Another good day for the NFT market as two top social media platforms Twitter and TikTok work on possible adoptions. Twitter has over 185 million users on its platform, while TikTok has over one billion users. If the adoption is to go as planned for both platforms, then the current buzz around NFTs might just be the tip of the iceberg.
This may solve an issue that has plagued crypto Twitter in the past. The popularity of NFTs as profile photos soared when the NFT market bubble burst earlier this year when collections like CryptoPunks went for as much as $1 million. While ownership can be readily confirmed on the blockchain, anybody on social media may copy and paste another user’s profile image into their own. Collectors were furious when this began to happen with very costly NFTs.
Twitter’s senior software engineer, Mada Aflak, says the social site is building on new features that would allow users to transfer their NFT collections from their blockchain wallets. The functionality would provide a confirmed check-mark depending on the blockchain on which the NFT was created. However, Twitter isn’t the only social media company experimenting with NFTs. Twitter’s CEO, Jack Dorsey, is a well-known Bitcoin (BTC) enthusiast who sold the first-ever tweet sent on the site for $2.9 million in March.
TikTok announced on September 28 that it will be releasing an NFT collection designed by its top artists, such as Lil Nas X, Bella Poarch, and Curtis Roach. Immutable X, a new scaling solution for layer-two NFT protocol Immutable, will power the NFTs. An upcoming compilation, titled TikTok Top Moments, will honor the influence of the network’s most well-known producers by bringing together six of their most popular TikTok videos. The sales proceeds will go straight to the NFT artists and content producers.