all about cryptop referances
Twitter continues its efforts to be a web3 frontrunner this week. According to reports first surfaced by established software front-end developer Jane Manchun Wong, a new web3-based crypto wallet is in the works for social media companies.
Let’s take a look at what we know in the early hours of these reports, and what Twitter might roll out in the future.
Wong’s first mention of the product came via Twitter midday on Monday:
Twitter is working on a ‘wallet prototype’ that supports ‘crypto deposits and withdrawals’
— Jane Manchun Wong (@wongmjane) 24 October 2022
There have been no official confirmations or mentions from the social media company about the matter. As Wong notes, the wallet is expected to support deposits and withdrawals, but initial token support is unclear—as are many other details. Consequently, there is no timetable around when we could hear any confirmation or surrounding details.
Twitter has made a concerted effort to be present in crypto following the leadership of former co-founder and CEO Jack Dorsey, which has been continued by current CEO Parag Agrawal (as Dorsey later moved on to fintech firm Block).
Twitter (NASDAQ:TWTR) stock price has seen an up and down year, with steady performance over the past two months. | Source: NYSE:TWTR on TradingView.com
The rumors come during a tumultuous time for the company, with a potential incoming acquisition led by Elon Musk on the closing horizon – and a heated dose of debate surrounding it. Of course, Twitter has sought crypto engagement through means such as hexagonal profile pictures for NFT holders. However, social media has rarely achieved significant success so far – although recent projects such as Reddit’s avatar NFT integration have produced good results.
Meanwhile, crypto wallets have largely been seen as an area of opportunity for blockchains, but rarely for social media platforms. The legacy social platform Meta (formerly Facebook) cut the largely unsuccessful Novi project in recent months after about a year of activity. It came after similar projects like Diem (formerly branded as Libra) fell to similar demises. Elsewhere, crypto veterans have largely turned to the simplicity and efficiency of Metamask for hot wallets, but not without unmet consumer demands – in areas across both utility and aesthetics.
Twitter’s wallet development, if confirmed, shouldn’t be too surprising – but time will tell if Twitter can prove it’s not about being first to market.
Featured image from Pixabay, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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