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8 Ways Elon Musk’s Twitter Takeover Affects Crypto And Web3

●   4 min

The deal for Twitter has finally been completed, with new owner Elon Musk promising greater integration with the crypto world.

Will this move be good news for cryptocurrencies, and in particular, Elon’s favourite Dogecoin?

Here are 8 ways that this takeover could bring even more use cases to this ever-growing industry.

#1 Content Moderation

One of the main reasons why Elon Musk wanted to own Twitter was to promote free speech.

After taking over the company, Musk stated that he would be forming a content moderation council.

This council will have “widely diverse viewpoints”, and is similar to a council that was set up by Meta (formerly Facebook).

However, this suggests that there may still be some form of censorship present!

Another contentious point is the reinstating of Twitter accounts that were previously banned, with Donald Trump’s account reinstatement being the most heavily requested.

Donald Trump was previously banned from Twitter after some of his tweets were interpreted to be inciting violence in 2021.

However, multiple free-speech platforms like Truth Social have their own issues, such as promoting violence and hate.

It will be interesting to see how Twitter will moderate content, and how it compares to Web3 social media protocols (e.g. Lens Protocol) that claim to be censorship-resistant.

#2 No more spam bots?

If you’ve been on crypto Twitter, I’m sure you’ve come across those annoying bots that aim to promote multiple scams.

It’s a good thing that Musk identifies this as a problem, and he aims to come down hard on bots.

It was also reported that these spam bots caused the delay of Musk’s takeover, as they did not disclose the number of fake bots on Twitter.

Hopefully, Musk will find a solution to this annoying problem!

In the meantime, we would like to caution you against clicking any links from these bots.

Most of them are bound to be phishing links, and if you approve any token allowances, the smart contract may be able to drain all of your funds!

#3 More use cases for DOGE?

The hype over Dogecoin has never been crazier after this tweet by Elon.

Musk has been a huge fan of Dogecoin, and it is currently the only cryptocurrency that Tesla accepts as a form of payment.

Many people are speculating that DOGE could be integrated into Twitter, which has led to a massive pump over the past few days.

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This could bring even more use cases to this meme coin, with Dogechain being another catalyst for its growth.

However, DOGE is an inflationary coin with an ever-increasing supply, so this is something to take note of if you’re looking to invest in this coin!

#4 Better NFT integration

Amidst the takeover, Twitter has announced NFT Tweet Tiles, allowing users to trade NFTs from marketplaces via tweets.

What’s more, the marketplaces that are integrated include:

  • Rarible
  • MagicEden
  • Dapper Labs
  • Jump Trade

All of these marketplaces support NFTs on a variety of blockchain networks, including the likes of Ethereum, Solana and Polygon.

Interestingly, OpenSea is not included in this integration, even though it’s one of the top NFT marketplaces.

All of these integrations will definitely help to make NFTs more mainstream, with Twitter roughly having 237 million daily active users.

One great example of how mainstream adoption of NFTs can be done is Reddit, where its NFTs (or collectible avatars) have been a huge success.

One of the main reasons why they are so popular is by making the experience frictionless, which makes it easy for a total beginner to crypto being able to buy and sell NFTs.

#5 Pay to be verified

Instead of needing to meet the requirements to get verified on Twitter, Elon is now suggesting that you’ll need to pay to be verified.

The subscription service will cost $8/month, and it seems that anyone can now pay to get verified.

This has led to some concerns over the legitimacy of the blue tick, as there is the potential for someone to pay for it and spread disinformation.

The original way of getting verified is if you meet the criteria of being a figure of authority, such as being ‘authentic’, ‘notable’ or ‘active’.

However, Elon could be exploring new ways of monetising the platform, which is heavily reliant on ad revenue.

He has also justified it as a way of ‘destroying bots’.

It remains to be seen how users will react to this change, and if any spam bots would pay for this blue tick!

#6 An extra earning opportunity for content creators

However, one good thing about this change is that Elon seems interested in sharing some revenue with content creators on the platform.

Currently, it is not possible to monetise your tweets on Twitter. With these new options, it could encourage greater engagement on the platform.

However, this is still a far cry from what Web3 social media offers, particularly in terms of how content creators have the ability to own their content.

#7 The vision of a superapp

Before Elon Musk acquired Twitter, he explored the possibility of creating an everything app, sometimes also known as a superapp (particularly in Asia).

Superapps are common in Asian countries, and include the likes of Grab and WeChat, where you are able to access multiple services within the convenience of one app.

Currently, superapps are not as popular in Western countries, so there’s a lot of potential for Elon if he does succeed.

If Elon decides to add crypto as one of the services in the app, this could lead to more mainstream adoption of crypto.

#8 Binance 🤝 Twitter

After the acquisition of Twitter, Binance announced that they co-invested $500 million.

Binance’s CEO, CZ, cited the promotion of free speech as one of the main reasons why they decided to participate in this deal.

With this minority stake, it remains to be seen just how much influence Binance has over Twitter.

However, Binance has already formed a team to support Twitter’s blockchain efforts.

Moreover, CZ has proposed that Twitter can integrate Binance Pay, where merchants on Twitter can be paid in either fiat or cryptocurrency, depending on their needs.

Binance is one of the major players in the crypto world, and a deep partnership with Twitter could further spur Web3 adoption by the masses.

Final Thoughts

As a proponent of cryptocurrencies (and especially Dogecoin), Elon Musk could bring about greater adoption of multiple Web3 products and services.

Let’s just hope that he can solve the extremely annoying bot problem soon!

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