Altcoins

Elon Musk may find Twitter NFT profiles ‘annoying’, but here’s what it really means

When Twitter introduced the rollout of NFT profile photos on its Twitter Blue service, to say that customers reacted strongly could be an understatement. There have been feelings starting from cries of triumph to nausea-induced rants.

Nevertheless, one crypto influencer – and extra importantly, billionaire – is much from completely happy.

Don’t “Tesla” my persistence

No stranger to robust opinions, Tesla CEO Elon Musk tweeted that the brand new function was “annoying” and appeared to name it bullsh*t. The entrepreneur questioned why Twitter wasn’t as a substitute channeling its assets to scale back crypto rip-off actions on the platform. He said,

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“Twitter is spending engineering assets on this bs whereas crypto scammers are throwing a spambot block get together in each thread!?”

Nevertheless, this triggered a recent spherical of controversy, as many crypto influencers took the chance to level out Musk’s personal skilled ventures involving meme cash. Particularly, Tesla’s proposal to simply accept DOGE for sure transactions.

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The larger image…no, PFP

That mentioned, Twitter’s new function comes with bigger implications for the crypto ecosystem as a complete. For starters, by figuring out genuine NFT patrons, Twitter might achieve a greater understanding how a lot of its consumer base is invested in digital property. That is extraordinarily worthwhile information to carry.

Moreover, if blockchain-based social media platforms start to achieve traction, Twitter has an opportunity of staying forward of the curve by offering these already requested options.

Nevertheless, the rollout is unlikely to be fully hitch-free. A number of Twitter customers and crypto analysts have identified that the trademark hexagonal body for NFTs might be minted as an NFT as properly, to create a counterfeit model.

 

All aboard the NFT practice!

The NFT market OpenSea announced that its own API had been utilized by Twitter to launch the NFT profile image function. Those that share Musk’s opinion will not be impressed, nevertheless it’s essential to recollect OpenSea’s dominance within the crypto financial system.

In keeping with Dune Analytics, the NFT big’s monthly volume [Ethereum] between 1 January, 2022 and press time was $4,333,026,566.62371. In the meantime, December’s monthly volume was lower than $3.5 billion.

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Supply: Dune Analytics

If OpenSea manages to carry on to this formidable development momentum, many different highly effective manufacturers and platforms will need in on NFT integration.

Nevertheless, Twitter can know for certain that it boarded the NFT practice at an opportune second.



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