Mark Weaden
Twitter aims to build a cryptocurrency team to see how it can make use of bitcoin and blockchain technology
The move comes as no surprise, given that Twitter CEO Jack Dorsey has “#bitcoin” in his Twitter handle. Facebook recently announced the company name change and the development of the ‘Metaverse’, which will certainly incorporate blockchain technology.
Twitter plans to create a cryptocurrency team that will aim to develop Twitter blockchain mobile technology for the social media platform. The aim will be to harness blockchain and web3 technologies to increase the quality of Twitter’s service with this revolutionary technology
Twitter and Blockchain
While everything isn’t crystal clear at the moment, Twitter has hinted as to its plans for the future. The new team will explore crypto payments, which will allow users to give tips using Bitcoin and making payments for tickets through the platform.
As well as that, the integration of NFTs onto the platform seems to be another goal. The idea would be to create opportunities for creator monetization and decentralizing social media. NFTs and social media platforms really go hand-in-hand, much like we’re seeing for streaming platforms. Adding value to NFTs and then giving users and creators the ability to quickly and seamlessly transfer this value to one another is an obvious upgrade on fiat transfers.
A Twitter thread from Tess Rinearson, who will be the team leader at Twitter, stated that the goal will be to “help push the boundaries of what’s possible with identity, community, ownership and more.”
The Future of Twitter
The NFT and blockchain world has been around for a decade but is still in its infancy. As such we expect to see these technologies grow and expand into something much more than the obvious NFT galleries and value tokens for tipping. The main focus will be on decentralizing social media, creating independent platforms—much as we saw with the huge announcement of Zuckerberg's Meta.
Creating a decentralized platform would mean that social media platforms like Twitter would be independent of major hosting networks like Amazon and other cloud services. The move would allow users and creators to have more freedom and independence when it comes to what they say and how their data is handled.
While this sounds very appealing, it isn’t without its skeptics. The idea of decentralization on social media raises concerns over moderation and freedom of speech, which has been a hot topic of contention for some time now.
