Twitter had just announced its hiring of a new dedicated Crypto Engineering Lead as it continues to explore more ways to integrate crypto and blockchain technology with its systems and channels.
Earlier this year, Twitter had already launched it’s initial NFT project, which in essence is technically a form of cryptocurrency, and is exactly the reason why Twitter saw it fit to appoint crypto veteran Tess Rinearson the newly created role.
Rinearson is set to closely work with Twitter Product Manager Esther Crawford to help with the development of new features and even new payment options. These include NFT display tools and even a new, broader Bluesky Decentralization Protocol project.
Twitter explains:
“Blockchain and crypto are unlocking new possibilities that align with many of our big product bets, including creator monetization and new forms of self-expression. It’s time for Twitter to explore that technology in earnest, and Tess has the experience to lead that charge.”
Besides the NFT display option project, Twitter is already underway with paid ‘Ticketed Spaces’, as well as profile-tipping through crypto transfers.
Crypto Craze
Twitter has a long way to go before these projects come to full fruition, which is why Reinearson’s expertise is a much welcomed and needed addition that can help bolster Twitter’s effort in taking these newer monetization elements to the next stage.
With eCommerce on the rise, many now look to crypto, and subsequently blockchain technology, as both having fundamental roles in the development of what would eventually be the Web 3.0, becoming key components of a more inclusive and collaborative online experience for all.
Yet every opportunity will have detractors of sorts. There are those that see NFTs are merely representatives of small-scale fads, those marred by profiteering and scams. In-short, they’re nothing more than hollowed-out assets that may help people earn a quick-buck, but lack no real long-term value.
Fortunately, at least as of the moment, there lies opportunities for both elements. NFTs can increase the exposure of digital art and artists, adding new monetization capacities to their work, while crypto systems allow for possible alternative banking and payment methods, potentially leading to fee-free transactions which do have far-reaching economic effects, especially for developing regions.
The Wrap
It’s really quite a lot to take in, especially if you put yourself in Rinearson’s shoes. Afterall, she, and Crawford, are the ones who have to take all of these into account and actually deliver. Where there is potential, there are also challenges and risks. NFTs may have a lot of hype to them, but their nuance does tend to fall off the more people start leaning into the trend. While quirky and prestigious, to a degree, they don’t offer too much in terms of long-term value, and the current issue of lower quality NFTs flooding the market leaves much to be desired with regards to their appeal and longevity.
Likewise, while crypto offers more potential, it’s unlikely that they’ll totally replace traditional and classic transaction methods anytime soon. There’s just too much volatility surrounding the crypto market and not all platforms are yet duly equipped to incorporate crypto in their systems. While the opportunities are higher, so too is the learning curve. If Twitter can somehow crack the code for both, then it stands to be one of the more notable platforms during this transition period towards higher connection.
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