Will Twitter become a Web 3 social platform and integrate Dogecoin?
As you may know, Binance has invested $500 million in Elon Musk's $44 billion deal to takeover Twitter. Binance is currently the largest crypto exchange in the world, with a total volume of $25 billion in the last 24 hours. As a crypto leading enterprise, Binance's investment could be considered an expansion of the Binance kingdom.
Twitter is a social media platform that contains tweets, Twitter spaces, pictures, memes, and so on. It's not a very unique social media at this moment, and although users can turn their NFTs into their Twitter profile pictures, NFTs are still a niche market in the world( the user comprises under 2% of the world population. However, Twitter is valuable because it will have 450 million monthly active users in 2022, and there's a huge potential for Twitter to become the cradle of Web 3.
Elon Musk, who is believed to be the largest hodler of Dogecoin, is a very influential leader in the crypto space. Elon Musk has attempted to integrate Dogecoin as a form of payment for Tesla.Would Elon Musk try to do the same with Twitter?
When I discuss this topic with my friend, who is a long-term crypto investor, he thinks that Dogecoin will be a payment gateway. Dogecoin was created in meme culture. The token was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer in late 2013 as a joke for crypto hodlers. "Doge was a poke at Bitcoin," said Pat White, CEO of Bitwave.
Why could Binance invest in Twitter?
Binance's CEO, CZ, said one of the reasons he invested in Twitter is because Binance wants to "increase the freedom of money" and "free speech." Cryptocurrency is the money, and Twitter is the platform to promote crypto and Binance. CZ also sees Twitter as a valuable business development tool for increasing his social influence on Twitter."I don’t trade." I just store my crypto on Binance, and then I use Twitter ("where the crypto community" lives and "where politicians go.")
It's not difficult to think that CZ can use Twitter as a platform to increase his influence in the world and expand Binance's business. Jim Morrison of The Doors once famously said, "Whoever controls the media, controls the mind." But Twitter is better now because people's Twitter accounts are getting unbanned. There's a famous motto: "I disapprove of what you say, but I will defend to the death your right to say it." No matter if you like what people say or not, you have to respect their freedom of speech.
I always think that CZ has a very big picture, especially after the FTX collapse. It's not easy to understand all the motives behind his desire to be the invisible hand behind Twitter. CZ said he actually does not know how many new features will be seen on Twitter, but he fully expects that Elon will be in charge.
Will Dogecoin be used in Twitter?
In fact, David Gkhstein, who is , tweeted "$DOGE will be the first currency used on Twitter when Elon rolls out his payment system for the platform" . In the Twitter Space, Elon Musk has discussed the vision for Twitter to process payment. New York Times has also confirmed that Twitter had filed to FINCEN for the registration of processing payment of Twitter.
The difficulty in using dogecoin on Twitter is that Twitter is a publicly traded company in the United States and will be subject to SEC regulation. On the other hand, Dogecoin investors have already sued Elon Musk, Tesla, and Space X for $258 billion because they believed that Elon and his corporations SpaceX and Tesla were responsible for the fall of Dogecoin from $0.74 to $0.1 in recent days. However, Elon Musk disclosed in a quarterly investor call that his company has not sold any Dogecoin. Elon used to promote Doge on Twitter, and although Doge is claimed to be a decentralized token, he and his company may hold more than 30% of the dogecoin. Elon may encounter more troubles if Tesla and SpaceX are holding Doge while he still promotes Doge on Twitter. The crucial factor will be determined by whether Doge is considered as security under SEC's Howey Test framework.
Will Twitter better than Reddit? Will Twitter integrate with more Web 3 elements?
Reddit could be one of the competitors since it has already launched a new feature called Reddit Community Points (RCPs) in 2020 to reward users. RCP is considered a cryptoasset and has a market value. Reddit's RCP and MOON are both running on the Ethereum Network. Moon is the official token of the r/Cryptocurrency subreddit, dedicated to the news, discussions, and analysis of cryptocurrency.
Since the head of Twitter's crypto team has left the company, Elon will have to recruit more people to integrate more Web 3 elements. However, because Binance has also invested in Twitter, it is believed that Twitter will be more crypto-friendly and will be transformed into a Web 3 social media platform by integrating the wallets and NFT and providing a better Web 3 experience to the users.
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