Twitter and TikTok embrace NFT: mainstream adoption is coming?

In a decentralized world, the acceptance of NFTs by social media giants may be the beginning of a new reputation system.

Last year, the number of Twitter users grew steadily, exceeding 185 million. It is trying to use NFT to allow users to display their collection as their profile picture.

According to Twitter’s senior software engineer Mada Aflak, the platform is developing new features that will allow users to import their NFT collections from wallets on the blockchain. This function will display a verified blue mark based on the NFT minting on the blockchain.

As promised, here is the first experiment. Feedback and ideas are welcome

Mada Aflak (@af_mada) September 29, 2021

Twitter’s verified NFT may be an answer to the problem that has been plagued by encrypted Twitter. After the NFT outbreak earlier this year, collectibles like CryptoPunks began to trade for hundreds of thousands or even millions of dollars, and they began to be used as profile pictures.

Although on the blockchain, ownership is easy to verify, on social media, anyone can copy and paste other people’s profile pictures and use it on their own profile. When this started to happen on extremely expensive NFTs, collectors were not happy.

For example, digital artist Mike Winkelmann, known as Beeple, sold one of his NFT artworks for US$69 million, and the leading NFT market OpenSea has monthly sales of more than US$4 billion. This involves a lot of money, and while some people think that copying and pasting the NFT will only make it more valuable because it gets attention, others want to use and own their digital property exclusively. 

Without any verification process, other people’s NFTs can be easily reused on social media. For example, in order to verify the ownership of the NFT, users can link their wallets, although doing so may jeopardize their anonymity. Displaying NFTs online and verifying ownership can now be part of the new reputation system.

A new reputation system in the digital world

Early adopters of cryptocurrency were respected as visionaries. They saw what others did not see in the illiquid and risky market at the time, and this market is now worth trillions. Owning expensive and rare NFTs can now be seen as a way to show off knowing about cryptocurrencies and to identify themselves as a proud member of the community.

In an interview with Cointelegraph , Alex Salnikov, co-founder and product leader of NFT Market Rarible , pointed out that “it is only a matter of time before NFT is launched on Twitter.”

He added that this feature may be part of a new reputation system in an increasingly digital world, and said that “the point of Twitter’s new feature is not to be able to prove that a certain NFT belongs only to the owner of personal data”. In his opinion, this is the opposite:

Here, the most important thing for this function is the access to the data? What is the source of the NFT, who was the previous owner, and how much did it cost to buy it? This is a new reputation system in the digital world.

Jesse Johnson, co-founder of DeFi and NFT project Aavegotchi, told Cointelegraph that he was excited about the possibility that Twitter’s verification of NFT might bring to show our digital identities, adding that as our real-life selves are intertwined with digital avatars Together, “As a source of social identity,’what’s in your wallet’ is as effective as’who you are’, which makes sense.”

Twitter CEO Jack Dorsey is a well-known Bitcoin supporter. In March of this year, he sold the first tweet published on the platform for $2.9 million. Twitter is not the only social media giant trying to use NFT.

In a statement released on September 28, TikTok revealed that it will launch an NFT series inspired by its top creators, including Lil Nas X, Bella Poarch, Curtis Roach and others. The NFT will be Ethernet Square to launch the network, supported by the Immutable X, which is the second layer protocol Immutable NFT new expansion program.

This series of videos is called TikTok Top Moments and features six videos of TikTok’s most influential founders to celebrate their influence in helping TikTok become one of the largest social media platforms in the world. Sales revenue will flow directly to content creators and NFT artists.

Salnikov commented on TikTok’s move that celebrities on the platform now “hope to monetize through NFT, which is the main medium of Metaverse”, which is “good news for the entire market” because “the crypto industry has already waited Mass adoption for more than 10 years.”

TikTok has more than 1 billion users and is one of the largest social media platforms in the world. Its use of blockchain technology makes it one step closer to mainstream audiences, one day, they may not even realize that they may hold assets on the blockchain.

Intellectual Property Monetization

Daniele Mensi, managing director of DigitalBits, commented that NFT is “changing the way we value ownership,” adding that TikTok’s move “opens up another era of value creation for consumers around the world.”

Mensi added that anything can become an NFT, including TikTok videos. As a result, TikTok stars are now selling their content as NFT and giving “fans a chance to own their work”. He added:

This paves the way for anything to become an NFT and makes it more acceptable. As NFT becomes more and more recognized by the public, people will realize how valuable and even necessary NFT is.

Sasha Ivanov, founder of the Waves blockchain, said that TikTok “creating popular moments and cultural trends, and the ability to hyper-connect the global community will play a key role in the growth of the entire ecosystem.”

It is worth mentioning that TikTok has been integrating blockchain technology into its business. In August of this year, it partnered with the blockchain streaming platform Audius to launch a new feature called TikTok Sounds. This cooperation agreement allows Audius users to export songs created on the agreement to TikTok.

Solo Ceesay, co-founder of the creator social market Calaxy, told Cointelegraph that TikTok’s announcement made people aware of the wider application of NFT as a “community building and intellectual property (IP) monetization tool.”

Per Ceesay said that for many years, the monetization of intellectual property has been a hot topic, and NFT “embodies the scarcity of verification”, this combination may usher in “the next wave of consumer adoption of cryptocurrency.”

TikTok and Twitter are now actively embracing NFT, but the journey to get us to this point is a crazy process. In 2013, the nascent cryptocurrency community discussed the possibility of introducing real-world assets into colored tokens on the blockchain. Eight years have passed, and now we are discussing how unique blockchain-based assets can enter their favorite social media platforms used by billions of people.

Posted by:CoinYuppie,Reprinted with attribution to:
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