Twitter Appears to New Crypto and NFT Projects with the Enlargement of its Twitter Crypto Group

Twitter has announced hiring a new crypto engineering lead to explore further ways to integrate cryptocurrency and blockchain technology in various ways throughout the app.

Twitter has appointed crypto veterans Tess Rinearson in the newly created role. Rinarson has been working in the cryptocurrency sector since 2015, most recently at the Interchain Foundation, and before that at Chain.com.

Rinarson will work closely with the Twitter Product Manager Esther Crawford to develop a range of new features, including advanced payment options and NFT display tools, as well as its broader ones Bluesky Decentralization Protocol Project.

As explained by Twitter:

“Blockchain and crypto are opening up new opportunities that are in line with many of our big product bets, including creator monetization and new forms of self-expression. It is time for Twitter to do some serious research into this technology, and Tess has the experience to do the job. “

Twitter has already initiated several crypto projects, including payments for Paid places, Crypto transfers for tips in the profile, and NFT display options linked back to the property register.

There is still a long way to go before these are fully realized and Rinarson will bring considerable expertise to the Twitter ecosystem to take these options to the next level.

It’s hard to say what role cryptocurrencies will play in the next phase of the internet.

Many are seeing crypto and blockchain technology, each of which will play a fundamental role in the development of Web 3.0 and will become key components of a more open, collaborative online experience that will open up wider opportunities for everyone in the next next phase.

But for others, crypto and NFTs are just minor fads, both tarnished by fraud and greed, and which will be severely limited in terms of widespread adoption and enduring value proposition.

Opportunities exist in each, including a wider presence of digital art and artists and new opportunities to monetize their work, while cryptocurrency systems could also facilitate alternative banking processes and fee-free international transactions, which has a major impact on developing regions in. could have especially.

Many nuances are lost in the hype when trend drivers cling to the latest hashtags and ticker codes and follow Elon Musk, Jack Dorsey and Gary Vee into the bright new world of shiny objects with the temptation to get rich quick. But the majority will lose. NFTs do not offer significant long-term value and are not, as some vendors claim, “built for the metaverse” – which, it is worth noting, currently does not exist in any form that would support it in either case.

The NFT market is also being inundated with increasingly poor quality digital images, most of which are people don’t buy full reuse and ownership rights anyway, and eventually value proposition of this kind will decrease as supply and demand collapse and clarity is left in their place.

Crypto offers more potential, but apparently not in the way many would like to use it. However, if Twitter is able to crack the code and incorporate effective crypto payments into its systems, it could prove to be a valuable addition – while Twitter can also take advantage of the NFT wave to improve the utility for more users , and perhaps provide a more direct route to digital art ownership and reuse.

That could also lead Twitter to play the role of the copyright police on who can and can’t use certain NFTs in their profiles, but maybe a direct link back to the blockchain ownership data is enough to deter unauthorized use and provide more stable Framework to enable digital artists to better monetize their work.

That could also help – according to a new finding from the app researcher Alessandro Paluzzi, Twitter is also considering giving NFT profile pictures a different shape, which would mean that unauthorized NFTs would be noticed if / when used as a profile picture.

This could be a clever way to align with the NFT trend and add something extra to the Twitter experience. Will this preclude use by those who do not own the original NFT? Probably not, but this is how Twitter is working now to align with these emerging elements.

Will they continue to rise and become a more important part of Twitter in general? We’ll find out soon because Twitter wants to advance its crypto and blockchain projects through these projects.