Social Media Innovations: Oct. 2019
October 2019

By Alex Jeater

Facebook’s Crypto Currency, Libra, Hits the Rocks

We start with the news that Facebook’s planned crypto currency, Libra, is under significant pressure from regulatory bodies across the world – meaning that the much hyped concept may never see light of day. Indeed, back in September, a French government spokesman confirmed that Libra threatened “monetary sovereignty”, while more recently PayPal announced that it would be pulling out of the project, as have Visa and MasterCard – leaving the project up in the air.

 

Instagram reportedly working on TikTok-style features 

Following Instagram’s famous replication of SnapChat’s short video clips into Stories – which have proved hugely popular for the platform and increased dwell-time – the Facebook-owned photo sharing platform is at it again. It’s reportedly replicating some of TikTok’s features, into something called Clips– which will allow users to record segments of videos into a Story, overlay music and adjust the speed – just like TikTok. They say imitation is the sincerest form of flattery, right?

 

Is Facebook removing Likes?

And finally, Facebook has confirmed that it’s considering removing like counts – in order to stop the over-competitive nature of the engagement metric, and protect user’s mental health. As we previously reported, Instagram is already testing such a feature – but it also looks like its parent company is following suit.

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