After Twitter’s move to incorporate NFTs into each user’s Twitter account, electric car billionaire (Elon Musk) has described the move as annoying. Once this feature is completed, Twitter users can connect their wallets to use their NFTs as their Twitter profiles.
Twitter’s NFT Move Annoys Musk
Tweeting about the new development, the tesla boss opined that Twitter could have spent the resources to develop this new feature on a feature that prevents crypto scammers from spamming various threads on the platform.
Elon Musk Tweet. Source: Twitter
Musk’s crypto scammer reference was aimed at several tweets claiming to promote one anti-loss crypto trading software or another. Aside from crypto scammers, the social platform is also mostly used to impersonate famous persons. An FTC May 2021 data stated that social platform users (notably Twitter users) had lost a combined $2m worth of digital assets to scammers impersonating Elon Musk.
Hence, it is no wonder that Elon Musk was annoyed that the Twitter team was investing resources in NFT instead of this menace. We can also interpret Musk’s comments to mean that he doesn’t fancy NFTs that much compared to digital assets, especially when we consider a part of his tweet where he tagged NFTs as BS.
Several Twitter users also supported Musk’s opinions, saying it is high time Twitter finds a solution to the high rate of scammers parading the platform. Microstrategy chief, Mike Taylor, opined that the best way to get rid of scammers is for Twitter to have a verification process before allowing any user to tweet.
Twitter’s NFT Move
But, not every Twitter user-supported Musk’s opinions. Some are happy with the new initiative even though it is currently available to paid users. Any NFT-connected Twitter profile will have the border of its verified sign to be hexagonal and not the circular one.
This new feature will enable digital art creators to have a wider platform to showcase their digital artworks. While Twitter is the first social platform to incorporate this NFT feature, it will likely not be the last. In its transition to become Meta, part of Facebook’s plan was to have an NFT platform. However, the plan is yet to be implemented as of this writing.
NFT Interest Is Growing At Astronomic Rates
Even though the billionaire isn’t satisfied with Twitter’s foray into the NFT world, various data indicate that NFT’s growth and popularity continue to rise sporadically. A Beincrypto report revealed that NFT transactions on Opensea (a popular NFT platform) are now nearly $4B – a new all-time high.
Also, Looksare (a relatively new NFT marketplace) alongside its governance token (LOOKS) has been experiencing massive patronage in the last couple of weeks. As popular brands are making moves into the metaverse space, it is clear that NFTs’ growth and popularity aren’t waning soon. Walmart and Gap (two popular retail platforms) are already set to launch their NFTs. NFTs aren’t a fad that will pass; developments will only improve the NFT space.