In a major move for the future of social media, Twitter started verifying profiles with non-fungible tokens (NFTs). On 20th January20, 2022, Twitter launched a new non-fungible token (NFT) feature for itsTwitter Blue users – a paid subscription service that gives its users access to premium services.
This includes editing published tweets, posting longer videos, reading news without advertisements, and more. Twitter Blue will allow people to showcase the NFTs they own by setting them as their profile pictures. The move comes as the social media giant looks to tap into the growing NFT market, which has seen rapid growth in recent months.
The new NFT profile picture feature will be visible to everyone, irrespective of the Twitter platform. The current version is only available on iOS - although we expect this option soon enough for Android smartphones too!
Blue service isn't globally accessible and it's offered only within US Canada Australia New Zealand at present time. So far, only a handful of celebrities and influencers have jumped on the NFT bandwagon, but Twitter says that the new profile picture feature will be visible to everyone, irrespective of whether they use the Twitter Blue service or not.
Twitter's interest in NFTs (non-fungible tokens) started when users trading NFTs started to change their profile pictures to showcase their NFTs. This is because most of the NFT talk happens either on Twitter or Discord. In September 2021, Twitter started exploring the idea of an official authentication that will allow NFT owners to showcase their digital assets. This is a big move and launching this new feature makes Twitter the first-ever social media platform to launch something specially dedicated to NFT users. This is a big deal because, up until now, there hasn't been a dedicated space for NFTs on any social media platform.
NFTs or non-fungible tokens have been getting a lot of attention lately as the new hot investment. But what exactly are they? NFTs are digital collectibles – often works of art – that provide unique ownership of the collectible to the buyer. Like cryptocurrencies, they are traded on the blockchain. However, they are non-fungible (i.e., one NFT cannot be exchanged for another because of the unique value assigned to that particular NFT). This makes them ideal for digital artists and other creators who want to sell their work in a way that ensures each piece is truly one-of-a-kind. While some people see NFTs as a speculative investment, others view them as a way to support artists and creators they love.
Twitter's move could signal a shift in how social media platforms interact with NFTs. Up until now, most platforms have been content to stay on the sidelines as users experiment with NFTs. But with Twitter jumping in, it seems that the world of NFTs is about to get a lot more mainstream. And that could be good news for everyone involved.
It is hard to ignore the recent buzz around Non-Fungible Tokens or NFTs. With big names like Jack Dorsey, Mark Cuban, and Grimes diving into the world of NFTs, it is only a matter of time before the general public catches on.
Last year, an artwork collection by creator Mike Winkelmann was sold at a whooping $69,346,250 at an online auction, making quite a statement about the size of the NFT industry. In 2021, the industry leapt forward when the NBA sold celebrity and sports star NFTs, making more in a month than the entire NFT market produced in 2020.
With trades increasing from $329 million to $3.4 billion on OpenSea alone, it's safe to say that the NFT industry is booming. Thanks to the sudden surge in popularity, it seems that there's no telling how big the NFT industry could become. So, whether you're an avid collector or a curious onlooker, it'll be worth keeping an eye on the world of NFTs in the months and years to come. The next big thing after Bitcoin? Millennials are bullish about NFTs and consider them as investment opportunities. Twitter's move points out how popular this trend currently is, with its market expanding each minute!
Twitter's entry into the world of NFTs is just the latest example of how mainstream the industry is becoming. And with more and more people taking an interest, it seems that there's no telling how big the NFT industry could become. So, whether you're an avid collector or a curious onlooker, it'll be worth keeping an eye on the world of NFTs in the months and years to come.
Crypto enthusiasts have been displaying their NFTs on Twitter profile pictures for a long time before this feature was launched. This prevents people from copying others' blockchain-based assets and displaying them as if they were one’s own, through an official verification mechanism that was recently introduced by the social media platform after much deliberation regarding how to authenticate these types of profiles with unique ownership status in mind; you can do so by linking your Ethereum wallet directly into Twitter account. However, Twitter only supports a limited number of Ethereum wallets at the moment including Coinbase Wallet, Ledger Live, Argent, TrustWallet, and MetaMask. If you have any of these wallets, you will easily be able to connect with Twitter and select the profile picture you want to display.
To ensure the NFT profiles stand out from the crowd, it introduced a hexagonal border instead of the standard circular one. This is designed to underline the uniqueness and authenticity of your NFT so that if anyone tries to copy it and use it as their profile picture, they'll get the normal circular frame. So, there's no need to worry about your NFTs being stolen and displayed as someone else's profile picture on Twitter. It's a small but significant way to show that your NFT is one of a kind.
Twitter's hexagonal profile feature for NFT owners was a step taken to prevent its users' NFTs from being stolen and used by others as their profiles. They wouldn't be unique again if this were to happen. However, if someone stole the NFT image from Twitter and re-uploaded it to an NFT platform, it would then become their property, as the NFT would be stored on their blockchain. Then they can use the Twitter feature and have the same NFT as their profile picture with a hexagon border. So, the solution isn't perfect, but it's a start. We hope that in time, Twitter and other social media platforms will find better ways to protect users' NFTs from being stolen and used by others without their permission. Crypto enthusiasts and advocates are applauding Twitter's current effort to protect non-fungible tokens or NFTs. Despite the drawback of NFTs, the move by Twitter is seen as a step toward the mainstream adoption of blockchain and crypto.
Another issue is that the new feature relies on third-party application programming interfaces (APIs) to fetch users' NFTs from online marketplaces. This means that if the marketplace goes down, Twitter may not be able to load those NFT profile pictures. Additionally, it opens up the possibility for spoofing and phishing attacks, as malicious actors could create steal NFTs from owners and use them as their profiles on Twitter.
Shortly after the launch of this new feature, several people reported that their profile pictures were not loading. The cause of this issue was traced back to an outage at OpenSea, which had taken the API offline for maintenance. As a result, Twitter was unable to retrieve the NFT data needed to display user profile pictures. While the problem has since been resolved, it highlights the potential challenges of using decentralized technologies at scale.
Twitter's latest announcement to support NFT profile pictures is just the latest example of the social media giant's commitment to decentralized technologies. Last year, Twitter CEO Jack Dorsey said that Bitcoin would be abig part of Twitter's future. Later in September, it rolled out a feature that allowed Twitter users to tip content creators in Bitcoin. Now, with its latest announcement, it is taking progressive measures to build a crypto team focused on cryptocurrencies, blockchain, and decentralized technologies. This move will no doubt be welcomed by the crypto community, which has long been calling for more mainstream adoption of digital currencies.
Other important players like Meta are also exploring the prospects of launching an NFT marketplace on its Facebook and Instagram platforms. Social media platforms are often the first places where people want to showcase and display their work. Therefore, a feature like this will definitely give momentum to the NFT market. However, it is yet to be seen how and in what capacity these features are launched. For instance, Will users are able to buy and sell NFTs directly on the platform? Or will there simply be a space for people to show off their collections? Regardless, it's clear that social media platforms are paying close attention to the growing NFT market and looking for ways to get involved.
The launch of Twitter's verified NFT profile pictures is a positive step forward for the mainstream adoption of blockchain technology. However, there are still some issues that need to be addressed, such as security and reliability. Nonetheless, it is a promising sign that social media platforms are taking notice of the potential of NFTs and exploring ways to support them. Only time will tell how this new feature will develop and what impact it will have on the NFT market. However, one thing is for sure: the rise of NFTs is changing the landscape of social media as we know it.
What do you think about Twitter's latest move? Do you think other social media platforms will follow suit? Let us know your thoughts in the comments below!