Meta’s Reality Labs division posted a $2.9 billion loss in Wednesday’s Q1 earnings call but Zuckerberg remains optimistic about future profitability from the metaverse.
Meta may introduce tokens and digital currency lending services to apps: Report
The virtual currency, which employees have reportedly dubbed ‘Zuck Bucks’, will be aimed at use in the metaverse.
Australian competition regulator takes Meta to court over fake crypto ads
The ACCC highlighted unapproved or endorsed “scam” ads featuring prominent Australian figures such as entrepreneur Dick Smith, TV host David Koch and former NSW premier Mike Baird in particular.
Instagram is adding NFTs soon says Mark Zuckerberg
“We’re working on bringing NFTs to Instagram in the near term,” the Meta CEO stated, adding that he hopes NFT minting will be available in the coming months.
Is there a future for digital fashion in the Metaverse?
With the rising popularity of the Metaverse, the digital fashion industry turns into a global empire, involving both the major luxury brands and retail consumers.
More playing and less earning will make better Metaverse games
Blockchain’s interoperability may be the key to both the macroeconomics of metaverse games and what keeps them fun.
Vale Diem: How Facebook’s ambitious stablecoin project came to an end
It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart.
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta has officially given up on its stablecoin project Diem after more than two years of efforts to launch the digital currency.
Zuck got PUNKed — new Metaverse-linked ETF shorts Meta shares in holdings
“Facebook seems to be the antithesis of what actual consumers want their digital futures to look like,” said Subversive Capital Advisor founder Michael Auerbach.
Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets.
Okcoin hires former Facebook spokesperson Randi Zuckerberg to grow female user base
With the hiring, Okcoin has many women in key leadership positions, including CEO Hong Fang as well as head of content and brand Mandy Campbell.
David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project
Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.
Related Reading | What Zuckerberg’s Meta Means for the Metaverse
David Marcus Says Goodbye
This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:
“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”
Mark Zuckerberg responded to David Marcus:
“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”
I am so honored for the opportunity to lead the awesome @novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.
— Stephane Kasriel (@skasriel) November 30, 2021
For his part, Stephane Kasriel said via Twitter:
“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”
FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com
What’s The Deal With Libra/Calibra/Novi/Diem?
After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.
Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes. I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”
Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States
However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open monetary network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.
Featured Image: mohamed_hassan on Pixabay | Charts by TradingView
Collins Dictionary Picks “NFT” As 2021’s Word Of The Year
The Collins Dictionary crowned the amazing year NFTs had. According to the UK-based dictionary, “NFT” was the most important word of 2021. There’s no denying that the NFT phenomenon grew immensely this year, and not even Ethereum gas fees and environmental FUD could deter its trajectory. Congratulations to all the artists and businessmen that managed to benefit from the growth, and take Collins Dictionary’s acknowledgment as if it was yours.
Related Reading | DAO To Make Jodorowsky’s Dune Manuscript Public: Member Won $3M Bid
How Does Collins Dictionary Define NFT?
On the Word of The Year page, Collins offers a simple and elegant definition:
“‘NFT’, the abbreviation of ‘non-fungible token’, the unique digital identifier that records ownership of a digital asset which has entered the mainstream and seen millions spent on the most sought-after images and videos, has been named Collins Word of the Year 2021.
It is one of three tech-based words to make Collins’ longer list of ten words of the year, which includes seven words brand new to CollinsDictionary.com.”
The other tech-based words were “crypto” and “metaverse,” so you know NFT had some fierce competition in 2021. The abbreviation of “cryptocurrency” seems like a bigger and wider concept. And it might’ve been even more everpresent than “NFT.” However, it didn’t have the novel factor. On the other hand, “metaverse” did have the novel factor but it came too late into the race. When facebook announced that the company was changing its name to “meta,” it was already too late. Mark Zuckerberg commanded headlines with those clumsy and cringy videos, but it didn’t help. NFTs had already won the year.
Digging deeper into NFTs, the Collins Dictionary’s blog expanded on the concept and provided an example:
“Unique” is important here — it’s a one-off, not “fungible” or replaceable by any other piece of data. And what’s really captured the public’s imagination around NFTs is the use of this technology to sell art. For example, the rights to a work by the surrealist digital artist Beeple sold at Christie’s in March for $69m. Called EVERYDAYS: THE FIRST 5000 DAYS, it was a collage of all the images he’d created since he committed in 2007 to making one every day.”
ETH price chart for 11/25/2021 on FTX | Source: ETH/USD on TradingView.com
About The Collins Dictionary And Its WOTY
The history of this UK-based publication goes way back:
“Collins dictionary publishing began in 1824, with the publication of Donnegan’s Greek and English Lexicon in partnership with Smith Elder. In 1840, the first in the series of Collins Illustrated Dictionaries was published alongside the Sixpenny Pocket Pronouncing Dictionary which went onto sell approximately 1 million copies. 20 years later and with the addition of steam presses, Collins could publish dictionaries in all sizes, prices and bindings.”
