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Social media giant Platform Meta (NASDAQ:META) is reportedly planning to create a new decentralization-focused social networking site to rival Twitter.
Dubbed P92, insiders say that users can access the platform using their Instagram login details and it will be interoperable with Mastodon. This application is described as a text-based content application with microblogging features.
While still in its early stages, Meta has already started substantive work on the privacy issues of the proposed social media platforms, with cross-app data sharing as a focal point. Head of Instagram Adam Mosseri is expected to lead development of the project as they race against time to launch the product.
“We are exploring a self-contained decentralized social network for sharing text updates. We believe there is an opportunity for a separate space where creators and public figures can share the latest updates on their passions,” said a spokesperson for Meta via email.
In December 2022, Instagram launched a Notes feature that allows users to share updates using up to 60 characters and emoji. There was widespread speculation that the feature could be scaled up to give stiff competition to Twitter, but Instagram clarified that it would slow things down.
“The plan now is a minimum viable product will definitely allow our users to broadcast posts to people on other servers,” said one insider. “That may or may not allow our users to follow and view content of people on other servers.”
Meta’s push into the microblogging platform comes at a time when Twitter has been facing a rocky patch since Elon Musk took over the company. Following a wave of layoffs and sketchy updates, most users have threatened to leave the platform for suitable alternatives, with Bluesky Mastodon and Jack Dorsey being named as viable options.
Innovate at breakneck speed
Meta, formerly known as Facebook, changed its name to suit the goal of exploring the metaverse and virtual worlds. Although the move raised a few eyebrows, the company has redoubled its efforts, sparking a wave of Big Tech companies stepping into the virtual world.
The company has also been experimenting with non-fungible tokens (NFT) on Instagram to allow users to display their NFTs. Meta has teased users with further Web3 integration such as augmented-reality NFTs and removed the need for fuel costs for NFTs purchased on the platform.
The new enthusiasm for Web3 technology comes after a failed experiment with the Diem stablecoin project which faced stiff opposition from regulators.
Watch: Activating the Real World Metaverse
https://www.youtube.com/watch?v=aA1If7LuHGY width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
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