Twitter Blue is a paid subscription service that offers users access to premium services. This includes things like modifying previously published tweets, uploading lengthier videos, and reading news without adverts, among other things. People can use Twitter Blue to show off their NFTs by making them their profile images.
The NFT feature is now only available on iOS, but Twitter claims that it will soon be available on Android phones as well. The Twitter Blue service is only available in the United States, Canada, Australia, and New Zealand, and it is not available worldwide. Regardless of Twitter platform, Twitter claims that the new NFT profile image functionality would be viewable to everyone.
People began updating their profile images to highlight their NFTs, indicating that Twitter was interested in NFTs. It began researching the possibility of official authentication in September 2021, allowing NFT owners to display their digital assets. Twitter has officially become the first social media platform to launch something just for NFT users with this new functionality.
Non-fungible tokens, or NFTs, are digital collectibles – often pieces of art – that provide the buyer exclusive ownership of the item. They are traded on the blockchain, just like cryptocurrencies. They are, however, non-fungible (i.e., one NFT cannot be exchanged for another because of the unique value assigned to that particular NFT).
NFTs have grown to be a very profitable industry, with some NFTs fetching millions of dollars. An online auction last year sold an artwork collection by designer Mike Winkelmann for a whopping $69,346,250.
The NBA offered sports stars and celebrities NFTs earlier in 2021, which sparked the NFT fad. In a single month, it created more than the whole NFT market did in the full year of 2020. Trading volume on OpenSea, a significant NFT platform, increased from $329 million in July to $3.4 billion in August.
NFTs are being heralded as the next great thing after Bitcoin by many people, particularly millennials. Some of them are also contemplating NFTs as an investment vehicle and may purchase them. Whether the NFT trend is fleeting or long-term, NFTs have unquestionably become the talk of the town, with their market expanding by the minute. And Twitter’s move reflects their current popularity.
Twitter verifies unique ownership.
As previously said, crypto fans have been displaying their NFTs on their profile photographs for a long time prior to the availability of this function. This feature prevents people from stealing other people’s NFTs and using them as profile images. This is accomplished through Twitter’s official verification method, which was implemented after much thought. Owners of NFTs can do so by connecting their Ethereum wallet to their Twitter account, which will display a list of NFTs they hold.
Only a few Ethereum wallets are now supported by Twitter, including Coinbase Wallet, Rainbow, MetaMask, Ledger Live, Argent, and Trust Wallet. It does, however, intend to expand to other wallets in the near future. Users can easily choose whatever NFT they want to display on their profile after attaching their wallet.
Instead of the usual circular border, their chosen NFT will have a hexagonal border. This is done to emphasize the NFT’s originality and genuineness. If someone attempts to clone your NFT and use it as their profile image, they will receive the standard circular frame.
As a result, Twitter guards against your NFT being stolen and used as someone else’s profile image. If the thief reuploads the image to an NFT platform and mints an identical NFT, they may be able to obtain the hexagonal frame. It’s unclear how Twitter will prevent this type of fabrication.
Despite this disadvantage, crypto aficionados and supporters appreciate Twitter’s present effort to preserve NFTs, which they see as a step toward the general use of blockchain and crypto.
The use of application programming interfaces (APIs) to retrieve users’ NFTs from online marketplaces is another issue with this new functionality. Instead than connecting directly with the blockchain, Twitter involves a third party in the verification process. If the marketplace falls down, Twitter may be unable to load those NFT profile pictures.
Following the launch of this functionality, numerous users claimed that their profile photo was not loading. This is because Twitter uses the API of OpenSea, an NFT marketplace, which experienced an outage, causing problems loading profile pictures on Twitter.
Twitter’s commitment to decentralized technology is shown in their new announcement to enable NFT profile images. Twitter CEO Jack Dorsey stated last year that Bitcoin would play a significant role in the company’s future. It launched a tool in September that allowed Twitter users to tip content creators in Bitcoin. It’s also taking proactive steps to form a crypto team that’ll focus on cryptocurrencies, blockchain, and decentralized technology.
Meta, for example, is looking into the possibility of launching an NFT marketplace on its Facebook and Instagram platforms. People frequently use social media platforms to promote and present their work. As a result, a feature like this will undoubtedly boost the NFT market. However, it is unclear how and in what capacity these functions will be released.
Last but not least
Twitter has been the first major social media site to realize the relevance of NFTs in this booming market with the new NFT profile image function. The NFT market and popularity will rise as more social media sites implement NFTs.
The combination of social media and NFT could open up a whole new world of possibilities for content providers, who will be able to reach a considerably larger audience with their work. It remains to be seen how well NFT owners accept this new feature and how they react to this new Twitter feature.
NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art￼
Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.
The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.
First edition beyond expectations
“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.
“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”
NFT Show beyond Europe
#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.
With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.
The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.
Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.
Conclusions & Trends
“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.
NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.
“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.
There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.
The producers of NFT Show Europe are already planning the next stages for 2023.
Logan Paul’s unsuccessful NFT Investment: Over $620K to $10
Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.
Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.
Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.
Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.
However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.
Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.
It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.
Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.
Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).
Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.
When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.
He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.
KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.
BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:
“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.
Ford is getting ready to enter the Metaverse with digital cars and NFTs
A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.
Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.
Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.
The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.
Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.
The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.
Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”
Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.
Ford isn’t the first automaker to enter the Metaverse market.
While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.
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