Crypto industry experts believe that Elon Musk has always had a prominent influence on the cryptocurrency ecosystem
Elon Musk, a noted supporter of Dogecoin took over as the new owner of Twitter on October 27, 2022, Thursday, dismissing top employees he had accused of deceiving him, while offering little explanation to how he would carry out the ambitious plans he has made for the social media company.
After news of Musk’s takeover, Dogecoin slipped by over 5 per cent in the last 24 hours, and is currently trading at $0.07501.
A day later, on October 28, 2022, Twitter announced that it will let users buy, sell, and display non-fungible tokens (NFTs) directly through Tweets in partnership with four marketplaces.
The integration, known as NFT Tweet Tiles, places an NFT’s artwork in its own panel within a tweet and adds a button that directs readers to a listing on a marketplace.
Industry experts say that Musk’s Twitter takeover augurs well for the overall Web 3.0 and the digital asset ecosystem.
“NFT tiles would allow users to buy and sell NFTs via tweets. Musk had envisioned Twitter as a ‘SuperApp’ with inbuilt crypto payments. Musk’s SuperApp strategy has the potential to bring the power of Web 3.0 and social media to fuel new digital business models for enterprises and businesses,” says Sharat Chandra co-founder, India Blockchain Forum.
Also, in a statement to The Block, Binance founder and CEO Changpeng Zao (CZ) said, “We’re excited to be able to help Elon realise a new vision for Twitter. We aim to play a role in bringing social media and Web 3.0 together in order to broaden the use and adoption of crypto and Blockchain technology.”
“Since Musk is quite vocal in terms of Crypto, I think it will be a game changer for the crypto industry with this acquisition. It’s only a matter of time when this will come into play,” says Prayag Singh, co-founder, SOCLLY, a decentralised social network platform.
According to Dileep Seinberg, founder and CEO of crypto fintech MuffinPay, Twitter can potentially disrupt the new age Bitcoin-style communication platform unbiased for communities where it can reward people for creating quality content.
“The development so far is anticipated to be a positive move, but the actual impact will be noted once he delivers something material for the crypto ecosystem at large,” he says.
Earlier, on October 26, 2022, Musk altered his Twitter bio to “Chief of Twit,” and that same day, he paid a personal visit to Twitter’s corporate office. That increased hopes that Musk would complete the transaction by the court’s deadline, enabling Dogecoin to become an essential component of the Twitter platform.