content creators in cryptocurrency. However, the majority of social media platforms lack inherent crypto integration.
“Many in the crypto space are bracing themselves for how Elon Musk will impact the industry, and the response has been surprisingly optimistic. It’s clear Musk will drive the digital asset integration with the platform along. For instance, many platforms will offer their own crypto wallets in order to keep transactions close to their ecosystem. Twitter doing this is a logical step for a social network that already enables users to send tips in crypto.
“You can connect noncustodial wallets like MetaMask to your Instagram or Twitter and display your NFT as a profile picture. Google launched a fully managed Ethereum node service much like Infura and Alchemy. Then Coinbase and Revolut look more similar today than different in terms of crypto features and functionality. So, Musk’s Twitter will have a great impact on crypto, probably by launching something similar to Aave’s Lens Protocol, decentralizing Twitter to make it more censorship-resistant.
“I think what people often misunderstand is that Web3 is not an exclusive new internet. Inside Web3 we also find Web2, the same way we found the former World Wide Web within Web2. In the case of social media integrating crypto, we are talking about a merge of Web2 and Web3. At the end of the day, a social media platform is just a distribution channel; Web3 doesn’t make them irrelevant. They will be ever more important in a more connected future,” he said.
“While any major mainstream technology platform’s integration of cryptocurrency may be seen as a positive step for adoption, the deep-rooted capitalistic tendencies of social media companies indicate that it would damage the industry in the long term. If mishandled, these integrations will push millions of potential users away. One recent example of this is Twitter’s controversial move towards requiring verified members to pay $8+ monthly for Twitter Blue.
Currently, most popular creators on traditional social media platforms are driving platform traction, but the platforms themselves are benefiting from that traction with ad revenue, not the creators. Thus, a majority of these crypto integrations seem to bank on the trend rather than truly work within the ethos of the emerging technology.
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At least there is a chance of accepting crypto on Twitter
He totally flopped it and now users are fleeing to Mastodon which isn't fully functional but still usable I hear.
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