that doesn’t seem to be easily remedied, but Sorry McConnell thinks it’s not a problem for Meta and Twitter. “What really matters is custody and the ability to sell it on the secondary market,” he said. For now, it is clear that no company will own or have custody of the NFT. “The lien is a responsibility for them,” he said.

For those deep in the NFT space, adopting Twitter’s official standards in particular is welcome. A lot of Twitter users have NFT art as their profile picture, but it’s hard to prove ownership, especially when faced with bad guys who don’t like to right click and steal your NFTs. they let them see their investment potential. “Nowadays, anyone can make up a CryptoPunk photo and pretend to have one,” said McCoy. Twitter’s plans to formally prove ownership are “a good way to demonstrate digital ownership.”





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