Twitter is well-known for being able to provide a platform that allows anyone to voice their opinion. The social media monster is now taking a new approach to stay on top, and recently have established a dedicated ‘Crypto’ team, led by Tess Rinearson. She explained that the “new team is focused on crypto, blockchains, and other decentralized technologies” within the crypto world. Let’s look at the tweets that Twitter has made so far and see what Twitter is planning for in the future.
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Twitter’s team stated:
We’re exploring ways to incorporate decentralized technologies into our products and infrastructure.
This will be a good way for the company to continue exploring payments and other ways for people creating content to earn crypto, and the “decentralization of social media.”
Rinearson pointed out that “Twitter truly ‘gets’ crypto,” referencing the company’s bitcoin tipping and non-fungible token (NFT) projects. “But there’s so much more to explore here,” she added.
“As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto,” she continued, elaborating:
First, we’ll be exploring how we can support the growing interest among creators to use decentralized apps [dapps]Manage virtual currency and goods. Support their efforts and community.
In the future, the team will explore “how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.”
Then she finished with the following statement:
Twitter Crypto will underpin all of this work, and serve as a ‘center of excellence’ for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product.
Twitter’s CEO, Jack Dorsey, is a longtime bitcoin supporter. Recently, he stated that Square Inc. is his second company and is dedicated to helping bitcoin be the preferred currency on the internet. A number of projects were presented by him that aim to make bitcoin more mainstream and strengthen the ecosystem. Cash App (a well-known finance app) was one of those initiatives. In the third quarter, it generated $2.82 Billion in revenue from bitcoin and $42 Million of gross profit for bitcoin.
Now, Twitter has set up a team to focus on “crypto, blockchains, NFTs, and other decentralized technologies — including and going beyond cryptocurrencies. The team will explore how it can “support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.
This announcement is big news for NFT Market as more artists will have the ability to promote their products on a greater level. Also, people will learn about how NFTs are non-fungible tokens.) work. As Twitter’s new team steps foot in somewhat familiar territory, it will be good for the crypto community to have a huge powerhouse to back and acknowledge the power of crypto.