After corporate institutes now social media giants have also embraced NFTs. They have been voiced labeling it as the start of a new era in terms of reputation systems used in the future digital world. Twitter the social media platform which has surpassed 185 million users marks by the end of the last year, now working on a new business strategy. The platform will allow users to display their NFTs collection as their profile pictures.
Mada Aflak, one of the software developers at Twitter told the media that the micro sharing platform is working on a new function that will allow users to directly import their NFT collections from their wallets on the blockchain.
Twitter verifying crypto might be the answer to the platform’s dilemma that has been overcrowding crypto on Twitter. NFTs became popular earlier this year. Moreover, NFTs collections like CryptoPunks started trading initially for thousands and later on million of dollars. Apart from that, people also started to use these collections as their profile pictures.
However, one of the biggest issues on social media is that anyone can copy someone else’s profile picture as there does not exist any reputation mechanism. Some of the major NFTs collectors were not happy about it at all. On the other hands on blockchain it is much easier to verify the ownership of every collection.
But there are many voices that say that copy-pasting the NFTs only makes their worth double because of the attention they gain. For instance, Mike Winkelmann a digital artist sold his NFT artwork for $69 million. In the same open crypto platform, OpenSea has seen a rise in its sales up to $4 billion per month.
It is easy to use someone’s NFTs collections on social media. However, to verify the ownership one can link his/her collection of NFTs to their wallets. But the issues are likely to be solved soon. Expert do believe that the future of digital world will see the new reputation system being enforced to protect the NFT collection of users.
Jesse Johnson, the co-founder of DeFi and NFT crossover project Aavegotchi, opened up about the Twitter’s newly proposed verification idea. He said that Twitter verification of NFTs can ask users to reveal their digital identities which will stop copying others’ NFT collection profiles.
Twitter is not the only social media platform working on developing a new reputation system. TikTok is also working on a similar process. The company revealed that it would soon launch its own NFT collection inspired by the work of Lil Nas X, Bella Poarch, Curtis Roach, and others. The company also added that the collection would be used launched on the Ethereum blockchain network.