As we have been following in the news, Elon Musk is now officially the owner of social media platform Twitter. Immediately after the acquisition, we are already seeing implications for crypto and NFTs. We list the most important developments.
Twitter NFT Tweet Tiles: trading NFTs via Twitter
One of the first changes is that it will soon be possible to trade NFTs via Twitter. One is working with 4 partners for this purpose: Magic Eden, Rarible, Dapper Labs and Jump.trade.
The platform will be blockchain-independent. This means that transactions can be done as long as one uses 1 of the 4 partners. These 4 parties have connections to multiple crypto blockchains such as Tezos, Solana, Flow, Immutable X, Solana, Polygon and Ethereum.
The Twitter NFT Tweet Tiles project is currently in the testing phase, but is expected to be rolled out soon. It does not require a paid membership (Twitter Blue).
Will Dogecoin (DOGE) be the crypto weapon in the fight against spam and bots?
Back in March, plans leaked out when Elon Musk discussed the acquisition of Twitter. One of the big problems is the fact that there are a lot of bots and spam going around on Twitter. The solution to this would be in Dogecoin (DOGE).
The idea is that Twitter as a whole would be placed on the blockchain. Twitter users would then have to pay a small amount per Tweet in Doge to register their message on the blockchain. This is thought to be 0.1 Doge (at the current rate, 0.008 cents). In return, people could receive fees for content.
Most of this plan is not officially confirmed at this time. However, it has been confirmed that top content creators will be compensated. What that will look like is not yet known. One assumes a YouTube-like model, where influencers will receive compensation from ad revenue and will likely be paid in crypto.
Futures: Twitter X app with crypto wallets and Binance
In the further future, Elon Musk, who rumors suggest may well be the famous Satoshi Nakamoto, wants to build Twitter into X, an “everything app. This model is based on China’s WeChat. With an ‘everything app,’ in addition to Twitter, you can also book travel, buy groceries and use all kinds of other (digital) services, for example. With that, outside of the app, you would actually no longer need the Internet for daily life.
For payments, a crypto wallet would be used that also allows crypto to be held and sold. It is expected that this wallet will be suitable at least for Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and Dogecoin (DOGE). It is likely that the former Binance Coin, now known as Build ‘n Build (BNB) will also have a role.
Binance is also expected to play a role on Twitter since it is now known that the world’s largest crypto exchange is one of the backers of the deal. Indeed, founder and CEO CZ revealed that they have contributed $500 million.
Twitter is not loading because you did not give permission.
Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter. https://t.co/gM65GHUnZC
– CZ Binance (@cz_binance) October 28, 2022
With that, it looks like Twitter is going to play a big role in the mass adoption of crypto as a means of payment. This often leads to price increases, but there is not much of that at the moment. Indeed, live cryptocurrency prices are negative at the time of writing.