Meta and Twitter’s NFT Landgrab could backfire


“Despite the positivity surrounding NFT use cases, there is a lot of distrust in the community — probably due to the anonymity of major artists and influencers, and almost certainly due to scammers who hover like vultures and frequently pull the carpet,” PJ Cooper said , founder of PanDimension Trading Co., which will launch its own series of NFTs later this year. Despite these reservations, Cooper has largely supported Twitter’s entry into the NFT space, saying that when the feature rolls out to the UK, he will show the NFT as his profile picture.

However, Cooper does worry that people can still right-click and save an NFT profile picture and create their own version as an NFT.

Allie Mack, a company spokesperson for NFT marketplace OpenSea, confirmed that the NFT profile picture that appeared on Twitter was verified through the company’s website. In fact, Twitter uses API, metadata and collection information from OpenSea to validate NFTs displayed on user profiles and turn them into “soft hexagons” on the website. Around the same time that Twitter launched NFTs, OpenSea crashes. At that time, Security Researcher Jane Manchun Wong Tweeted that OpenSea’s platform has removed Twitter’s NFT functionality. OpenSea says the outage caused “Absolutely zero impact on public Twitter integration” and the issue flagged by Jane happens in closed beta. Since the Twitter integration started, Mack said there has been zero disruption to the Twitter service.

Others are not convinced that relying on third-party websites is the right decision. “OpenSea is very unreliable,” said Patrick McCorry, senior systems engineer at blockchain startup Infura. This may be one of the things Big Tech wants to address before fully adopting NFTs, he said.

The OpenSea platform itself is not without controversy. Artists point out that the site is flooded with pirated NFT versions of their real-life art, or versions of their sculptures and paintings, which unsuspecting social media users can easily buy. The problem has become so big that DeviantArt, the art hosting site whose work has been brought up repeatedly, developed its own tool The blockchain is scanned for works that also appear on its website, and creators are notified.The platform does have Procedures for Artwork Stolen Calls have been made to cancel jobs, but the problem remains.One recent survey Profiles were found selling NFTs without permission with trademarked logos from some of the world’s biggest brands, including Microsoft, Disney, Amazon, and Adidas.

Theft is a long-standing problem in the NFT world, and one that seems unlikely to be solved easily, but McCorry doesn’t think it’s a problem for Meta and Twitter. “What really matters is the ability to host and sell on the secondary market,” he said. At the moment, it is clear that neither company will own or host NFTs. “Custody is a responsibility for them,” he said.

For those deep into the NFT space, Twitter’s adoption of official standards is especially welcome. Many Twitter users have NFT art as their profile picture but find it difficult to prove ownership, especially when faced with trolls who just want to right-click and steal NFTs to show them the wrongness of their investments. “Now, anyone can put up a CryptoPunk picture and pretend they have it,” McCorry said. Twitter’s plan to formally prove ownership is “a great way to demonstrate digital property rights.”





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