What Musk’s Twitter Takeover Means For Web3
Musk is the formal owner of Twitter. The world’s wealthiest individual is now in command of one of the world’s largest and most prominent social media networks after spending months trying to back out of the purchase. In addition, it is where Web3 and NFT enthusiasts reside. What does this implication mean for the community? And might this deal be advantageous for Web3?
Diverse community perspectives
Web3 executives have shown a range of responses to Musk’s takeover so far. Musk can make Twitter more crypto-friendly and Web3-integrated since he said in June that he might let people pay for things on Twitter with bitcoin. Uncertainty persists over Musk’s stance on combating misinformation on the site. On October 30, Musk responded to a tweet by Hillary Clinton that said Republicans were to blame for the attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi, at their home two days earlier. Musk’s tweet included a quote from an article on the website Santa Monica Observer, which is known for spreading false information. In 2016, the Observer claimed that Hillary Clinton had passed away and that they had sent a body double to meet Donald Trump. Musk’s now-deleted statement didn’t convince influential people in the Web3 community that his purchase of Twitter is good for the cultural future of the most popular platform in the ecosystem.
Others want to get Musk’s attention more so that Twitter will let people sign in with bitcoin wallets.
The value of Dogecoin went up 135% in the week after Musk’s transaction, which is not surprising. At the time of this writing, one Doge is valued at fourteen cents. Musk has said he owns Dogecoin, and Tesla accepts it as payment for some of the products on its website. Musk’s affection for the token is not new, but after reacting to Dogecoin Co-Founder Billy Marcus on Twitter yesterday, the cryptocurrency’s price surged by five percent within an hour. CoinGecko says that Dogecoin was the third most traded cryptocurrency on Coinbase in the last 24 hours.
How Musk may change Twitter
In addition to Musk’s June discussions with Twitter staff, which showed a willingness to make Twitter a more crypto-friendly atmosphere, it is evident that he intends to make this a reality. Reuters said that the largest cryptocurrency exchange, Binance, is putting together a team to improve Twitter’s integration of cryptocurrencies. It’s not surprising that the business wants to connect with Musk in this way since it has already put $500 million into Musk’s purchase of Twitter Inc. and is probably eager to affect what Musk does next. Reports say Binance’s new team is focused on solving Twitter bot problems, especially in the Web3 peninsula. Musk has criticized Twitter for allocating corporate resources to what he views to be aesthetic diversions from the industry rather than tackling the rise of crypto scams on its platform.
Rapid platform adjustments are conceivable.
Musk recently abolished Twitter’s board of directors, calling himself the company’s “single director” by his irresponsible style. The Verge has learned that he has also talked about changes to Twitter Blue, the platform’s verification process, including a price increase from $4.99 to $19.99 per month. Verified users would have ninety days to subscribe or lose their blue checkmark.
Musk says that this is the “only way to fight bots and trolls” and that he will explain the reasoning in more detail before it is implemented, but the idea is already causing many discussions. Some renowned Twitter users have promised to leave the platform in retaliation for the price increase. In contrast, others have pointed out that the verification badge is crucial for assisting journalists in authoritarian regimes to avoid jail time. Increasing the verification price might significantly impact their ability
Now that the word is out: I’m helping out @elonmusk with Twitter temporarily with some other great people.— Sriram Krishnan – sriramk.eth (@sriramk) October 30, 2022
I ( and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen. pic.twitter.com/weGwEp8oga
Once again disrupting the payments industry.
Musk might want to change the payments industry with Twitter, just like he did with PayPal in the 1990s. In addition to Binance’s CEO Changpeng Zhao, Musk has hired PayPal alumni David O. Sacks and a16z investor Sriram Krishnan. These agreements suggest that Musk’s possible political and cultural effects on Twitter could be overshadowed by practical results, no matter how controversial they are. Musk
may be the first to link cryptocurrency payment systems to an extensive social media network if his plan works
. Twitter has an advantage in Web3 because it did this without forcing users to pay in cryptocurrencies or using the term “NFT.” There are now few incentives for Musk to do anything other than accelerate. Putting aside shenanigans and free speech disputes, Musk’s hopes for Twitter’s partnership with Web3 are pretty hopeful.