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Verified NFT Profile Pictures are now available on Twitter

Twitter released a new non-fungible token (NFT) feature for its Twitter Blue subscribers on January 20, 2022.

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#nft #nfts #twitter

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.

ART & COLLECTABLES

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.

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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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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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