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Will That Change Crypto World Dynamics?

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Elon Musk, a well-known Dogecoin backer, took over as Twitter’s new owner on Thursday, Oct. 27, 2022, firing a top employee who accused him of deceiving him, but he stood up. Little was said about how they would carry out their ambitious plans. For social media companies.

After news of Musk’s acquisition, Dogecoin has fallen more than 5% in the last 24 hours and is currently trading at $0.07501.

The next day, October 28, 2022, Twitter announced that it is partnering with four marketplaces to enable users to buy, sell and display Non-Fungible Tokens (NFTs) directly through Tweets.

Known as NFT Tweet Tiles, this integration puts NFT artwork into its own panel within the Tweet and adds a button that directs readers to the Marketplace listing.

Industry experts say Musk’s takeover of Twitter will have a positive impact on the entire Web 3.0 and ecosystem of digital assets.

“NFT tiles allow users to buy and sell NFTs via tweets. Musk saw Twitter as a ‘super app’ with cryptocurrency payment capabilities. Musk’s SuperApp strategy has the potential to bring the power of Web 3.0 and social media to power new digital business models for businesses and businesses. “

Also in a statement to The Block, Binance founder and CEO Changpeng Zao (CZ) said: We aim to play a role in connecting social media and Web 3.0 to expand the use and adoption of cryptocurrencies and blockchain technology. “

“since Musk has been very vocal about crypto and I think this acquisition will be a game changer for the crypto industry. It’s only a matter of time before this happens,” says Prayag Singh, co-founder of SOCLLY, a decentralized social network platform.

According to Dileep Seinberg, founder and CEO of crypto fintech MuffinPay, Twitter is a community-neutral, new-age bitcoin that can reward people for creating quality content. It can confuse style communication platforms.

“While development so far is expected to be a positive move, the real impact will be noted as he provides some material for the entire crypto ecosystem,” he says.

On October 26, 2022, Musk changed his Twitter profile to “Chief of Twitter” and made a private visit to Twitter’s headquarters on the same day. This raised hopes that Musk could complete the transaction before the court deadline, allowing Dogecoin to become an integral part of his Twitter platform.

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