Twitter has been all over social media, especially after its latest news concerning the new owner Elon Musk. However, even before its eventful acquisition, Twitter had been a platform of events primarily related to trying out new features.
In September last year, Twitter introduced the feature of payments. With the latest update, users will now be able to pay their favorite content creators using BTC. Adding to the list, the platform introduced transactions in ETH in mid-February.
Besides, Twitter has added several cryptocurrency-related services to its platform over the past year.
However, that’s not all. According to a blogger named Jane Manchun Wong, Twitter is developing a cryptocurrency wallet that supports deposits and withdrawals.
Continue reading as we explore what’s cooking for the bird in blue.
What’s Changing For The Twitter Platform?
Introduction Of A Twitter Wallet
There may be a cryptocurrency wallet in the pipeline. Blogger Jane Manchun Wong, renowned for sharing information about cutting-edge technological advancements, recently revealed that Twitter is developing its cryptocurrency wallet.
She stated that Twitter was developing a “wallet prototype” that supported “crypto deposit and withdrawal.” Twitter has yet to reveal such a product formally, and it is unknown where Wong got the information. Wong has stated in other places that she finds most of her material in publicly accessible code.
Beta App That Follows Crypto Payments
Over the past year, Twitter has added several additional cryptocurrency-related features. It launched cryptocurrency tipping in September 2021. It started integrating web3 dApps in November 2021. Finally, users can upload NFTs as their profile images on 1st January.
Elon Musk briefly contemplated utilizing cryptocurrency micropayments to restrict spam transactions while still buying Twitter. However, recent events imply that this shall no longer be considered.
The information follows that of BlueSky, a decentralized social media site owned by Twitter. On Tuesday, the project revealed the availability of a beta app.
BlueSky’s principal developer Jay Graber has highlighted that the service will not have any crypto capabilities. Even though it may attract the values of the decentralization-focused crypto community.
On October 20, she commented, “I’m confident in our choice not to place content on social media on a Blockchain.” As a result, today’s news appears to have more to do with Twitter’s present crypto features than with current BlueSky or Elon Musk projects
Twitter has a distinct section called “Bluesky,” a project aimed at creating a decentralized social network system. Platforms will also function outside of a conventional corporate structure thanks to Bluesky’s ability to function as a social protocol.
In a tweet, the decentralized social media protocol said it had 30K sign-ups for its app’s waiting list in just 48 hours. According to a recent Coinspeaker story, Twitter and NFT marketplaces are developing a new NFT feature known as “tweet tiles.” NFTs and call-to-action (CTA) collections objects can now be shared on the platform by users thanks to the newest feature. Since August, Tweet files have notably been in testing, and reputable media outlets like the New York Times have had access to them.
According to a recent press release, “the ability to integrate NFTs will boost sales and help the finding of new and upcoming collections,” complete with pertinent information and a direct link to a marketplace.
In addition to this reading, Dorsey founded the project unveiled in 2019 and is presently in the research stage. Before its release, Bluesky invited interested parties to sign up for its waitlist to sample the beta.
Along with Instagram and Reddit, the social media site launched by Jack Dorsey has emerged as one of the least cryptocurrency-friendly websites. However, under Dorsey’s direction, the business introduced several services that enabled customers to connect their cryptocurrency wallets to personal profiles.
Why Cryptocurrencies For Twitter?
The craze of decentralization and Blockchain has been unmatched, especially after the introduction of Web 3.0. With the possibilities of a crypto-based internet, every significant company is marching towards implementing cryptos in some form or other into its operations.
However, Twitter isn’t new to the race! The social networking site already supported cryptocurrencies before the rumor of a Twitter cryptocurrency wallet. The business released a tool that lets consumers tip content producers with Bitcoin last year.
A few months later, Ethereum users may tip in the native cryptocurrency of Twitter. The business launched various tools that allowed customers to connect their cryptocurrency wallets to their profiles while Jack Dorsey was the CEO. Users recently began to show their non-fungible tokens (NFT) under their profile photographs. Twitter will soon have cryptocurrency wallets, making it a fully-fledged Web3 platform.
This move by Twitter signals a larger push by the company toward decentralizing social media, which would enable networks to operate separately on the blockchain rather than on server farms hosted by companies like Amazon Web Services.
While cryptocurrency payments and NFT galleries are now the lowest-hanging fruit in the short term, this move marks a push by the company toward that goal more generally (AWS).
Thanks to these decentralized networks, individual users will have more control over their privacy and data. However, other scholars are concerned about how these decentralized systems might handle issues with content filtering, especially about extremist political content.
The Future Seems Crypto For Twitter Users
There have been no rumors about a native Twitter cryptocurrency wallet up until now. If developed, it might simplify users’ sending and receiving tips and use the NFT profile image feature. They won’t have to manage or link an outside wallet.
After a management transition, the social media network has continued to enhance its crypto capabilities. Jack Dorsey, the company’s founder, replaced Parag Agrawal as the CEO.
There is a distinct division called “Bluesky,” as well as a cryptocurrency wallet feature. To establish a “social protocol,” the project’s team is developing a social media solution. These systems will be capable of functioning outside of the confines of a typical business in that way. They’ll adopt transparency and decentralization principles similar to those of Bitcoin and other cryptocurrencies.
In that regard, the protocol may provide social media users more autonomy by enabling them to select the services they wish to utilize, manage the algorithms powering those services, and even manage their functionality.
Although they are independent companies, Dorsey launched Twitter and Bluesky to advance social media in an era where cryptocurrency wallets might replace traditional bank accounts.
However, all the projects are reportedly still in the planning stages. When can we anticipate it? Would all Twitter users have access to it? Will it support all cryptocurrencies? All of these queries remain unanswered.