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Meta and Twitter’s NFT Landgrab Could Backfire

ItemDate=2022-01-23 16:30:56 Status=publish


#News(General) [ via IoTGroup ]

“Despite the positivity around NFT use cases there’s a lot of distrust in the community—perhaps due to the anonymity of key artists and influencers and almost certainly due to the scammers that circle like vultures and frequent rug pulls ” says PJ Cooper founder of Pandimensional Trading Co. which is launching its own NFT collection later this year.Despite those reservations Cooper is largely supportive of Twitter’s entry into the NFT space and says he will display an NFT as his profile picture when functionality rolls out to the UK.

Cooper does however have worries about the fact that people can still right-click and save NFT profile pictures and mint their own version of them as NFTs.A company spokesperson for NFT marketplace OpenSea Allie Mack confirmed that NFT profile pictures that appear on Twitter are verified through the company’s site.In fact Twitter uses API metadata and collection information from OpenSea to authenticate an NFT displayed on a user’s profile and turns it into a “soft hexagon” on the site.

Around the same time as Twitter launched NFTs OpenSea crashed.At the time security researcher Jane Manchun Wong tweeted that OpenSea’s platform had taken out Twitter’s NFT feature.OpenSea says that the outage had “absolutely zero impact on the public Twitter integration” and that the issue flagged by Jane happened in a closed beta.Since the Twitter integration launch Mack says there has been zero interruption to the Twitter service.Theft is a perennial problem for the NFT world and one that seems unlikely to be easily fixed but McCorry thinks that’s a non-issue for Meta and Twitter.

For those deep in the NFT space the adoption of official standards by Twitter in particular is welcomed.Plenty of Twitter users have NFT art as their profile picture but find it difficult to prove ownership particularly when faced by trolls who like nothing more than to right-click and steal their NFTs to show them the fallibility of their investments.“Right now

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