Twitter, which has seen its user base grow steadily to surpass 185 million users last year, is experimenting with NFT to allow users to display their non-fungible token (NFT) collections as profile photos.
According to Mada Aflak, a senior software engineer at Twitter, the microblogging platform is working on a new feature that will allow users to import their NFT collections from their wallets onto the blockchain. The function would show a check mark based on the blockchain on which the NFT was activated.
As promised, here is the first experiment. Comments and ideas are welcome 🙂 https://t.co/TDyhibCXfG pic.twitter.com/2ifru9T2Pa
– Mada Aflak (@af_mada) September 29, 2021
As promised, here is the first experience. Comments and ideas are welcome 🙂
Twitter’s verified NFTs may be a response to an issue affecting Twitter’s cryptocurrencies. After NFTs caused a sensation earlier this year and collections like CryptoPunks began trading in the hundreds of thousands, if not millions of dollars, they began to be used as profile pictures.
While ownership can be easily verified on the blockchain, on social media anyone can copy and paste someone else’s profile photo and use it on their own profile. When this started happening with extremely expensive NFTs, collectors didn’t appreciate this spoofing (so to speak).
Digital artist Mike Winkelmann, known as Beeple, has seen one of his NFT artworks sell for $ 69 million, for example, and NFT’s main market, OpenSea, has seen its sales surpass $ 4 billion per month. . The stakes are high, and while some argue that copying and pasting an NFT only makes it more valuable because of the attention it receives, others want to exclusively use and own their digital property.
Without any verification process, someone else’s NFT can be easily reused on social media. For example, to verify ownership of their NFTs, users could link their wallets, although this could compromise their anonymity. Viewing NFT and verifying your ownership can now be part of a new network reputation system.
The new reputation system for the digital world
Early adopters of cryptocurrencies are recognized as visionaries who saw something that others did not see in a market that was then illiquid and risky, and now worth trillions of dollars. Owning expensive and rare NFTs could now be seen as a way to display cryptocurrency knowledge and identify yourself as a proud member of the community.
Alex Salnikov, co-founder and product manager of the NFT Rarible market, noted that it was “only a matter of time” before NFTs began circulating on Twitter.
He added that this feature could be part of a new reputation system for an increasingly digital world, and said that “the importance of the new Twitter functionality does not lie in the ability to demonstrate that a delivered NFT belongs only to the owner of the profile. ”. .
Twitter, whose CEO Jack Dorsey is a well-known bitcoin (BTC) supporter, and who sold the first tweet posted on the platform for $ 2.9 million in March, is not the only social media giant to test NFTs.
In an announcement made on September 28, TikTok revealed that it is launching a collection of NFTs inspired by its best designers, including Lil Nas X, Bella Poarch, Curtis Roach, and more. NFTs will be rolled out to the Ethereum network and will be powered by Immutable X, a new scaling solution for Immutable’s layer two NFT protocol.
The collection, appelée TikTok Top Moments, presents a selection of six TikTok videos des createurs les plus influents du réseau, akin to celebrating the impact qu’ils ont eu en aidant le réseau à become l’une des plus grande platforms de réseau social to the world. Proceeds from sales will go directly to NFT’s content creators and artists.
🤔 @tiktok_us NFT ad in Sunday Edition @nytimes. Probably nothing. pic.twitter.com/9l5mmjYjbx
– Josh Ong (@beijingdou) October 3, 2021
NFT announcement from @tiktok_us on Sunday’s @nytimes. Probably nothing.
Salnikov commented on the TikTok move, saying that celebrities on the platform “are now looking to monetize themselves through NFT, the main medium of the metaverse,” which is “wonderful news for all markets” because it is “the mass adoption that the cryptocurrency industry has been waiting for more than a decade ”.
With over 1 billion users, TikTok is one of the largest social media platforms in the world. Your use of blockchain technology brings you one step closer to the general public, who may one day, without even realizing it, have assets on the blockchain.
Monetize intellectual property
Daniele Mensi, CEO of DigitalBits, said that NFTs “are changing the way we value goods,” adding that the TikTok initiative “opens a new era of value creation for consumers around the world.”
Daniele Mensi added that anything can be an NFT, including a TikTok video. For example, TikTok stars now sell their content as NFT and give “fans the opportunity to own some of their work.” He added that:
“It paves the way and makes it more acceptable than anything an NFT can be. As the general public recognizes the abbreviation, people will realize the value and even the need for NFTs.
The founder of the Waves blockchain, Sasha Ivanov, said that TikTok’s ability to “create viral moments and cultural trends, as well as hyper-connected global communities, will play a key role in the growth of the entire ecosystem.”
TikTok has significantly integrated blockchain technology into its business over time. In August of this year, it partnered with Audius (Audio), the blockchain streaming platform, for a new feature called TikTok Sounds. This association allows Audius users to export songs created in the protocol to TikTok.
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