Digital scarcity and social status converge as Twitter launches NFT verification

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Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provides financial advice. Please review our website policy before making any financial decisions.

Twitter, the popular microblogging platform, has deployed a feature that allows its premium users to use NFTs as profile pictures, coinciding with an unprecedented increase in their adoption and usage.

Twitter Blue users can now use NFTs as profile pictures

Twitter unveiled the new feature on Thursday, which allows NFT owners to showcase their digital collectibles on the social platform. The feature is currently only available on Twitter Blue, the subscription-based version of the social media platform.

To set an NFT as a profile picture, a user would need to link their OpenSea account to their Twitter account. Once the accounts are linked, a list of their NFTs that have been created on the Ethereum blockchain would be presented to them. A Twitter representative reportedly said that this is the “first iteration” of the feature and that support for more blockchains will come in the future.

Notably, the NFT set as the profile picture will be surrounded by a hexagonal border, which distinguishes it from the typical circular border currently used for “normal” profile pictures. However, there is still a way that allows a “right click” to steal an NFT and display it as a profile picture.

By re-uploading an image from an NFT and hitting it on OpenSea, anyone can get a visually identical NFT. They can then use that NFT as their profile picture, and it would be enclosed in a hexagonal border on Twitter. It seems that Twitter does not yet have a solution for this type of counterfeit.

Twitter verification relies on OpenSea, not Ethereum

Twitter retrieves data from OpenSea using application programming interfaces (APIs), which are software intermediaries that allow two applications to interact with each other. This means that Twitter does not interact directly with the Ethereum blockchain, which can be annoying because Twitter will also face problems whenever OpenSea does.

The fact that the feature is only available to Twitter Blue users can be seen as a form of promotion to encourage signing up for the company’s subscription product. The subscription currently costs $2.99 ​​per month, which probably isn’t much for NFT enthusiasts who are willing to pay millions for a JPEG on a blockchain.

As previously stated, former Twitter CEO Jack Dorsey is not a fan of Ethereum and Web 3.0. Lately he’s been opening up and talking about what he thinks are the issues with Web 3.0. He particularly scrutinized Web 3.0 projects saying that they are not really decentralized. Nevertheless, the NFT movement can be seen as a rejection of Dorsey’s philosophy.

Meanwhile, Tesla and SpaceX CEO Elon Musk, also not a fan of Web 3.0, voiced his opposition to the move. Musk commented on the move:

“Twitter is spending engineering resources on this bs while crypto scammers throw a spambot block party in every thread!?”

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NFTs have had a strong start in 2022

The NFT market got off to a good start this year. Of course, this comes after the technology managed to break into the mainstream last year.

According to a report by DappRadar, NFTs generated more than $23 billion in trading volume last year, while the market processed less than $95 million for all of 2020. 140,000 at the end of the year. DappRadar said:

“2021 was perhaps the most critical year for the industry so far. After a year 2020 which can be defined as a year of building and preparation, this year has seen tremendous progress and results positive on the industry’s most important metrics and macro indicators.

The NFT marketplace has also performed admirably so far in 2022. This is partly attributed to the launch of LooksRare, a new decentralized NFT marketplace that has outperformed OpenSea by more than 2x since its launch. The new Twitter feature is expected to further drive NFT growth and adoption.

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Do you think Twitter’s decision will help accelerate the mass adoption of NFT? Let us know in the comments below.

About the Author

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over two years of writing experience in the field. He has a solid understanding of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi) and the emerging non-fungible token (NFT) market. He is an active user of digital assets for remittances.

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