Elon Musk’s new Twitter will integrate NFTs

by · October 28, 2022

Elon Musk’s purchase of Twitter was completed yesterday and the integration of NFTs has already been announced.

Elon Musk begins the restructuring of Twitter, NFTs are added

A real revolution began yesterday at Twitterwhich saw the expulsion of the CEO Parag Agrawal.

It appears that the new CEO may be the new owner, Elon Musk, who has already begun to revolutionize the company.

Indeed, Musk is set to make a series of changes that could ultimately truly revolutionize what is one of the most historic social networks in existence, since its birth in 2006.

One of his first initiatives in this regard was to ask Tesla engineers to meet with Twitter’s product managers to review the platform’s data code.

In recent days, Musk had joked that the so-called “edit button”, or tweet text editing function, was not yet integrated into Twitter because it was claimed to be a difficult thing to do.

Yesterday’s ousting of four top executives, and the dispatch of Tesla’s engineers, makes it clear that Musk seems quite intent on shaking up the company to get it back to innovative fast and fast.

He also announced that he intends to lay off up to 75% of his employees, likely to make the company less expensive and more streamlined.

In short, a real revolution.

Elon Musk: the integration of NFTs in Twitter

Most likely, the integration of crypto services will also be part of this revolution.

One of these has already been under experimentation for some time, that is, since before the Musk era began.

These are the so-called NFT Tweet Tiles, officially announced yesterday.

Through this feature, it will be possible to connect Twitter to four NFT marketplaces: Rarible, Magic Eden, Dapper Labs and Jump.trade. Interestingly, the largest platform, namely OpenSea, is excluded at this stage.

This connection will allow NFTs to be shared on Twitter with larger images and details such as title and creator.

According to some, this would only be a first small step towards integrating the buying and selling of NFTs.

In fact, a first integration was launched a while ago, but it was not very successful. Also, Elon Musk himself had criticized that annoying.

The fact is that this previous integration was really about creating NFTs, while the new one is about promoting NFTs for sale.

It is worth mentioning that in order to be sustainable, Musk’s plan for Twitter involves a large increase in revenue, so some kind of integration with buying and selling of NFTs could come in handy if fees are required on transactions.

The four connected marketplaces use a variety of blockchains, including Ethereum, Solana, Polygon, Flow, Tezos and Immutable X, and the feature built into Twitter is designed to also enable NFTs supported on other blockchains in the future.

Currently, this feature is still only in the testing phase for selected users.

Recovery of banned accounts

Another initiative in this new era could be the recovery of locked accounts.

Or, rather, the introduction of the ability to have locked accounts unlocked forever.

The reference is to those accounts, which e.g Donald Trump‘s, which has been permanently locked by Twitter in the past, and which Elon Musk claims he wants to rehabilitate somehow.

To be precise, he would like to lift the lifetime bans, so much so that he has already stated that he wants Donald Trump to go back to tweeting. However, he has not yet revealed how he intends to handle the process, partly because in cases such as Kanye West‘s, for example, account rehabilitation led to new violations that inevitably ended up producing the indefinite suspension.

However, the issue of free speech appears to be crucial for Musk. In fact, he has also stated that the reason he bought Twitter is to enable all of humanity to participate in public discussion in a sort of global virtual plaza.

On the other hand, however, this cannot mean that transgression should be allowed on Twitter, so there will always and always be limits.

In the case of Donald Trump, it is not yet clear whether he has broken any laws. There are ongoing investigations and trials that will determine this, and in theory it will be necessary to wait until the conclusion of these trials to be sure.

Instead, in Kanye West’s case, the violations are more obvious, but it seems that Musk’s idea is not to proceed with a lifetime ban, but perhaps with other forms of punishment or limitation.

Twitter’s shares on the stock market

In theory, Twitter’s stock should be delisted from the New York Stock Exchange (NYSE) today.

In fact, Elon Musk has bought virtually all of the shares. Therefore, there should be no more outstanding.

This will lead to the inability to trade shares, leading to the inevitable delisting of the share from the stock exchange.

However, the new owner has stated that he intends to bring it back to the stock exchanges within 3-5 years.

The fact that he wanted to buy all the shares at 54.2 dollars each is most likely due to the fact that he intends to run the company completely independently. This is necessary if he wants to turn it inside out in a short time, but it becomes less and less important as the revolution reaches its climax.

So once it is turned inside out and relaunched, it could profit by selling the stock at a price perhaps above $54.2.

Yesterday, the stock closed at $53.7, or a gap of less than 1% from Musk’s purchase price.

In February, it had fallen as low as $31, but earlier it had also reached over $80. Should the market value of Twitter shares return to the peaks, it would mean a gain of around 50% over the current value.

Binance in the Twitter acquisition

Yesterday, CEO of Binance Changpeng CZ Zhao let it be known that the company has sent Musk 500 million dollars agreed participate in the Twitter acquisition.

He also said that now that Musk has taken control, he feels much more secure on his Twitter account.

In addition, he asked for the introduction of the edit button and the elimination of comments from robots.

While the nature of the personal relationship between CZ and Musk is not yet clear, it is however possible to imagine that thanks to Binance, i.e. the world’s largest crypto exchange, Twitter can now integrate more crypto functions.

The strange thing in this regard is that while yesterday the price of Dogecoin rose 20%, today it is falling 6%. It is as if yesterday the hypothesis of integration between Dogecoin and Twitter had spread through the markets, while today that hypothesis has already deflated.

The bottom line is that although Musk is a fan of Dogecoin, there are currently other blockchains that are more prominent and used that could provide better integration. Also, it’s really still too early to try to figure out what kind of integrations we can talk about.

Elon Musk’s comment

After starting the revolution, Musk commented: “the bird is freed”.

The little bird is the symbol of Twitter, so he announced that he had “liberated” Twitter.

It is not clear what he freed it from, but the concept he had expressed several times was that it was somewhat caged, but it would fly again.

In fact, it had seemed for years that Twitter was now weighed down by its own inability to innovate. Musk probably plans to unleash his creative powers again by effectively giving it a new life.

Tags:

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *