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Elon Musk’s Twitter demands space and democracy needs NFT

29-Apr-2022 By: Pankaj Gupta
Elon Musk’s Twitter demands space and democracy needs NFT

Despite the fact that there are tens of millions of crypto owners, 

Web3and NFTs have a comically small number of users in comparison to the rage and happiness that these issues inspire.

Nonetheless, Silicon Valley venture capitalists are in favor that these platforms will fast become popular, and are giving private firms aimed at exposing people to things like NFT's high values. You can see how hungry VCs are looking at relatively new businesses like Dapper and opensea, which have been valued at billions of dollars, respectively.

But when it comes to crypto powerhouses, I’d still argue there’s no bigger presence in web3 than Twitter. The social network is at the heart and soul of crypto and NFTs(whether they like it or not) and the vast majority of deals and relationships in the space spark up because of interactions on the Twitter platform.

The aforementioned serves as the basis for discussing Elon Musk's Twitterbid and the world that might be. Now, Musk's stated goal of making Twitter a safer haven for free speech has nothing to do with cryptocurrency, but a $43billion offer will undoubtedly prompt Twitter's board and shareholders to reflect on the company's current situation and where it could be making more concerted strides, we can't pass judgment on this effort right away, but it's evident that they're primarily interested in competing on the strength of their reach.

Unless if someone who can bid another such great amount accounting greater than Elon's bid for the acquisition of Twitter.

Coinbase released a pilot of its NFT marketplace this week, partnering with a few of the best NFT collections. They're aiming to compete with OpenSea, which currently holds the majority of NFT sales volume, and it appears that social features will be a big part of Coinbase's offering, with groundbreaking features like... commenting. 

But as in a common, we wonder about an NFT marketplace with social-connect its heart and reach aplenty, how Twitter could possibly ignore the opportunity they have to build its own NFT storefront and OpenSea competitor.

The social media giant has indeed treated its crypto-enthusiastic users as a happy little accident. Hilariously, the only way it monetizes these users — who are investing billions on NFTs which are largely being discovered and hocked via tweets — is with its Twitter Blue subscription, which gives its users a nice space and little environment to let their NFTs live inside. In the meantime, Twitter is basically serving as the central curator shop store for every NFT gallery and letting users leave the platform to transact before they come back to surf the timeline.

It shouldn't come as a big surprise that the corporation is losing money. Twitter has sucked at the product for the past decade or so, but in the last few years, they've sucked a lot less, making more aggressive monetization efforts, buying businesses, and overall proving themselves a bit more as they try to keep up with rivals like Spotify and Substack.

That said, Twitter has more unrealized potential than any other consumer company of its size, but its underlying focus on publishing opportunities is causing it to miss bigger vertical opportunities that its much larger Big Techcompetitors would kill for the chance at the building. Facebook likely could not buy its way into dethroning OpenSea with any amount of money possible, but Twitter is with a wide-open pathway toward web3 dominance and the company is just ignoring it.

Twitter has flirted with community-specific features over the years, including their largely interactive community product and endorsements, but something like a dedicated marketplace would really shake things up. Crypto is the easiest place to start — NFT outburst has already proven to be a formidable opponent for Twitter

Finally, Twitter's largest roadblock is the same one that gaming chat application Discord has encountered: mainstream user perception. Twitter understands that if they established their own NFT platform, it would irritate as many users as they would fascinate.   A simple tweet demonstrating an in-app wallet plug-in led to thousands of slam tweets on the discord CEO and a coordinated pushback when Discord tried to beta test someNFT-centric features a few months ago. This would surely be the case with Twitter, which has already gotten itself into a number of issues, so one can understand why they might be hesitant to go right into another.