Blockchain
Following six months of dramatic authorized back-and-forth, Elon Musk is now on the helm of Twitter after closing his blockbuster $44 billion deal.
The billionaire now plans to take over as CEO, in accordance with Bloomberg. Musk individually holds CEO positions at Tesla and SpaceX.
He’s already sacked high bosses CEO Parag Agrawal and CFO Ned Segal, in accordance with a number of reviews. Vijaya Gadde, Twitter’s head authorized and coverage government, and common counsel Sean Edgett are additionally out.
Twitter co-founder Biz Stone acknowledged their contributions in a tweet on Friday. In the meantime, Musk tweeted “the chicken is freed” in an obvious reference to Twitter’s new period.
His arrival on the firm headquarters in San Francisco on Wednesday sparked hypothesis about his plans for the favored microblogging platform. Some crypto faithfuls imagine there’s a very good likelihood he’ll incorporate both cryptocurrencies or decentralized blockchain networks with the location.
Trying ahead to seeing the beginning of one thing recent and therapeutic Elon!
Your concepts are people who many are anticipating to replicate what’s finest. I wished to ask in the event you plan so as to add extra integrations of the Digital Monetary System. Resembling utilizing Crypto for funds in direction of advertisements?
— Raffay Alvi (@raffayalvi) October 27, 2022
At his first Twitter all-hands assembly again in June, Musk mentioned the mixing of digital funds and slicing out crypto-related scams.
“I feel it might make sense to combine funds into Twitter in order that it’s straightforward to ship cash forwards and backwards, […] foreign money in addition to crypto,” he stated on the time.
Twitter didn’t return Blockworks’ request for remark by press time on Musk’s intention to develop into CEO or his crypto-related future plans.
Twitter publicizes NFT Tweet Tiles
Regardless of a busy week, Twitter rolled out a brand new characteristic round NFTs on Friday. The positioning is piloting a characteristic referred to as Tweet Tiles to develop hyperlinks to sure NFT marketplaces, a tweet from Twitter’s developer account revealed.
This integration presently operates with 4 NFT-related platforms: Magic Eden, Rarible, Dapper Labs and Leap.commerce.
Now testing: NFT Tweet Tiles ?
Some hyperlinks to NFTs on @rarible, @MagicEden, @dapperlabs and @Jumptradenft will now present you a bigger image of the NFT alongside particulars just like the title and creator. Yet another step in our journey to let builders influence the Tweet expertise. pic.twitter.com/AkBisciB1i
— Twitter Dev (@TwitterDev) October 27, 2022
What might be subsequent for Twitter by way of distinctive crypto integrations? Social media app Reddit has already launched an NFT market that permits customers to buy blockchain-based avatars.
“Little doubt, you’ll be able to guess that Elon and his staff are seeing what’s occurring with Reddit and fascinated with the chances with Twitter,” Mahesh Vellanki, managing associate at crypto enterprise agency SuperLayer, advised Blockworks. “Perhaps they’ll select to include funds, along with NFT integrations, maybe with Bitcoin’s Lightning Community or Solana Pay.”
Vellanki stated it’s too early to find out what Musk will do subsequent, however he believes the crypto advocate acknowledges the potential for what digital asset expertise can do for funds and NFTs.
“Simply have a look at his curiosity in dogecoin. Sure, it’s a meme coin, however there’s energy in memes. He understands this energy, and so he might very nicely do one thing wildly artistic with Twitter and its function in meme-focused investing. We’re coming into a brand new world, and you may guess that digital property will play a extra distinguished function on Twitter,” he added.
Observers weigh what Elon might do with Twitter
Now that Musk is the “Chief Twit” of the agency, he primarily has the freedom to create the “every part app” he envisioned. If that occurs, monetary providers would develop into a serious pillar of the location, echoing China’s WeChat.
There might be an overhaul of Twitter to include Web3 elements and to search out an equitable method to reward its high creators on the app, in accordance with CoinGecko CEO Bobby Ong.
The corporate may also not be required to report monetary info to the Securities and Change Fee as it should now function privately.
Budd White, chief product officer at Tacen, stated the crypto advocate’s Twitter takeover might be an necessary second for melding crypto-focused applied sciences with the plenty.
“What higher method to make large issues occur than to completely retool Twitter in order to include digital property. He might do funds through stablecoins. He might combine an NFT market. Heck, he might even incorporate a DeFi borrow-lend market that’s each crypto-native and distinctive to Twitter,” White advised Blockworks.
One other new characteristic might be a person taking out a DeFi mortgage on Twitter — one thing that isn’t past the realm of risk, in accordance with the product skilled.
