Twitter, which saw its user base surpass 185 million users last year, is testing users using NFT to display their collections as their profile picture.
According to Mada Affleck, a senior software engineer at Twitter, the microblogging platform is working on new functionality that will allow users to import NFT collections from their wallets into the blockchain. This feature will display a verified checkmark based on the blockchain on NFT.
As promised, the first test here. Comments and ideas are welcome 🙂 🙂 https://t.co/TDyhibCXfG pic.twitter.com/2ifru9T2Pa
– Mada Aflak (af_mada) September 29, 2021
Twitter-verified NFTs may be the answer to a problem plaguing crypto Twitter. After NFTs exploded earlier this year and collections like CryptoPunks began trading for hundreds and even millions of dollars, they began to be used as profile pictures.
Blockchain ownership can be easily verified, anyone can copy-paste someone else’s profile picture on social media and use it on their own profile. When it started to happen with extremely expensive NFTs, collectors were not satisfied.
Digital artist Mike Winkelman, better known as Bipal, sold one of his NFT works of art for 69 69 million, for example, and the top NFT marketplace, Openasia, saw its sales reach billion 1 billion a month. Lots of money involved, and while some argue that copying and pasting an NFT simply makes it more valuable because it gets attention, others want to use and own their digital property exclusively.
Without any kind of verification process, someone else’s NFT can be easily reused on social media. To verify ownership of their NFT, users can link their wallets, for example, although doing so may result in potential compromises with their privacy. Showing NFT and verifying ownership can now be part of a new reputation system on the web.
A digital world system of new fame
Early cryptocurrency recipients are revered for being far-sighted, having seen something that was not then in the volatile and risky market that is now worth trillions. Owning expensive and rare NFTs can now be seen as a way to show crypto intelligence and identify yourself as a proud member of society.
Speaking to Cointelegraph, Alex Salnikov, co-founder and head of product at NFT Marketplace Rarible, noted that it was “just a matter of time” before NFTs began to roll out on Twitter.
He added that the feature could be part of a new reputation system for the growing digital world, adding that “the significance of Twitter’s new feature does not have the power to prove that a particular NFT belongs only to the profile owner.” According to him, the opposite is true:
“The information that this feature opens up is the most important to access here: what is the origin of NFT, who owns it and how much did it cost? This is a new reputation for the digital world.
Jesse Johnson, co-founder of the DeFi and NFT crossover project Aavegotchi, told Cointelegraph that he was excited about the possibility that NFT’s Twitter verification could reveal our digital identity, as well as our involvement with digital avatars in real life. Understandably, ‘what you have in your wallet’ becomes as valid as ‘who you are’ as a source of social identity. “
Twitter, whose CEO Jack Dorsey is a famous Bitcoin (BTC) supporter who sold the first tweet published on the platform for .9 2.9 million in March, is not the only social media giant testing the water with NFT.
In an announcement made on Sept. 2, Tiktok revealed that it is launching an NFT collection inspired by top manufacturers, including Lil Nass X, Bella Poirch, Curtis Roach and others. NFTs will be launched on Etherium networks and powered by Immutable X, a new scaling solution for the Layer-to-NFT protocol unchanging.
Called TikTok Top Moments, this collection is ready to select six TikTok videos from the network’s most influential creators to celebrate their impact to help them become the world’s largest social media platform. Proceeds from the sale will go directly to content creators and NFT artists.
– Josh Wong (ijing Beijing) October 3, 2021
Commenting on Tiktok’s move, Solnikov said the platform’s celebrities now want to monetize through “NFT, the main medium of metavars” which is “wonderful news for the whole market” because it is the crypto industry that has been waiting for mass adoption for more than a decade. ”
With over one billion users, Tiktok is one of the largest social media platforms in the world. The use of blockchain technology brings it one step closer to the mainstream audience who can one day hold on to resources in the blockchain without even realizing it.
Monetization of intellectual property
Daniel Menci, managing director of DigitalBits, commented that NFTs are “changing the way we value ownership”, and that TickTock’s move “ushers in another era of value creation for consumers worldwide.”
Menci added that anything could be an NFT, including a tic-tac-toe video. For example, TickTock stars are now selling their content as NFT and “giving fans the opportunity to own a part of their work.” He added:
“It paves the way and makes being NFT more acceptable for anything. As the acronym becomes more recognizable to the general public, people will realize how valuable and necessary NFTs are.
Sasha Ivanov, founder of Waves Blockchain, said Tic Tac Toe’s “creating viral moments and cultural trends, as well as the hyper-connect global community, will play a key role in the growth of the entire ecosystem.”
Tiktok is significantly integrating blockchain technology with its business over time. In August of this year, it partnered with blockchain streaming platform Audius for a new feature called TickTock Sounds. The partnership allows Audius users to export protocol-based song tickets.
Solo CJ, co-founder of Social Marketplace for Creator Calaxy, told Quintelegraph that TickTock’s announcement raises awareness of the NFT’s community-based application as a “community building and intellectual property (IP) monetization tool.”
According to Ceesay, monetization of intellectual property has been a hot topic for years and NFTs “exemplify the lack of verification”, a combination that could trigger the “next wave of crypto customer acceptance”.
TickTock and Twitter are now actively accepting unwanted tokens (NFT), but the journey that brought us here was wild. In 2013, the nascent cryptocurrency community discussed potentially colorful currencies that had to bring real-world wealth to the blockchain. Fast forward eight years, and it is now discussing how unique blockchain-based resources are entering their favorite social media platform that billions of people use.