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Cryptocurrency is rapidly becoming more popular, transforming into different forms with new applications. NFTs are the new hot commodity in the space, and big name companies are taking notice. As of Sept. 30, 2021, Twitter and TikTok are both diving into the craze.
NFT stands for non-fungible token. It can allow someone to own a digital image and can be proof of owning the original, even with multiple copies all over the internet.
Jack Dorsey, the founder and CEO of Twitter, has been an avid supporter of cryptocurrency. He attended the “B word,” a virtual bitcoin conference back in July. He was joined by Tesla’s Elon Musk and Ark Invest’s Cathy Wood. The three showed their support for bitcoin and crypto as a whole at the event. Dorsey has since taken further steps to incorporate bitcoin into his businesses. Twitter is the next to embrace cryptocurrency in a new way.
New Interest From Big Tech
Twitter announced a new feature that allows users to choose NFTs as their profile image. Twitter’s head of consumer product marketing Justin Taylor shared a video that demonstrates how to go about doing so.
Users will click “Change Photo” and then click a “Select NFT” function according to the City Telegraph news. They will then connect to their digital wallet from Metamask or Coinbase, select one and have a new crypto avatar. People can also display their NFT collections in a new tab that will be called “Collectibles” located between Twitter activities like “Media” and “Reactions.” More social media apps plan to also get involved.
TikTok has also decided to join the NFT wave and launch its own set of custom collectibles. It is partnering with big-name celebrities and others on its platform. Lil Nas X, Grimes, Bella Poarch, Rudy Willingham, and Gary Vaynerchuk all have their own creations in the works. TechCrunch reports this news as a possible move to gain notoriety within the NFT community and gain new users.
Written by Chiagozie Onyewuchi
Edited by Cathy Milne-Ware
Sources:
TechCrunch (Yahoo): TikTok starts flirting with NFTs; by Lucas Matney
City Telegraph: Twitter to use NFTs as profile picture; by Stella Mason
CNBC: Square is building a decentralized finance business using bitcoin; by Tanaya Macheel
Crypto Briefing: Twitter’s Jack Dorsey Attends B Word Conference; by Mike Dalton
The Hollywood Reporter: TikTok to Launch NFT Collection With Lil Nas X, Grimes, Bella Poarch, Brittany Broski and More; by J. Clara Chan
Featured and Top Image Courtesy of fdecomite’s Flickr Page – Creative Commons License
Inset Image Courtesy of vjkombajn’s Pixabay Page – Creative Commons License