The emergence of Web3 technologies has brought Web2-based companies to consider amendments to their current products and services. Many leading brands are using Web3 technologies such as nonfungible tokens (NFTs) to promote their brand as well as show their affiliation with emerging tech.
Social media is another domain where Web3 seems to have the biggest impact. Facebook rebranded to Meta and has shifted its whole focus from being a social media platform to becoming the future gateway of the metaverse. Meta-owned Instagram announced it would add NFT minting and trading services within the app. Reddit, another prominent social media platform, became a hub for NFT trading with 3 million wallet holders on the platform.
Apart from NFTs, social media giants like Twitter and Reddit have added support for users to tip content creators in cryptocurrency. However, the majority of social media platforms lack inherent crypto integration.
Twitter was reportedly working on developing its own crypto wallet, and with Elon Musk’s recent $44-billion acquisition, many believed that the social media platform could very well integrate a crypto wallet soon. However, recent reports suggested that Musk has halted crypto wallet plans for the time being.
Despite the current setback in the crypto wallet integration, market pundits are hopeful of seeing more Web3-focused services on the social media platform. Martin Hiesboeck, head of blockchain and crypto research at cryptocurrency trading platform Uphold, told Cointelegraph that Twitter already supports crypto tipping, thus adding crypto wallet support is the next logical step:
“Many in the crypto space are bracing themselves for how Elon Musk will impact the industry, and the response has been surprisingly optimistic. It’s clear Musk will drive the digital asset integration with the platform along. For instance, many platforms will offer their own crypto wallets in order to keep transactions close to their ecosystem. Twitter doing this is a logical step for a social network that already enables users to send tips in crypto.”
Musk’s acquisition of Twitter made headlines not just because of the controversies leading up to the finalization of the deal but also because he took the social media platform private nearly 13 years after it went public. With Twitter being a private company now, Musk has a bigger say in the decision-making process, and many believe this will help him push for more crypto and Web3-related…
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