When you’re the richest man in the world, if you see a problem, you have the resources to fix it. In one of the biggest technology acquisitions ever, Elon Musk purchased Twitter for $54 a share – doing what many in the industry thought was impossible. Even though the platform is very centralized and not built on a Web3 blockchain infrastructure, can he convert Twitter into the social platform of the future for crypto users? Here are four reasons why the answer is yes:

  • NFTs will be a foundational pillar of the new Twitter – right now, profile photo verification and BTC tips for creators are possible, but that’s just the tip of the iceberg. Learning how NFTs will be used in the future is going to be central to twitter, since the platform’s resurgence is largely due to the crypto and Web3 community. With NFT verification, which just started this year, Twitter became the first major social media platform to incorporate NFTs. With everything in the world becoming an NFT (in our opinion), everything from concert tickets to yoga classes will be easily shared on Twitter’s platform within communities.
  • Offering stablecoin payments for Twitter’s content creators. In partnership with payment processor Stripe, Twitter is facilitating getting paid for Super Follows and Ticketed Participation in Spaces in a stable coin called US Dollar Coin (USDC), a coin that follows the U.S. dollar in 1-to-1 ratio. USDC is also the perfect choice because it is fixed in its volatility and it allows Twitter users in 70 different countries to be paid in a U.S. dollar-denominated asset, creating a much fairer system of payment globally.
  • Dogecoin is next – Musk commented that he wants Twitter Blue, the new subscription service that allows your profile picture to be a verified NFT (think of a digital version of your watch collection, now you can show off a Rolex-NFT, a Casio-NFT, etc) come with the choice to pay for tickets and follows in DOGE coin, his favorite alt-coin. After news broke that Musk and Twitter reached a deal, DOGE surged more than 20%.
  • In the ancient history department, Jack Dorsey, the former CEO, sent a series of tweets, with high praise to Musk for “taking [Twitter] back from Wall Street” and called him “the singular solution I trust”.

Elon rightly called Twitter the “de facto town square” of the internet. Debate about content moderation and free speech are still an issue, but his libertarian attitude and desire to not control free speech has many Web3 enthusiasts excited about the future. Additionally, his goal of making the Twitter algorithm open-source aligns with Web3‘s vision of a decentralized internet, giving data back to it’s owners. According to the Block Crypto News; ‘because he’s both a crypto fan and an avid Twitter user, Musk is acutely aware of crypto Twitter’s most annoying issue: “Frankly, a top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter. If I had a Dogecoin for every crypto scam I saw, I would have a hundred billion Dogecoin.”‘