Twitter, whose user base has grown steadily last year to exceed 185 million, is experimenting with NFT to allow users to view their groups as profile pictures.
According to Mada Aflac, chief software developer at Twitter, the microblogging platform is working on new functionality that allows users to import their NFT blocks from their wallet onto the blockchain. This feature will display a confirmed checkmark based on the NFT blockchain it is engraved on.
Verified Twitter NFTs may be the answer to the problem plaguing encryption on Twitter. After the explosion of NFTs earlier this year and the collections that CryptoPunks began selling for hundreds of thousands and even millions of dollars, they began to be used as profile pictures.
Although blockchain ownership can be easily verified, anyone on social media can copy and paste someone else’s profile picture and apply it to their profile. When this started to happen with expensive NFTs, collectors were unsatisfied.
Digital artist Mike Winkelman, aka Beeple, for example, sold one of NFT’s artworks for $69 million, and NFT’s flagship market, OpenSea, was valued at $4 billion a month. It costs a lot of money, and while some claim that copying and pasting an NFT makes it more valuable just because of the attention it receives, others just want to use and own their digital possessions.
Without any social media verification process, it is easy to reuse NFTs for others. For example, to verify ownership of their NFTs, users can link their wallets, although this may put their anonymity at risk. NFT demos and proof of ownership can now be part of the new online reputation system.
A new reputation system for the digital world
Early adopters of cryptocurrency are honored to be visionaries who have seen things others have not in the then illiquid and risky market, now worth trillions. Owning expensive and rare NFTs can now be seen as a way to demonstrate knowledge of cryptocurrencies and be recognized as a proud member of the community.
In an interview with Cointelegraph, Alex Salnikov, co-founder and product manager at NFT Rarible Marketplace, noted that NFT’s appearance on Twitter is “only a matter of time.”
He added that the feature could be part of a new reputation system for an increasingly digital world, saying that “the value of the new Twitter feature is not being able to prove that a particular NFT belongs exclusively to the profile owner.” According to him, the opposite is true:
“The access to data that this feature unlocks is of paramount importance here: What is the origin of the NFT, who were the previous owners and how much was it purchased? This is a new reputation system for the digital world.”
Jesse Johnson, co-founder of DeFi and NFT crossover project Aavegotchi, told Cointelegraph that he is excited about the opportunities that NFT Twitter verification can provide to highlight our digital identity, adding that our true selves merge with digital avatars. “It makes sense that ‘what’s in your wallet’ becomes just as important as ‘who you are’ as a source of social identity.”
Twitter, whose CEO Jack Dorsey is a well-known supporter of Bitcoin (BTC) and who sold the platform’s first tweet for $2.9 million in March, isn’t the only social media giant struggling with NFTs.
In an announcement on September 28, TikTok revealed that it’s launching an NFT lineup inspired by leading creators, including Lil Nas X, Bella Poarch, Curtis Roach, and more. NFTs launch on the Ethereum network and run on Immutable X, an immutable Layer 2 NFT scaling solution.
The collection, titled TikTok Top Moments, will feature six TikTok videos from the network’s most influential creators to celebrate their contribution to making the network one of the largest social networks in the world. Proceeds from sales go directly to the artists and creators of NFT content.
Salnikov commented on TikTok’s move and stated that celebrities on the platform now “want to make money on NFT, the main channel of the metaverse,” which is “good news for the entire market,” as this is the “massive adoption of the cryptocurrency industry that has been waiting for ten years.”
With over a billion users, TikTok is one of the largest social networks in the world. The use of blockchain technology makes it a step closer to the general public, who could one day, without realizing it, store assets on the blockchain.