NFT Integration on Twitter

Twitter announced on the 23rd of September that users on iOS will now be able to connect third-party tipping services to their profile on site. That will include the ability to link both Bitcoin addresses and Lightning Network addresses. Along with NFT integration in development. That will add NFT verification features to the platform.

“There’s this great opportunity for us to choose global, barrier-less options,” Bitcoin represents one of the best options. We know not everyone around the world transacts with bitcoin yet, but … we think it’s one of the better solutions.” - Esther Crawford from the products department on Twitter.

Though no specific timeline was laid out for the feature, less than a week into the initial announcement, Justin Taylor - Head of Consumer Product Marketing (Wearing a cool cat NFT) shared a tweet with a sneak peek into the experimental working of the Integration and UI. 

The ultimate goal in terms of NFT is to allow users to connect with your wallet and it will have a verifiable link to check legitimacy. They are taking an experimental approach with testing and requesting participation from NFT communities to express their suggestions and ideas, Multiple layers of NFTs to have a merged one for PFP or background was the primary feature suggestion.

From the Current UI, we can recognise the Picture, banner, hosted chain, and a tab to showcase collectibles. This further asserts wider adoption potential, collective strength and the impact of the community.

The space is evolving at an incredible pace and new use cases are being explored and experimented with. The above bell curve represents a typical market lifecycle. When coupled with stats and recent past activity, it becomes clear and obvious.Total Internet Users - 5,16 BTotal Social media users - 3.1 B  Total Users on Opensea - 390K

The ratio is disproportionally skewed and we are at the extreme left of the above illustration (green patch). Less than 0.001% of the total Social media users are in this NFT space doing nearly 3 Billion $ in monthly volume.  A cumulative total of about 390k users have bought NFTs on OpenSea since its launch. The number stood at about 170k users by the 1st of August 2021. This is about 1/4 of DeFi users. 

Twitter also plans for more automated content oversight, options for users to control their experience. “Spaces Fund” will enable creators who want to use enhanced audio features and pursue long-term monetization on the platform.

They are developing a new initiative called the “Bluesky project”, a small Twitter-funded group of open-source builders to develop a decentralized social media network. Jack is inclined to BTC and lightning networks, Aave Protocol founder Stani announced they are developing a Decentralised social media of their own for the Ethereum ecosystem. 

Both have proven team and community support, we will wait to see what works best when they launch. But for crypto in general, it is priming up to a new dawn of Web3 and it is exciting.