Twitter can be considered one of the forefronts in adopting cryptocurrency into its business model. Many new developments have arisen like the creation of a cryptocurrency team and a showcase menu for your NFTS (Non-fungible tokens). Also, the feature to tip twitter accounts using your cryptocurrency coins. The purpose is to ride the wave of crypto growth and become a leading cryptocurrency platform, other than the exchanges themselves. I believe these strides will only benefit Twitter in the long run as adoption increases while consumer averseness fades. Ultimately until cryptocurrency is a part of everyone’s lives in the future.
Starting with Jack Dorsey and selling his first tweet on Twitter as an NFT months ago for nearly 3 million dollars at the time, or 1630 Ethereum, which has grown to an even bigger number, this may have sparked the company’s continued interest in the space. Afterward, Twitter itself dropped an NFT collection of nearly 140 for users entered by simply replying to the tweet. This is an extremely small amount, even for NFT standards, which makes the whole idea even more valuable. Twitter has had a tip feature for a while. This means sending your favourite influencers fiat money (dollars) through Venmo as a token of appreciation. But Twitter took it a set further, as you were then able to tip tokens themselves. The Bitcoin tipping feature was added along with an Ethereum tipping feature just this month. Eventually, Twitter added a page to showcase your NFTS. One of, if not the most widely accessible location to prove NFT ownership, this provided validity for many that they owned valuable art in the form of digital pictures. You can now set your Twitter profile picture to an official NFT that you own boasting a hexagonal share rather than the regular cycle. If that wasn’t enough, Twitter officially announced the formation of its first crypto team, aimed to be “a center of excellence for all things blockchain and web3.” The team will be responsible for the exploration and advancement of crypto payments on the platform, opportunities for monetizing NFTS, and steps towards decentralizing social media and the Twitter platform itself.
These features are incredible and I believe will benefit Twitters users immensely for various reasons. First, by decentralizing Twitter and allowing it to run independently on the blockchain, instead of a server hosted by the business, users will have more privacy and say regarding the data and information they share. They aim to build an “open decentralized standard for social media,” this means that Twitter in this new space dubbed “bluesy protocol” would just be one of many components to it, so Twitter would not have control over this space. The ability to tip with non-fiat currency simply gives more variety to users, considering many people are shifting away from fiat altogether. By providing an open space for users to promote NFT’s brings mainstream adoption, more recognition for Twitter, and the opportunity to bring awareness to the many artists creating these pieces. Mainly, some people will use Twitter for the sole reason of showing off their NFT’s.
This all ties neatly together as Twitter’s co-founder, Jack Dorsey, just stepped down as CEO and will leave the company altogether. Many speculate that Dorsey left to pursue his passion for cryptocurrency, introducing a white paper revealing his own decentralized exchange for crypto. I am sure many are curious about what Dorseys plans are, but I believe he has the interest, knowledge, and vision to make a great cryptocurrency project come to life. However, this crypto-centric stance for Twitter has come with negative feedback. Mainly if Twitter’s advertisement-driven business model could be destroyed as a consequence. Many people think Dorsey’s fixation on Bitcoin was hurting Twitter, but with him leaving, this should quiet the skepticism down. However, his crypto implementations will be here to stay. Overall, Twitter has just begun its ventures into crypto with its early integration of crypto tips and NFT verification and showcasing. They will explore many more developments and help the public participate in crypto activities and eventually help the evolution of the decentralized internet. As a business model, the possibilities are nearly endless with different projects coming into play each day. In the end, crypto will benefit Twitter and it helps the this company is at the forefront for advocating mass adoption.
Sources: https://techcrunch.com/2021/11/10/twitter-is-building-a-crypto-team/?guccounter
https://www.thesun.co.uk/tech/16886388/jack-dorsey-twitter-bitcoin-cryptocurrency-square/
https://www.ft.com/content/ca4aca6e-b05f-4466-bf10-1d984c2650c4
https://www.socialmediatoday.com/news/twitter-looks-to-new-crypto-and-nft-projects-with-the-expansion-of-its-twit/609873/