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 keeping 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 keeping 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 chook 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 superb probability he’ll incorporate both cryptocurrencies or decentralized blockchain networks with the location.
Trying ahead to seeing the beginning of one thing contemporary and therapeutic Elon!
Your concepts are those who many are anticipating to mirror what’s finest. I wished to ask when you plan so as to add extra integrations of the Digital Monetary System. Reminiscent of utilizing Crypto for funds in direction of adverts?
— Raffay Alvi (@raffayalvi) October 27, 2022
At his first Twitter all-hands assembly again in June, Musk mentioned the combination of digital funds and slicing out crypto-related scams.
“I believe it could make sense to combine funds into Twitter in order that it’s simple to ship cash backwards and forwards, […] forex 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 grow to be CEO or his crypto-related future plans.
Twitter declares NFT Tweet Tiles
Regardless of a busy week, Twitter rolled out a brand new function round NFTs on Friday. The location is piloting a function referred to as Tweet Tiles to develop hyperlinks to sure NFT marketplaces, a tweet from Twitter’s developer account revealed.
This integration at present operates with 4 NFT-related platforms: Magic Eden, Rarible, Dapper Labs and Bounce.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 affect the Tweet expertise. pic.twitter.com/AkBisciB1i
— Twitter Dev (@TwitterDev) October 27, 2022
What might be subsequent for Twitter when it comes to distinctive crypto integrations? Social media app Reddit has already launched an NFT market that permits customers to buy blockchain-based avatars.
“Little doubt, you possibly can wager that Elon and his staff are seeing what’s taking place with Reddit and eager about the chances with Twitter,” Mahesh Vellanki, managing accomplice at crypto enterprise agency SuperLayer, instructed 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 take 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 effectively do one thing wildly inventive with Twitter and its position in meme-focused investing. We’re coming into a brand new world, and you’ll wager that digital belongings will play a extra outstanding position 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 “all the things app” he envisioned. If that occurs, monetary companies would grow to be a serious pillar of the location, echoing China’s WeChat.
There might be an overhaul of Twitter to include Web3 elements and to seek out an equitable approach to reward its high creators on the app, in keeping with CoinGecko CEO Bobby Ong.
The corporate may even now not be required to report monetary info to the Securities and Alternate Fee as it is going to 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 lots.
“What higher approach to make huge issues occur than to completely retool Twitter in order to include digital belongings. He might do funds by way of 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 instructed Blockworks.
One other new function might be a consumer taking out a DeFi mortgage on Twitter — one thing that isn’t past the realm of chance, in keeping with the product professional.