Welcome to CFTE’s Fintech Shot- A newsletter specially made for you to give you the lowdown on the most important Fintech matters.
Grab your drink and let’s dive into one of the latest updates in the Blockchain society. Today we will talk about how Twitter joined the Blockchain revolution.
Twitter’s joins the blockchain revolution
The blockchain protocols are powering the way towards Web 3.0, cryptocurrencies have been the chosen form of value transfer through this technological shift. Twitter has plans to introduce a NFT marketplace for Twitter users to share their creations and be rewarded for their tweets.
Why Bitcoin?
The addition of bitcoin donations is the beginning of this implementation as cryptocurrency is still in its infancy and bitcoin possesses the largest market capitalization when compared to newer currencies like Ethereum, Litecoin and Cardano. Alongside this, Bitcoin has gained the greatest adoption thus far therefore it’ll be much easier for users to cope with the change.
Where do Twitter’s competitors stand on blockchain adoption?
Twitter isn’t the only social media platform with its eyes on the introduction of cryptocurrency functionalities. Reddit has indicated they would like to implement the use of ETH-based tokens while Facebook has been pushing for the creation of their own cryptocurrency since last year. To ensure that traditional social media platforms stay competitive with decentralized rivals like the recently funded DeSo- they need to implement these decentralised protocols to ensure they are offering users a beneficial experience.
What’s our take?
- Blockchain and cryptocurrencies are still in their early stages with a long way to go until we see the scale of adoption required for the impact to be visible.
- It’s great to see Twitter trailblazing with an innovative technology that has the potential to change the face of finance.
- By introducing an NFT marketplace on Twitter, they’ll be breaking the silos of isolated NFT ecosystems that lack social interactions, making them accessible on a wider scale.
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