At the beginning of the year, Twitter introduced a feature for Twitter Blue subscribers that allowed them to connect ether-based wallets and display NFTs as profile pictures.
With Elon taking over Twitter, we will likely see broader adoption of a range of cryptocurrencies within the platform, it’s not just going to be a bitcoin-dominated platform.
For its NFT support, Twitter planned to verify ownership with the help of OpenSea and other third-party NFT marketplaces. The number of blue checkmarks shot up, and hexagon-shaped NFTs became the new status symbol when it comes to digital assets.
“Blue check no longer means anything,” tweeted the director of research at Proof Collective.
He thinks Twitter’s new “pay-for-verification switch” is “not good,” but acknowledges the “state of blue checks in NFTs is a mess” due to the number of scammers, bots and fake influencers with verified accounts.
Other Twitter users said proving humanity might be part of a tiered verification system that includes elements of gaming to distinguish between bots, companies and individuals. Or that a Twitter token may be in the works, given that a crypto wallet is also reportedly part of the company’s plans.
We’re also likely to see more payment capabilities on Twitter beyond Lightning, which will be really good for the industry.
Binance founder Changpeng Zhao, also known as CZ, on Monday affirmed his plan to “help bring Twitter into Web3 when they’re ready.” CZ contributed $500 million in Musk’s Twitter leveraged buyout — another indicator of the growing relationship between the social network and digital assets.