Twitter Becomes the First Social Media Crypto Platform

Jack Dorsey, CEO of Twitter, had already announced months ago that cryptocurrencies would be “ a big part “ of the company’s future . The truth is that that future has already arrived and now the social network joins the boom of crypto platforms.

One of these is a new feature that would allow its app to better serve NFT creators. Artists are now creating NFTs (non-fungible tokens) of their work which are sold across NFT marketplaces like OpenSea, Rarible, SuperRare and others.

Twitter is revolutionizing social media by transforming itself into a crypto platform

Twitter says it’s planning to “soon” explore support for NFT authentication. This would allow NFT creators to connect their crypto wallets to Twitter, in order to track and showcase their NFTs on the platform.

The company said it was testing different ideas for making NFT creators stand out perhaps with verified badges. Recently, twitter revealed how the NFT feature may work.

Another new feature in the crypto space is support for Bitcoin tipping. This will allow users to send and receive one-time payments via third-party services like PayPal, Venmo, Cash App with Bitcoin.

Users will be able to add a Bitcoin Lightning wallet or their Bitcoin address in order to start receiving Bitcoin tips. Twitter’s implementation uses Strike, a payments application built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin free and instantly, it said.

“We want everyone on Twitter to have access to avenues to get paid,” Twitter staff product manager Esther Crawford said. “Digital currencies that encourage more people to participate in the economy, and help people send money to each other across borders and with as little friction as possible, help us do it,” he added.

Jack Dorsey this summer tweeted that it was “only a matter of time” before Twitter built support for the Lightning Network, a layer atop the Bitcoin blockchain, into its platform.

“Much of the innovation enabled by Bitcoin is above currency to be had, and Twitter is committed to decentralizing social media and providing more financial incentives,” said Dorsey.

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