Related Reading | Beeple’s “Human One,” A Sculpture + NFT Hybrid, Sold For $28.9M At Christie’s
The organization has been declaring a Word Of The Year since 1990. It’s a newer phenomenon so, from the beginning, there’s a strong link to technology. In 1993, the WOTY was “information superhighway”; it was “cyber” in 94, and “web” in 95. When it came to 1997 it was “millennium bug,” and it was the prefix “e-” in 98. Of course, it was “Y2K” in 99. Recently, though, Collins Dictionary has been concerned with social movements and gender identities. Last year, of course, it was “Covid,” and in 2021 the tech world took back the throne with “NFT.”
Featured Image: Collins Dictionary WOTY site | Charts by TradingView
$400M funding round to help Gemini build in the decentralized Metaverse
The Winklevoss twins have big plans for a Gemini future in different Metaverses as they go head to head with archrival Meta.
Should Zuck lead us to the Metaverse? Crypto leaders weigh in
“In order for him to have a clean slate for Meta, he must step down and he must have a new CEO to run it,” said Jenny Ta.
“We are building for the metaverse” says Meta VP Nick Clegg
Clegg joined Meta in 2018 following a two-decade tenure in the British political scene.
BREAKING: Facebook rebrands to Meta as focus expands beyond social media
The name change reflects Facebook’s growing ambitions beyond online social media, a medium it helped build over the past two decades.
Cointelegraph Consulting: Going down the Metaverse
The Metaverse allows people to interact with one another, digital objects and the physical world through their avatar in a virtual environment.
Ethereum Creator Vitalik Buterin Censures Facebook And Twitter’s Crypto Plans
Vitalik Buterin, creator of Ethereum commented through Bloomberg on Square and Facebook’s blockchain efforts.
Recall that Jack Dorsey, CEO of Twitter and Square, revealed his plans for a DeFi platform based on Bitcoin in July. He said the platform would be a competitor to Ethereum.
Reacting to Dorsey’s announcement, Buterin stated his skepticism for the Square’s anticipated DeFi plans. His major reason was the dependence of the firm on Bitcoin.
Buterin explained that Ethereum’s smart contracts and native functions work like ‘lockboxes.’ With such operations, DeFi investment terms can’t be broken. Also, there’ll be no requirement holding of a user’s funds by the DeFi service.
Buterin analyzed the possibility of Square controlling user’s funds via multi-sig wallets that belong to different participants.
Furthermore, he said that Square’s CEO will build his personal system that will implement those rules. Buterin confirms that though the plan is similar to Ethereum, the end will give a weaker trust project model.
Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys
Also, Buterin aired his view concerning Facebook’s project of Diem cryptocurrency. He stated that Mark Zuckerberg, the CEO, and founder of Facebook, is experimenting on the future. He further added that Facebook CEO is probing for the upcoming stage of the Internet in advance of the superannuation of Facebook.
By acknowledging Diem’s old identity of Libra, Buterin advised Facebook’s decision for a project naming “Rebirth of dead ends.”
Ethereum Founder Lashes At Facebook
Ethereum’s founder mentioned that Facebook has mistrust from many people as its major problem. He said the company still failed in its attempts to regain trust through the use of a Diem blockchain conglomerate. He revealed that several old members of Diem, like MasterCard, Visa, and PayPal, have also exited the group in 2019.
The project is still officially operational despite Buterin’s unfavorable disposition to Diem and its sluggish rollout. The company confirms its proposals of launching as of May.
There are still proposals on the possibility of building community-owned successors to Twitter and Facebook blockchain. Buterin comments that multiple projects are already attempting to do so. Furthermore, he revealed that most of these projects are Ethereum-based. However, it could be a threat as well as an opportunity.
The green candle blowing on the chart shows Ethereum is back in bullish momentum | Source: ETHUSD on TradingView
Aave has one of the recent attempts of a social network based on the Ethereum blockchain. The proposal came in July and it’s for a Twitter competitor. This proposal was a response to Jack’s plans of building a platform for DeFi on Bitcoin.
Related Reading | American Rapper Tyga To Launch OnlyFans Crypto-Competitor
In the conclusion of his interview, Buterin highlighted some topics such as the transition to and scalability of Ethereum 2.0. Also, he mentioned the regulatory enforcement as well as decentralized finance projects in the ecosystem.
Featured image from Cointribune.com, chart from TradingView.com
The metaverse: Mark Zuckerberg’s Brave New World
Mark Zuckerberg attempts to create his own metaverse that would result in ever more centralization, leading to a dystopian future.
