TL;DR Breakdown
- Twitter hires crypto team to enhance all things blockchain.
- Team would also expand Twitter crypto base, blockchain and decentralized tech.
- More social media platform getting active in crypto space.
Popular microblogging platform, Twitter has stepped fully into the crypto space after it employed a crypto team.
The move follows its introduction of the Bitcoin tipping function on its platform and NFT drop. Per a thread by Tess Rinearson, Twitter’s crypto team’s head, the purpose is to serve as a “center of excellence” for all things blockchain at Twitter.
The team would not only focus on cryptocurrencies she noted, rather they would work to expand and enhance crypto blockchains, and other decentralized technologies on Twitter.
Why Twitter employed a crypto team
Rinearson, the team lead stated that Twitter had it right introducing the Bitcoin tipping feature and the NFT as she highlighted success stories of the new additions.
Explaining the purpose of the team, she stated that there are other layers of crypto Twitter has to explore and these would be the primary focus of the Twitter team.
The team will explore crypto payments (Bitcoin tips, crypto payments for Ticketed Spaces), opportunities for creator monetization (NFT tooling) and decentralizing social media (part of the general movement toward Web3).Â
“what crypto can do for Twitter, as well as what Twitter can do for crypto”. From creators’ effort in utilizing the decentralized sphere to promote their interest through NFTs and cryptocurrencies, to bringing in the community perspective regarding ownership and identity, Twitter’s aim is to “push the boundaries” of the decentralized industry on its platform.
Twitter Crypto will work closely with a nascent Twitter-sponsored initiative called bluesky, which aims to build an “open decentralized standard for social media.” In the same way that no one bank controls cryptocurrencies like Bitcoin or Ethereum, there would be no one social network that would control the bluesky protocol, even though its development is driven by Twitter.
Beyond Twitter, other social media platforms are also actively getting in the crypto space full time. Just this week, Discord’s founder and CEO Jason Citron implied in a tweet that Discord is working on an integration with MetaMask, a popular crypto wallet service. Meanwhile, Reddit is hiring engineers for an NFT platform.
