Elon Musk’s Twitter Will Make Its First Crypto Move

Elon Musk Tesla Bitcoin Sale
  • Twitter has announced the development of a blockchain feature for non-fungible tokens.
  • Dubbed “NFT Tweet Tiles,” the update could allow users to buy and sell NFTs through tweets on their timelines.
  • The feature is Twitter’s first crypto-focused move since Elon Musk acquired the social network for $44 billion.

This Friday, Elon Musk informed Twitter users that the implementation of a feature that seeks to promote the purchase and sale of non-fungible tokens (NFT) is underway. According to the official announcement tweet, four markets will act as partners in the update dubbed “NFT Tweet Tiles”. 

The NFTs sold or better known as the “NFT Tweet Tiles”, will be responsible for displaying NFT images through tweets with details that include the name of the NFT, the creator’s tag and an option to view the digital collectible in one of four markets. 

According to a statement made on Friday, the social network has agreements with NFT aggregator and trading platform Rarible, Solana’s leading NFT marketplace Magic Eden, blockchain developer Flow Dapper Labs, and sports organization Jump Trade.

There is uncertainty around the intentions of Musk’s social network to expand its alliances to other markets such as OpenSea. However, the four NFT contributors boast support for a wide range of blockchains, including Ethereum, Flow, and Solana, which fuel the NFT communities.

Only a small number of iOS and web users have access to the feature, which is still in testing.

First crypto movement on Twitter

NFT Tweet Tiles marks the first move in the crypto world of platforms since Tesla boss Elon Musk took over the company. Even so, with the delays that the agreement had, the purchase of 44 billion dollars was made this Thursday.

One of the main plans of the CEO of Tesla is to take Twitter into the private sphere. Already the restructuring began with the dismissal of Parag Agrawal, the company’s former CEO. The New York Stock Exchange said the company’s shares will cease trading on November 8, 2022. 

Previously, in November 2021, Twitter had already announced the NFT profile photos for blue subscribers. With this implementation, blue users are allowed to upload an NFT from a verified collection as a hexagonal profile picture for their account. 

Musk labeled the update a “waste of engineering resources” at the time. For the new CEO, the company’s first steps should be focused on eliminating bot and spam accounts.

Decrypt reported that a company representative confirmed that NFT Tweet Tiles will be available to all users in due course.