After months of dramatic back and forth, Elon Musk dominate the twitter It ignites emotions ranging from hope to anxiety among users who are bracing about how billionaires leave their mark on social media platforms.Crypto twitter is no exception.
Digital asset enthusiasts have long flocked to Twitter, signaling their support for cryptocurrencies by changing their profile picture to one of themselves with “laser eyes,” causing coin prices to rise (and then fall) and re-favorite. I tweeted a thread from the founder of .
Musk, himself a prolific Twitter user, has had a complicated relationship with cryptocurrencies. Still, industry supporters have not stopped envisioning expanded mainstream adoption of Twitter’s blockchain capabilities under his control. Their elation likely helped fuel interest in Musk’s token of choice, Dogecoin, which surged in the days before finally closing the deal.
twitter Made its own foray into crypto. Co-founder and former CEO Jack Dorsey is one of the industry’s most recognizable Bitcoin bulls, and under his leadership, the company launched a feature that allows users to receive tips in Bitcoin. , built Twitter’s crypto division, and launched Bluesky. A project dedicated to building a decentralized social media network, now an independent company. Since Dorsey stepped down last November, Twitter has added Ether his tipping, non-fungible token profile pictures, USD his coin his stablecoin payouts for some creators.
It’s unclear what these efforts will be under Musk’s leadership. The Tesla Inc. CEO touted on Twitter enough Dogecoin to earn the “Dogefather” moniker, but when he hosted “Saturday Night Live” in May 2021, he decided to sell the token. was called “Hustle”. He also added the ability to pay with Bitcoin. It was used for Tesla’s electric car in 2021, but was put out of practice after less than two months, citing the environmental impact of cryptocurrencies.
In wrapping up the Twitter acquisition, Musk appeared to be shaking his commitment to cryptocurrencies. Binance Holdings Ltd., the world’s largest digital asset exchange, pledged $500 million to Musk’s funding in May to explore how cryptocurrencies could help social media companies. reportedly building a team focused on In a series of text messages released as part of the lawsuit over the Twitter deal, Musk initially spoke about using blockchain to promote free speech and reduce spam on social media. , later wrote that “Twitter on the blockchain is impossible.”
But if Musk decides to let crypto play a bigger role on Twitter, there are a few ways he can:
Twitter bots and spam have been a big problem for Musk, sparking a legal battle that jeopardizes Musk’s acquisition. This issue is especially important in cryptocurrency, where spam accounts impersonate celebrities like Musk and facilitate scams, including fake cryptocurrency giveaways. However, some digital asset enthusiasts believe that using blockchain could reduce Twitter bots. Blockchain-based identity verification tools and his NFT passport could be options to further Musk’s goal of “authenticating every real human being” on Twitter.
Free speech is deeply ingrained in Musk’s mind, and it intends to lift a lifelong ban on its users. These values align with those of many crypto believers who are dedicated to the decentralization ethos facilitated by blockchains. They believe that no single organization should make major decisions about how the platform is managed. Musk may implement a token-based voting system that would allow users to have more say in what happens on his Twitter, but his potential crypto adoption is double-edged. It’s important to note that it’s a sword. Adding a cryptocurrency element to Twitter could expand the mainstream use of digital assets, but it would also strengthen Musk’s influence over an industry many want to be as decentralized as possible. will be
Musk has already expressed his ambition to turn Twitter into a ‘super app’, brilliantly talking about China’s WeChat platform that can handle messaging, gaming, payments and video streaming. With other aspiring superapps like Revolut Ltd. and his creators venturing into cryptocurrencies, it would make sense if Musk’s vision also included digital assets. Making more cryptocurrencies available for tipping could be the first step, and Dogecoin could be the frontrunner given Musk’s love of tokens.
Other mainstream social media platforms such as Instagram have gone further with NFTs. Musk has so far ridiculed these assets, including his Twitter decision to allow his NFT profile picture to be verified, but the marketplace and the ability of users to create profiles represented by NFTs. And its content is already implemented by Lens Protocol, a decentralized social media platform. These measures will help Twitter keep up with other social media giants in terms of cryptocurrency adoption.
Integrating these blockchain elements is a complex and closely watched task for Twitter, but Musk’s new governance still opens the door for them to become a reality.