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

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. Who’s to blame for social...