NFTs on Facebook and Instagram: Is this safe?

On Monday Meta, the parent company behind Facebook and Instagram, among others, announced that users non-fungible tokens (NFT) could use on social media platforms. Crypto Twitter doesn’t seem to like this move by Meta. According to many experts, the privacy and security of users cannot be guaranteed by Meta.

NFTs and Meta

Users can now easily showcase their latest digital collectibles on Facebook and Instagram by simply linking digital wallets to the social media platforms. At first glance, of course, this seems like an excellent example of adoption of the crypto industry, but not everyone is equally enthusiastic.

This of course has everything to do with the image that Meta has acquired over the years. Privacy and safeguarding user data aren’t exactly things that Meta is known for. On the contrary, in the past few years, Meta has regularly been in the news due to large-scale data leaks.

Crypto Twitter therefore warns against integrating digital wallets with Facebook and Instagram.

“I don’t think it’s smart to entrust Meta with digital collectibles.”

Almost all criticism is about the fact that Meta could get their hands on sensitive information about the digital wallets in this way. Twitter user ‘CryptoBARTENDER’ even stated that he trusts the government with his digital wallets rather than a company like Meta.

Strong criticism of Meta

In the announcement, Meta revealed that “people can use our tools to keep their accounts safe and report digital collectibles that go against our community guidelines.” Meta has not yet shared any concrete plans it has to keep their users’ digital wallet-related data safe.

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In any case, the sentiment from the crypto community towards Meta’s new plans is undeniable. Distrust predominates over any other emotion. And this is of course not entirely unjustified. The fact remains that in the past Meta has been a regrettable track record when it comes to protecting user data.

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