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There’s a new social media platform and it blends everything that’s trending online right now. It’s got NFTs, the <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-meta-microsoft-epic-games-and-others-companies-building-the-metaverse/articleshow/87663969.cms" data-type="tilCustomLink">metaverse </a>and digital coins, all in one app. Meet <keyword id="12550695" type="General" weightage="20" keywordseo="octi" source="Orion">Octi</keyword>, an augmented reality (AR) platform where you make videos with objects and scenes and earn digital ‘Octi’ coins. Octi looks like any other social media platform with its TikTok-like feed and Snapchat’s AR features. In this app, you can earn Octi coins as more people like and engage with your videos. You can play around with objects and create videos in scenes like the Great Hall from Harry Potter. Through these Octi coins users can purchase items from the Octi Shop and also use these coins to actually purchase physical goods like shoes, makeup, clothes and more. New objects and scenes will be added daily to the Octi Shop. <cmsannotation type="cmsannotation" annotationid="Social media and NFTs" comment="subhead" text="Social media and NFTs">Social media and NFTs</cmsannotation> The app also lets users import their own NFTs to the platform which anyone can use for free. But NFT owners are also rewarded coins as their objects are used and grow in popularity. So the more popular and used your objects are, the more valuable they become. This way users can not only get more exposure for their NFT items but also earn some money. <div type="image" title="Octi_Screenshot" msid="87756037" hostid="261" caption="&amp;lt;p&amp;gt;Octi lets users import their own NFTs to the platform which anyone can use for free. &amp;lt;/p&amp;gt;"></div> Octi wants to be different from other social media platforms where users are only rewarded with likes. It has<a href="https://www.reuters.com/technology/james-murdoch-backed-metaverse-app-octi-launches-tuesday-2021-11-16/"> financial backing</a> from James Murdoch's Lupa Systems, LiveNation Entertainment, and Jimmy Iovine, co-founder of Interscope Records. "We are building Octi to be the ultimate creative metaverse, with a business model based on community engagement and meaningful rewards instead of vapid 'likes’," Justin Fuisz, founder and CEO of Octi said in a press release. <cmsannotation type="cmsannotation" annotationid="Exclusive product releases" comment="subhead" text="Exclusive product releases">Exclusive product releases</cmsannotation> It is also offering a platform where it says the “creator is their own avatar in the metaverse.” The company has also opted for a commerce revenue model instead of the traditional advertising model that popular social media platforms go for. The virtual items available for users are also through partnerships with brands. Through this, Octi aims to help brands create hype for their products and even launch exclusive products digitally. So the platform nicely blends creators, brands with NFTs, the virtual metaverse world and social media. <cmsannotation type="cmsannotation" annotationid="An app that perfectly embraces the future of social media" comment="subhead" text="An app that perfectly embraces the future of social media">An app that perfectly embraces the future of social media</cmsannotation> Octi nicely blends creators, brands with NFTs, the virtual metaverse world and social media. It borrows the best features from the most popular social media apps like TikTok, Instagram and Snapchat. But it’s way ahead of the game with the option to use AR objects and scenes from popular franchises and brands, import your own NFTs and make some money while doing all that. Octi is currently available only on iOS with no word on when the Android version will launch. The app however isn’t available in India, and it isn’t confirmed where other than the US the app can be downloaded. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/hotmail-cofounder-launches-social-video-messaging-platform-showreel/articleshow/87750865.cms" data-type="tilCustomLink">Hotmail co-founder wants to help people find jobs through TikTok-like video resume platform ‘ShowReel’</a> <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-meta-microsoft-epic-games-and-others-companies-building-the-metaverse/articleshow/87663969.cms" data-type="tilCustomLink">It’s not just Zuckerberg ⁠— here’s how gaming, shopping and dating could look like in the metaverse</a>

Instagram, TikTok and Snapchat have a new rival called ‘Octi’ — an app that has NFTs, the metaverse and digital coins

<ul><li><keyword id="819905" type="General" weightage="20" keywordseo="instagram" source="Orion">Instagram</keyword> has started asking users to verify their identity through video selfies.</li><li>This feature is aimed at tackling bots and fake accounts on Instagram.</li><li>But it looks like the face verification system isn’t very smart.</li></ul>Instagram wants to tackle fake profiles and bots through video selfies to verify accounts. This feature, as the name suggests, will require new users to verify their identity by taking a short selfie video. <a href="https://www.businessinsider.in/tech/apps/news/instagram-reportedly-asking-users-for-video-selfies-to-verify-identity/articleshow/87750666.cms" data-type="tilCustomLink">Instagram</a> will then analyse the video to determine if you are a real person. This sounds like an effective way to deal with fake accounts but it looks like Instagram’s face detection system isn’t very smart yet. In a video shared by Alexander Chalkidis on YouTube, Instagram’s video selfie feature is seen being easily fooled by a Barbie doll. Chalkidis demonstrated using a Barbie doll for the selfie video where you basically have to move your face slowly in different directions to verify your identity. Once the video was recorded, Chalkidis submitted the video and Instagram verified it proving that Instagram’s face detection system can be fooled easily. <div type="Youtube" id="qJ-d6FRmOhQ" title="Instagram biometric fooled by female Barbie" thumbUrl="https://i.ytimg.com/vi/qJ-d6FRmOhQ/mqdefault.jpg"></div> Instagram also doesn’t take into account the gender of the account. This was tried again with a Barbie Ken doll and Instagram was successfully fooled again. It looks like there are still many loopholes with Instagram’s video selfie verification. This isn’t the first time Instagram introduced this feature. Last year when it launched video selfie verification, users complained that the app couldn’t verify their identity. The video selfie verification is a way for Instagram to tackle bot or fake accounts on the platform. If Instagram suspects a possible bot account that “likes lots of posts or follows a ton of accounts in a matter of seconds”, then it could be asked to verify through this feature. Instagram also said that its teams review video selfies, and that the videos are deleted within 30 days. But more than privacy, Instagram should probably focus on making the system smarter. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/instagram-reportedly-asking-users-for-video-selfies-to-verify-identity/articleshow/87750666.cms" data-type="tilCustomLink">Instagram reportedly asking users for video selfies to verify identity</a> <a href="https://www.businessinsider.in/tech/apps/news/octi-social-media-app-with-nfts-metaverse-and-digital-coins-launched/articleshow/87756055.cms" data-type="tilCustomLink">Instagram, TikTok and Snapchat have a new rival called ‘Octi’ — an app that has NFTs, the metaverse and digital coins</a>

