Social Media and its influence

Instagram Readies Twitter Competitor for Summer Release
Company has been secretly testing app with celebrities
Instagram app may eventually connect with Mastodon network

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On Wednesday, just weeks after Elon Musk "let that sink in" to the Twitter headquarters, social media consultant and industry analyst Matt Navarra tweeted about Meta's staff discussing building a new Twitter rival with a "notes" feature on Instagram, building a separate text-focused app, or adding new, Twitter-like feeds to Instagram. It'll be called Realtime or Real Reels, or Instant which are fine names except that they all sound the same.

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Meta, the parent company of Facebook and Instagram, is reportedly preparing to allow the posting of non-fungible tokens (NFTs) on its social networks and the creation and trading of digital assets via a new marketplace. 

The news comes from a Financial Times article citing anonymous sources with inside knowledge of the company's preliminary plans. According to "several people familiar with the matter," Facebook intends to begin allowing users to post NFTs as their profile images and to upload or "mint" their own NFTs via a prototype system that will generate the required tokens needed to turn a simple image file into this new form of digital asset. 

Two of those same sources also claim Meta is planning its own marketplace for buying, selling, and trading NFTs. If true, this would place the company in direct competition with existing NFT trading outlets like OpenSea, which, as FT noted, just completed a $300 million investment round at a $13 billion valuation.

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In the race to continue building more sophisticated AI deep learning models, Facebook has a secret weapon: billions of images on Instagram.

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While the future remains uncertain for Twitter, Meta is throwing its hat into the ring to build the next major microblogging platform. This new Meta app is expected to launch this summer, according to an email shared with a select group of creators, and viewed by TechCrunch.

This text-based app will stand alone, but it will be partially integrated within Instagram. Users will keep their Instagram verification and handle, and all of their followers will receive a notification to go follow them on the to-be-named platform. Meta’s text-based platform will be decentralized and interoperable with Mastodon, which is built on the ActivityPub protocol.

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Meta streicht NFT-Funktion bei Facebook und Instagram
Der Techkonzern Meta stellt nach einer längeren Testphase sämtliche NFT-Funktionen in seinen sozialen Netzwerken ein. Der Fokus soll sich auf andere Arten der Monetarisierung von Content verschieben.

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Instagram has plans to allow users to display their NFTs and even mint new NFTs within the app, according to Meta CEO Mark Zuckerberg. But what does that even mean? There are quite a few possibilities, and none of them make a whole lot of sense.

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Instagram on Wednesday launched IGTV, a new long-from video platform that gives marketers another way to reach its vast audience -- which now stands at 1 billion users.

The new platform for content creators, which will be available as a standalone app and within Instagram, makes Instagram a more direct competitor with other digital media giants like YouTube as well as traditional media. It also gives Facebook, Instagram's parent company, a fresh channel for advertisers -- Instagram already accounts for a growing portion of Facebook's mobile ad revenue.

Calling IGTV its "most exciting feature to date," Instagram explained that videos on the app are fullscreen and vertical, optimized for watching on a smartphone. Each video can be up to an hour long. Anyone can post their own videos to IGTV via the app or the web and create their own "channel.

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At Facebook’s F8 conference on Tuesday, Mark Zuckerberg discussed how Instagram will be changing in the coming weeks. The upgrades include video chat, an Explore redesign, AR camera effects, and a bullying filter.


The new video chat feature will allow users to talk with one or more people. “You’re going to be able to just tap on a new camera icon in the top of any direct thread that you have and you’re going to be able to video chat one-on-one or with groups,” Zuckerberg explained. The chat screen can be minimized so users can use the feature while also scrolling through Instagram.

Instagram is also rolling out a new Explore design that features categories so users can choose different topic channels—like “animals,” “nail art,” and “slime”—rather than just seeing content that Instagram thinks you’ll like.

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