By Nathan Ferguson
Twitter – a giant in social media – has introduced a feature to enable the consumers to authoritatively evaluate the originality of the NFTs utilized for the profile pictures thereof. Formerly, a user can just copy a picture and paste it on the place of the profile image, and there was no way to find out the ownership of that particular image except for delving deep into the blockchain of Ethereum for its verification. The respective feature, having been launched on the 20th of January, is just to be utilized by Twitter’s paid subscribers of the Blue service.
The authoritative NFTs are now to be indicated via a hexagonal border rather than the conventional circular one utilized for the profile pictures. This move is considered to be a huge one in the field of NFTs up till now. During the recent few years, Twitter has turned into a favorable social media venue across the industry of cryptocurrency.
Through a lot of ways, the wily hackers can steal a picture, mint it as an NFT with an address of blockchain, and paste it on the profiles thereof. Twitter has not yet confirmed the method by which it intends to confront such digital thieveries from taking place.
The NFT push of Twitter
Esther Crawford – the product lead of the company – stated that the platform is moving to be a social network allowing for crypto technology, blockchain, NFT education, conversation, as well as discovery, as per WSJ. He added that crypto counts to be the chief column in the future of Twitter and they intend to favor this surging interest between the creators to utilize decentralized applications for the management of digital currencies and goods.
A third-party application programming interface (API) is used by Twitter to grab the NFTs of consumers from the marketplace called OpenSea, which plays the role of a verifier. If there are any problems with OpenSea, then it would not be in the hands of Twitter to verify the tokens and images. At present, increasing competition is being seen in social media platforms that desire to lead the field and Meta is additionally having some strategies for NFT space.
The outlook of the NFT ecosystem
During the recent year, a remarkable upsurge was witnessed in the ecosystem of NFTs and it has carried on even in this year. As per Nonfungible.com, during the recent week, a sale of more than $517M in NFTs has been witnessed. According to the report, up to 277,509 NFTs were traded over the primary as well as secondary markets.