“Twitter Looks to New Crypto and NFT Projects with the Expansion of its Twitter Crypto Team”
Twitter has announced the hiring of a new Crypto Engineering Lead as it explores more ways to incorporate cryptocurrency and blockchain technology in various ways throughout the app.
Twitter has appointed crypto veteran Tess Rinearson in the newly created role. Rinearson has been working in cryptocurrency since 2015, most recently with the Interchain Foundation, and at Chain.com before that.
I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies.✨ pic.twitter.com/HaP0k5hUOq
— Tess Rinearson (@_tessr) November 10, 2021
Rinearson will collaborate closely with Twitter Product Manager Esther Crawford on a number of new features, such as extended payment choices and NFT display tools, as well as the company’s larger Bluesky decentralization protocol project.
According to Twitter:
“Blockchain and cryptocurrency are opening up new opportunities that coincide with many of our large product bets, such as creator monetization and new forms of self-expression,” says the company. It’s time for Twitter to get serious about exploring that technology, and Tess has the experience to do it.”
Payments for Ticketed Spaces, crypto transfers for on-profile tipping, and NFT display choices tied to the ownership ledger are just a few of Twitter’s crypto efforts.
Here’s a sneak peek???? on what we’re working on for NFT profile verification.
What do you think? pic.twitter.com/Z8c6tH3BBy
— Justin Taylor (@TheSmarmyBum) September 29, 2021
There’s still a long way to go before any of them come to fruition, and Rinearson will bring a wealth of experience to the Twitter ecosystem to help move these ideas forward.
It’s tough to predict how important bitcoin will be in the internet’s next phase.
Many people believe that crypto and blockchain technology will play a crucial role in the development of Web 3.0, and that they will become important components of a more open, collaborative online experience that will offer up more opportunities for everyone in the future phase.
Others, on the other hand, see crypto and NFTs as small-scale fads, both tarnished by frauds and profiteering, and doomed to fail in terms of wide-scale adoption and long-term value proposition.
Within each, there are opportunities for greater exposure for digital art and artists, as well as new ways to monetize their work; cryptocurrency systems, on the other hand, could facilitate alternative banking processes and fee-free international transactions, which could have a significant impact on developing countries in particular.
With trend riders grabbing onto the latest hashtags and ticker codes, and following Elon Musk, Jack Dorsey, and Gary Vee into the bright new world of glittering items, with the temptation of being wealthy quick, a lot of nuance gets lost in the frenzy. However, the vast majority will suffer. NFTs don’t give considerable long-term value, and they aren’t ‘designed for the metaverse,’ as some suppliers say – which, it’s worth mentioning, doesn’t exist in any form that would enable such either way.
The NFT market is also being flooded with lower and lower quality digital images, most of which people are not buying the full re-use and ownership rights to anyway, and eventually, the value proposition of such will reduce as supply and demand crash, and clarity is left in their place.
Cryptocurrency has tremendous promise, but not in the manner that many people expect. Still, if Twitter can break the code and integrate successful crypto payments into its systems, it will be a beneficial addition – while Twitter can also benefit from the NFT wave by improving utility for more users and maybe providing a more direct conduit for digital art ownership and re-use.
That could lead to Twitter acting as a copyright policeman, deciding who can and can’t use certain NFTs on their profiles. However, having a direct link to the blockchain ownership data may be enough to deter unauthorized use and provide a more stable framework for digital artists to better monetize their work.
This could also help – according to a new finding by app researcher Alessandro Paluzzi, Twitter is also considering making NFT profile images a different shape, which would mean that unauthorized NFTs would stand out if/when used as a profile image.
That may be a clever approach to follow the NFT trend while also adding value to the Twitter experience. Will this rule out anyone who don’t have access to the original NFT? Probably not, but this is the kind of thing Twitter is working on today as it tries to keep up with these new trends.
Will they continue to grow and become a bigger part of Twitter as a whole?
We’ll find out soon enough, since Twitter plans to expand its crypto and blockchain initiatives through these initiatives.
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