In early 2021, a phenomenon dominated the tech scene: NFT or non-fungible tokens. These are blockchain-based ways of verifying ownership of digital property such as artwork.
Similar to cryptocurrencies that utilize a similar technology model, namely the ledger to record changes in ownership as well as identify the current owner of the token, NFTs are also being traded like Bitcoin and Ethereum with some digital artists raking in tons of money in the process.
Twitter’s newest update is for those who have collected several NFTs – called Collectibles – on their account and want to showcase them on their profile page. The new tab allows users to upload an image they find online or make one from scratch showcasing what they own in full resolution. The platform will automatically calculate how much it is worth in USD at the time of uploading, given the NFTs’ current rate on secondary markets like OpenSea.
Twitter is getting in on the action with a much-promised feature
Twitter isn’t the only social media platform to jump on the NFT bandwagon. On May 29th, Fortnite launched a new feature called Epic Exclusives allowing players to acquire limited-run digital items using V-Bucks, Fortnite’s in-game currency that costs real money. These exclusive items are stored in an inventory where they can be used just like any other skin or character customization option found throughout the game. The developers behind these projects hope not only to get more people interested in blockchain technology but also to bring more attention to these digital assets’ growing presence in the tech world.
Twitter announced a new tab called Collectibles, where users can upload their NFT collection. The platform automatically calculates how much it is worth in USD at that time given the NFTs’ current rate on secondary markets like OpenSea.
On May 29th, Fortnite launched Epic Exclusives which are limited-run items using V-Bucks, Fortnite’s in-game currency that costs real money. These exclusive items can be used just like any other skin or character customization option found throughout the game and the hope is not only to get more people interested in blockchain technology but also bring more attention to these digital assets’ growing presence in the tech world.
Twitter’s part will really help gain recognition for the many NFT artists
Twitter isn’t the only social media platform to jump on the NFT bandwagon, others include Etsy and Reddit with Etsy allowing users to buy and sell digital art while reddit allows users to post their tokens for sale or trade.
One of the most popular ways to sell artwork these days is through social media platforms. Beeple, for example sold his digital art collection spanning ten years for $69 million dollars and now we have Twitter getting in on this trend with a much-promised feature that lets users show off their NFT collections on account profiles pages
The new addition comes ensconsed amidst an ever increasing interest within cryptocurrency markets as well as popularity among tech companies such has Facebook who announced their own cryptocurrency project but eventually pulled it due largely negative feedback – though not without turning some heads first.
NFTs are a very interesting and new way to create artwork that has been gaining momentum. But what is even more exciting about these digital certificates of ownership, or “NFTs,” as they’re often called in cryptocurrency circles? Well for one thing it means we might see some changes on Twitter! The company just announced plans last week at Coin Beyond conference 2018 which will allow users send-and-receive financial products through their system — all via blockchain technologyI’m sure many people were caught off guard by this development so let me explain how Blockchain could potentially change social media platforms such as Facebook Messenger Chatbot, among others.
What does Twitter have to do with NFTs?
Essentially, Blockchain is a technology that allows for secure transactions to take place without the need of a third party. For example, when two people want to buy something from each other on Ebay they use PayPal as a mediator. With blockchain, there’s no need for a middleman because the technology creates an indelible and unchangeable ledger of all transactions that have ever taken place. So not only can you be sure that the money is going to go to the right person, but you can also be sure that the transaction record can never be tampered with (or at least would be very difficult to do so).
Twitter has been listening to its users and they want a way for them be able show off their NFT collection according the company’s development team. Software Engineer Mada Aflak showed off some early sketches of what would eventually become Twitter Card, which was then advanced quite significantly since his initial design; something we can all appreciate!
Twitter has announced a new update that allows users to connect their Twitter account with an NFT wallet of choice. This is so you can put skins, logos and other digital assets on your profile picture from the collections within Coinbase or another platform like Ethereum-based Maecenas (website). Additionally, reverse engineer Jane Manchun Wong found more information about how Twitter plans for handling these types if data–which we all know will be huge in future years!