Twitter just a few days ago launched a new feature, thanks to which users of this popular social network can send each other expressly fast using Lightning Network BTC technology and for minimal fees. However, Twitter does not end there, because it has its own plans in connection with the increasingly popular NFT.
NFTs are non-fungible tokens. Thanks to this feature, they can play a role on Twitter not only in terms of “collector’s value” (which has caused a huge frenzy around the NFT), but also because of the possibilities that this technology offers for verifying the authenticity of digital profiles.
Twitter is one of the most popular networks for fraudsters who use it to create fake profiles presenting themselves as well-known companies or various celebrities. Elon Musk, Bill Gates and Kim Kardashian, for example, could talk about it.
So far, the only solution from Twitter to verify the accounts of celebrities was to give them a “blue badge”. The problem, however, is that Twitter awards these blue badges at a very slow pace, and even such a badge does not solve the problem that can occur if you break into the account of a celebrity himself.
Will NFT solve this problem?
However, a solution through the NFT, which is tied to the user’s cryptocurrency and subsequent pairing of this NFT with a Twitter account, can theoretically solve this. In addition, it’s a solution that any Twitter user can use to better secure their account. Thus, it does not necessarily have to be just closely watched profiles of celebrities or, in the case of a cryptosector, known analysts, influencers or traders.
The first hint of how the NFT might work on Twitter was shown by software engineer Twitter Spaces Mada Aflak. The short video illustrates how to click on a profile avatar to select an NFT from a linked crypto.
– Mada Aflak (@af_mada) September 29, 2021
However, Aflak pointed out that so far it is only an experiment with a model and not a finished product. Therefore, she asked the community for feedback and suggestions for improvement. However, this is clearly a confirmation of Twitter’s interest in the NFT sector.
It may not work at all
However, addressing NFT authentication may not work as Twitter envisions. Blockchain technology company Blockstream said: “Twitter authentication through the NFT will be incredibly easy to beat. It will fall apart into a pile of disputes, which will eventually have to be resolved by a centralized person on Twitter. In fact, it will be a matter of centralization, but with unnecessary steps. “
Blockstream Adam Back collaborates with Twitter founder Jack Dorsey and his company Square on BTC projects. However, the company is skeptical about integrating the NFT into Twitter.
The fact that Twitter is interested in the NFT is somewhat divergent from the thinking of its boss Jack Dorsey, who has repeatedly criticized ETH, where the NFT market has its main home. Dorsey is known to be a BTC maximalist and does not see added value in other blockchains. However, it is possible that Twitter feels a great opportunity in the NFT market and therefore Dorsey accepts that his company is acting in this direction as well.
The answer to whether the NFT will solve the problem of verifying Twitter accounts or just complicate the situation, we will get in the future. As the Twitter developer herself stated, the whole project is still in the development phase.