Regardless of what people may think about NFTs, it’s clear that they are a new trend and that many are now ‘investing’ in these digital artworks via crypto. NFTs are currently a ‘Statement’ commodity, meaning that simply having or owning one lets you show off your connection to web pop culture, while also providing you with the opportunity to make it big once the Metaverse arrives — more connection, more profit.
Long term, it may not be as stable a market as most, but the same was said about cryptocurrency in general, and up to now it still sees relative success. See, the thing with volatility is that not everyone will opt-in for it, but those who do and those that persevere often benefit greatly when the market does boom. Economically speaking, it’s a very high-risk market. Regardless of underlying implications, NFTs are currently a ‘big thing’ at the moment; with various related events and meet-ups being held across the globe.
Major social platforms have taken notice of this, and some have even already begun integration of NFT into their approach. Instagram is working on a new NFT display option, while Twitter continues to push its initiative by updating its profile image display process, enabling users to showcase their NFT collection/s via direct connection with their owned images back to their crypto wallets.
The project inches closer to full completion with each day, and app researcher Allessandro Paluzzi even shared this intro screen for Twitter’s NFT profile image option. It notes that NFT images will be displayed differently from standard images as they would have a hexagonal shape as opposed to the regular round one.
‘Queen of Social App Hacking’ Jane Manchun Wong shares more detail on this, including what the new NFT images will actually look like, along with how the full NFT connection process works. Based on her samples, Twitter will soon provide the option to ‘Select NFT’ when you update your profile picture. Twitter also prompts users to let their followers know that they have a new NFT profile image, with the original creator being credited in the auto-generated message.
Tapping on an NFT image displays more information about it, including the creator, owner, and more relevant data. The driving premise behind this is that by doing so, more direct connection to the original artist is created, while simultaneously confirming official ownership. The hexagonal shape is mainly for distinction that the image in question is indeed an NFT, and that whoever is displaying it is the owner of the image.
The Wrap
In the grand scheme of things, NFTs are ultimately gray-areas; they’re not completely bad, but they aren’t inherently good or beneficial either way. Does buying an NFT give you full ownership over the original artwork? Well, no, true ownership will always lie with the original artist. Do NFTs have fail safes to prevent counterfeiting? Again, no. Besides local, platform-based distinction factors and security nets, nothing really stops people from downright copying or reusing somebody else’s NFT. Are there other legal complexities around NFT, it’s ownership, and redistribution? Quite
So, it seems Twitter is treading on rather turbulent waters here. On one hand they have the advantage of being recognized as one of the earlier platforms to have successfully integrated NFTs into their operational framework, but at the same time they also stand to lose many of what NFT currently offers the moment that the trend drops, or is ousted by another one. And yet, Twitter might just pull it off, given the fact that right now, it’s a pretty flexible platform that prioritizes innovation. NFT might just be that much needed Twitter was looking for in order to build more momentum for itself.
Subscribe to our‘Bottoms Up!’ Newsletter. Get the latest social media news, strategies, updates and trends to take your business to the highest level.
Please note:
This action will also remove this member from your connections and send a report to the site admin.
Please allow a few minutes for this process to complete.
