Twitter develops cryptocurrency & NFT features

Twitter is now developing decentralized technology tools and features to unify cryptocurrency, blockchains, NFTs and the social experience on the platform.

Tess Rinearson, a crypto engineer who will be leading the development and the team focussed on this area announced the updates on the objective set by Twitter to bring these technologies such as cryptocurrency on the social network.

The primary pivot presently would be to figure out use case applications for features that would integrate these technologies. For instance, tipping via cryptocurrency, exhibition or purchase and sale of NFTs, and more.

Tess mentions that initially the team would be supporting the interest among creators to use decentralized apps to manage virtual goods and currencies. She adds that exploration relating to the use of crypto with identity, community, ownership, and more and shaping the decentralized social media of the future would be in the works.

Also Read: Paid subscription service Twitter Blue adds new features

Twitter is the first major social network to announce the push into blockchain and cryptocurrency. While the first movers' advantage would benefit the social network, the dismal around the non-acceptance of cryptocurrency as a legal tender in several countries, debates around the negative effects of crypto mining on the climate, and its highly volatile, market value, pose as a risk to Twitter's investment in the technology if it faces any legal issues in specific countries.

Although use case applications of the technologies hold plenty of potential with Twitter's recent introductions of Professional Profiles, the paid subscription service Twitter Blue, Tips, and social networks have also been known to facilitate the sale of NFTs and digital collectibles.