It is no longer news that Jack Dorsey, Founder, and CEO of Twitter, has declared himself as a strong Bitcoin proponent. This narrative has played out clearly as the social media giant remains at the forefront of integrating the use of blockchain amongst its peers. This includes what appears to be a softening in stance from the technopreneur’s sentiment towards Ethereum.
Crypto Twitter Clamors for an ETH hashtag
Despite being the second-largest cryptocurrency by market capitalization, Ethereum is yet to have an ETH ticker attached to its Twitter hashtag. The Ethiopian flag was used instead for the ETH hashtag, which led to various reactions from the crypto community. Some have interpreted this move as an effort to spite Ethereum. This feature has been added to Bitcoin and many other altcoins, making it a notable exception.
Twitter users have created different theories around this event. Some commenters accused Jack Dorsey of expressing his contempt towards the Ethereum community. In his defense, others have said that it was just a coincidence.
This is not the first time that Jack Dorsey has been seen as an Ethereum skeptic.
Despite benefiting from the Ethereum ecosystem, he has continued to show his unwavering loyalty towards Bitcoin while criticizing Ethereum. This contradictory sweet and sour relationship has left the crypto community wondering if the CEO’s position could change at any point.
Twitter Unveils NFT Integration
A recent post from Mada Aflak, a software engineer at Twitter, has revealed the social media site is integrating NFTs onto its platform. This feature will allow users to change their avatar into digital artworks from their OpenSea collection.
An interface will enable the connection between the app and the user’s wallet to verify the ownership of a particular NFT before using it as their profile picture. Profiles will carry an Ethereum checkmark, signifying it was selected from an ERC-20 collection.
It is worth stating that this development may have been necessitated by the recent surge in attention towards digital arts. This move could further boost the sales of NFTs as users who would also want to get the checkmark would find more reasons to purchase an NFT avatar.
Some users expressed concerns about verifying the authenticity of original collections. The NFT space is notorious for the presence of bad actors who might want to exploit the system by minting counterfeits.
NFTs On The Rise
NFT integration is just one of the many blockchain developments the social media giant is planning to launch. Twitter had already announced a tipping feature that will allow users to seamlessly exchange Bitcoin.
One of the major concerns raised is the issue of transaction fees. Transactions will be done using the lightning network, allowing users to send very small amounts of sats without worrying about fees.
The product lead for creator monetization pointed out that the goal is to “incentivize the types of conversations that people want to see.” This step automatically puts Twitter ahead of its counterparts in the race to bridge the gap between social media and digital assets.
The rise of NFT gaming and the Metaverse is another area that is likely to see significant adoption and investment over the coming years, with gaming guilds providing opportunities for people in developing countries to take part in the play-to-earn model.
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About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firms specializing in sensing, protection and control solutions.