Instagram’s video selfie verification feature can be easily tricked with a Barbie doll

<div class="KonaFilter image-container display-table"><div><div class="image on-image">OctiOcti CEO Justin Fuisz</div></div></div><ul class="summary-list"><li>Octi is a social app that wants to use augmented reality to build a new kind of social network.</li><li>"The world is ready for a new platform - something exciting, something that's different than what's out there already," Octi CEO and co-founder Justin Fuisz told Business Insider in a recent interview.</li><li>The twelve-person Los Angeles-based startup raised a $7.5 million seed round for its big idea from notable investors like Snap's former VP of Product Tom Conrad and Adobe's Chief Product Officer, Scott Belsky.</li><li>Below is the pitch deck that helped Octi raise a $7.5 million seed round. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>For years, the idea of a new social network disrupting the existing giants seemed highly unlikely.But given the intense privacy-scrutiny over incumbents including Facebook, and a growing interest in new technologies like Pokémon Go-style augmented reality (AR), the time seems ripe for some kind of disruption in the space. One such company is Octi - a social app that allows users to transform the world around them with AR effects and profiles. "The world is ready for a new platform - something exciting, something that's different than what's out there already," Octi CEO and co-founder Justin Fuisz told Business Insider in a recent interview. "We're finding the market to be very receptive to us." Octi's official launch is set for June, but a beta version of the app has been available in Apple's App Store since last year. Despite the positive feedback from users thus far, Fuisz knows his product needs to offer utility beyond just being able to display "dancing hot dogs on a table," as he puts it, in an apparent reference to <a href="https://www.businessinsider.com/snapchats-dancing-hot-dog-filter-meme-instagram-copy-2017-7">Snapchat's famed frolicking sausage</a>. Lack of an actual use case has been a common criticism of AR products. "When you think about AR, you want to think about utility, not just novelty," Fuisz said. "AR really hasn't had its breakout moment yet. We really harp on the idea of giving utility to the user." Today, Octi only offers the ability to add colorful graphics or gifs to videos, similarly to Snapchat. Upon its official launch, however, Fuisz says users will be able to add buttons to their digital profiles that link to information like songs they're listening to on Spotify, or their Instagram accounts.The goal is that when someone holds up their phone with the Octi camera open, they won't just see people, they'll see people's Octi profiles with animations and information about them. And that experience, Fuisz said, is "an incredible icebreaker" for people to start conversations in the real world. The twelve-person Los Angeles-based startup raised a $7.5 million seed round for their idea from notable investors like Snap's former VP of Product Tom Conrad and Adobe's Chief Product Officer, Scott Belsky.For now, Fuisz says the company is still in the "user growth" stage and that its main source of revenue comes from "fun partnerships that make the product cooler," like its partnership with the NFL Players Association. Over time, like other hopeful entrepreneurs spearheading social products, Fuisz hopes to monetize on the data it can collect. As for fundraising advice, Fuisz said pitch decks are not a "one-size-fits-all" project. Octi, for instance, is a very visual product and so its original deck included animations, rather than static pages. Fuisz also suggested not putting so much information in the deck that an investor might immediately say, "this isn't for me." "If your technology and product is truly groundbreaking, your goal as an entrepreneur should really just be to get [the investor] in the room," Fuisz said. <h4>Below is the pitch deck that helped the AR social app Octi raise a $7.5 million seed round: </h4> <a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=dmedia_ctgr_leadgen&amp;utm_campaign=dmedia_ctgr_leadgen_stories_deck"></a>

 Here's the pitch deck that this Los Angeles-based entrepreneur used to raise over $7 million for his new social network idea 

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Instagram, TikTok and Snapchat have a new rival called ‘Octi’ — an app that has NFTs, the metaverse and digital coins

Marcia Sekhose

Instagram’s video selfie verification feature can be easily tricked with a Barbie doll

Marcia Sekhose

Here's the pitch deck that this Los Angeles-based entrepreneur used to raise over $7 million for his new social network idea

Nick Bastone

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