Facebook grabbed the headlines recently when it announced it was officially changing its business name to Meta. The move signaled that the world’s largest social networking company has fully embraced the ideas of Web 3.0 and the Metaverse.
Now, Facebook rescinded a previous ban on advertisements related to digital currencies, NFTs, etc. While advertisers will still need to apply to run digital currency ads, Facebook said it wanted to “facilitate” this operation.
Learn more about Facebook’s decision to lift the ban on digital currency ads
Facebook previously banned ads promoting digital currencies due to regulatory uncertainty and the questionable legality of various digital assets. In a statement related to the cancellation of this ban, Facebook set out its reasons:
- He said he has increased the number of regulatory licenses he will accept, making it easier to run ads on digital currencies. Facebook will now accept regulatory licenses from 27 jurisdictions instead of the three it previously accepted.
- Facebook believes the industry has “continued to mature and stabilize” and noted the regulatory clarity seen in recent years.
- The social media giant said that in the future it would move away from the “variety of signals” it previously used to determine eligibility to serve ads and would now accept one of 27 regulatory licenses.
According to Facebook’s updated policy page, ads promoting the following will always require prior written approval.
- Stock exchanges and trading platforms
- Services that make it easier to lend or borrow digital currencies
- Wallets for buying, selling and trading tokens
- Hardware or software for digital currency mining
Considering that advertisements promoting the following elements are now authorized by authorized entities:
- Tax services for digital currencies
- Digital Currency Events, Education & News
- Blockchain Industry News
- Services and products that are not virtual currencies, for example NFT
- Wallets that allow you to store but do not allow you to buy, sell or trade
Facebook will allow advertisers for the above categories, which are licensed from countries such as: Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, Malta, Netherlands , Norway, Philippines, Singapore, South Korea, Sweden, Thailand, United Arab Emirates, United Kingdom and United States.
In other words, Facebook has taken steps to promote education and information linked to the digital currency and blockchain industries without embracing the direct sale of worthless tokens and potentially illegal securities.
Web 3.0 and the metaverse memes
Ideas surrounding Web 3.0 and the Metaverse have started to take off over the past two years and have peaked in the past six months. The idea is that humans live in a virtual world where most of our interactions are digital and where we can own digital assets, use digital currencies, and live, play and interact in virtual reality.
The reality is that today’s technology is far from ready to bring out the dystopian implications of a virtual world. As VR headsets become more affordable and fewer people vomit from motion sickness after using them, most of the technologies in the blockchain industry that are touted as making this world easier are supercharged vaporware.
Take Ethereum, for example. It’s widely promoted by supporters of Web 3.0, but it can’t even handle transactions from a single blockchain casino app. Then we have Solana, which the developers had to shut down and restart when it gave in under the pressure of too many transactions. These darlings of the Web 3.0 movements just aren’t going to make it because they don’t scale to scale, and they probably never will despite repeated promises.
Enter the Metanet
Does that mean all the talk on Web 3.0 and the metaverse is hype and deception? While much of it is, there is actually a revolution going on that will change the internet forever. Still, it’s a topic that entities like Facebook won’t be too keen to promote or educate, as it will render their business model obsolete.
The real Web 3.0 is powered by micropayments rather than data collection and advertising. It’s called Metanet, and if Satoshi Nakamoto is successful, it will eventually replace the Internet as we know it. Everything will be fueled by micropayments worth a few fractions of a cent, new businesses and new ways of doing things will open up, annoying ads and cookie notifications will be gone forever, and spam / scams will become economically not viable.
While Facebook has taken reasonable steps to allow ads that will not directly promote fraudulent tokens and illegal titles, they had better embrace the future and allow education about the real revolution: the Metanet on the BSV blockchain.
Learn more about the Metanet promise here.
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