Elon Musk formally owns Twitter.
After spending months making an attempt to again out of the deal, the world’s richest particular person is now working one of many world’s most far-reaching and distinguished social media platforms. It additionally occurs to be the platform that Web3 and NFT lovers name house. So what does this imply for the neighborhood? And will this takeover truly be excellent news for Web3?
Thus far, the reception amongst Web3 figureheads has been blended over Musk’s buy. In spite of everything, Musk has the potential to make the platform a extra crypto-friendly, Web3-integrated place, indicating his want to doubtlessly incorporate crypto funds into Twitter way back to June of this 12 months.
Nevertheless, questions on Musk’s stance towards combating misinformation on the platform linger, to say the least. On October 30, Musk replied to a tweet by Hilary Clinton that accused Republicans of encouraging the individuals who attacked Home Speaker Nancy Pelosi’s husband, Paul, of their house simply just a few days prior. Within the tweet, Musk cited an article peddling a conspiracy principle within the Santa Monica Observer, a publication recognized for spreading misinformation. In 2016, for instance, the Observer printed an article claiming that Hilary Clinton had died and a physique double had been despatched to debate Donal Trump. Musk’s tweet, which has since been deleted, has accomplished little to encourage well-known figures within the Web3 neighborhood that his Twitter takeover bodes nicely for the way forward for the ecosystem’s hottest platform, a minimum of relating to its tradition.
Others are extra targeted on getting Musk’s consideration so as to add options to Twitter, like a crypto pockets log-in choice.
Unsurprisingly, the cryptocurrency Dogecoin has rallied within the wake of Musk’s takeover, up 135 % from only a week in the past, in line with CoinGecko. On the time of writing, the token sits at 14 cents per Doge. Musk has beforehand said that he owns Dogecoin, and Tesla even accepts the crypto as a type of cost for a few of its merchandise on its web site. Musk’s affection for the token isn’t new, however after responding to Dogecoin Co-Founder Billy Marcus on Twitter yesterday, the cryptocurrency’s value rose 5 % inside an hour. CoinGecko additionally lists Dogecoin because the third most-traded crypto on Coinbase over the past 24 hours.
How Musk would possibly change Twitter
Aside from Musk’s June conversations with Twitter employees that confirmed a willingness to make Twitter a extra crypto-friendly place, there are clear indicators that the Tesla big absolutely intends to make {that a} actuality.
In line with a latest report by Reuters, the favored crypto change Binance is growing a workforce to work on methods to higher combine crypto into Twitter. That the change would need to collaborate with Musk on this vogue is unsurprising, and the corporate beforehand invested $500 million into Musk’s Twitter Inc. acquisition and is probably going wanting to affect Musk within the modifications he makes within the coming months.
Binance’s new workforce is reportedly specializing in constructing options to Twitter’s bot points, particularly within the web site’s Web3 peninsula. Musk has complained about Twitter’s use of firm sources to develop what he views as beauty distractions to the house as an alternative of coping with the proliferation of crypto scams on its platform.
The modifications to the platform might come swiftly. Maintaining along with his cavalier angle, Musk not too long ago disbanded Twitter’s board of administrators, making himself the “sole director” of the corporate. Since buying the corporate, he additionally introduced he’s making modifications to Twitter Blue, the platform’s verification system, rising the elective $4.99 month-to-month subscription to $19.99, in line with data obtained by The Verge. Verified customers would have 90 days to subscribe or lose their blue checkmark.
Whereas Musk says that is the “solely option to defeat bots & trolls” and that he’ll clarify the rationale additional earlier than it’s applied, the proposal is already proving divisive. Some well-known Twitter customers have threatened to depart the platform over the charge enhance, whereas others have identified that the verification mark is essential in permitting journalists to keep away from jail time in international locations with authoritarian regimes. Elevating the verification value might considerably influence their means to guard themselves from state harassment.
Disrupting the funds trade — once more
There’s cause to imagine that Musk is desirous about utilizing Twitter to revamp the funds trade as soon as once more, as he did with PayPal within the 90s. In addition to collaborating with Binance’s CEO Changpeng Zhao, Musk has additionally introduced in fellow PayPal alumnus David O. Sacks and a16z investor Sriram Krishnan.
These collaborations point out that Musk’s potential political-cultural influence on Twitter, irrespective of how controversial, could possibly be dwarfed by a logistical one. If executed correctly, Musk could possibly be the primary particular person to efficiently unite crypto cost programs with a serious social media platform.
That issues vastly to the house. Thus far, Reddit holds the title of probably the most distinguished onboarding power within the Web3 ecosystem after executing its Collectible Avatars grasp play. Nonetheless, it achieved this whereas avoiding making its customers pay in crypto and skirting across the time period “NFT.” Twitter has Web3 home-field benefit. There’s little cause why Musk would do something right here however press down on the fuel pedal. Antics and free-speech discussions apart, Musk’s plans for Twitter’s relationship with Web3 are tantalizingly bullish.
