Elon Musk, a well-known supporter of Dogecoin, took over as the new owner of Twitter on October 27, 2022, Thursday, firing top employees he had accused of defrauding him, while giving little explanation of how he would carry out the ambitious plans he have laid. for the social media company.
Following the news of Musk’s takeover, Dogecoin fell over 5 percent in the last 24 hours and is currently trading at $0.07501.
A day later, on October 28, 2022, Twitter announced that it will allow users to buy, sell, and display non-fungible tokens (NFTs) directly through Tweets in partnership with four marketplaces.
The integration, known as NFT Tweet Tiles, places an NFT’s artwork in its own panel within a tweet and adds a button that directs readers to a listing on a marketplace.
Industry experts say Musk’s Twitter takeover bodes well for Web 3.0 and the digital asset ecosystem.
“NFT tiles would allow users to buy and sell NFTs via tweets. Musk had envisioned Twitter as a ‘SuperApp’ with built-in crypto payments. Musk’s SuperApp strategy has the potential to bring the power of Web 3.0 and social media to drive new digital business models for businesses and enterprises, says Sharat Chandra Co-Founder, India Blockchain Forum.
In a statement to The Block, Binance founder and CEO Changpeng Zao (CZ) said, “We are excited to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web 3.0 together to expand the use and adoption of crypto and blockchain technology.”
“Since Musk is quite vocal about Crypto, I think it will be a game changer for the crypto industry with this acquisition. It’s only a matter of time when this will play out,” said Prayag Singh, co-founder of SOCLLY, a decentralized social networking platform .
According to Dileep Seinberg, founder and CEO of crypto fintech MuffinPay, Twitter could potentially disrupt the new-age Bitcoin-style communication platform without the prerequisites of communities where it can reward people for creating quality content.
“The development so far is expected to be a positive move, but the actual impact will be noticed when he delivers something significant for the crypto ecosystem at large,” he says.
Earlier, on October 26, 2022, Musk changed his Twitter bio to “Chief of Twit” and on the same day he visited Twitter’s corporate office. That raised hopes that Musk would complete the transaction by the court’s deadline, making Dogecoin an important part of the Twitter platform.
