The new option to display an NFT profile picture on Twitter is one step closer, and some users are now notified of the option in the app.
As you can see in this screenshot he posted @flytip, some users are now required to add NFT as their profile picture, which will then be displayed in a new, hexagonal format, and provide a direct link to the NFT list on the blockchain as proof of ownership.
As we reported back in November, Twitter wants to take advantage of the growing popularity of NFT profile images by building an official integration process that will make it easier for NFT owners to show their ownership, with a background link to each NFT’s official information. ensuring that only the actual owner of the image can display the new profile image format.
Once that link is provided, profile visitors will also be able to see more information about each NFT by touching it, taking them to a list of owners and creators, as stated in the chain.
This refers to the key critique of NFT, that anyone can just right-click and save your image and use it as their profile picture. With this new system, only the owner will have access to the official hexagonal PFP format, which will reduce unauthorized use and improve the wider NFT display process.
NFTs have become a key trend over the past few months, with Twitter being the central home for much of the NFT discussion and for displaying purchased artwork. Although despite the popularity, there are still challenges and concerns in the space.
First, fundamental copyright, ie. full ownership of the original art, does not currently extend to NFTs, which makes real ownership questionable, as you really only own the purchase record, not the original art itself. This means that if the original creator wanted, say, to create a line of T-shirts depicting your NFT, you would get nothing for it, and there is still no official remedy to control reuse in this regard.
Many variations of NFT are also automatically generated, which adds more complexity to the issue of ownership, as the original artist is, in some cases, an artificial intelligence system rather than a real person or company, while there are concerns about ‘pumping and ejecting’ schemes in space , where fraudsters want to cash in on the popularity of these new profile pictures by artificially inflating the price of their own NFT projects, in order to sell them to unconscious investors who think they are entering the next big thing.
And despite their broader connection to the ‘Web3’ movement, which is focused on enabling greater economic opportunities for all, current evidence suggests that only a small number of large-scale retailers actually make money on NFTs.
According to recent reports, despite total NFT sales reaching $ 25 billion in 2021, jabout 10% of traders make up 85% of all NFT transactions. It is a huge disparity in the market, which gives these senior investors more motivation to promote NFT projects, with the aim of increasing the price of each of them, in order to sell them at a profit.
There are many questionable elements within the wider ‘investor’ movement in space, but as a project, NFT allows smaller art buyers and enthusiasts to pay artists for their work – and if you love art and want to build a digital ecosystem creative, then this could be a good way to contribution.
But the long-term view of NFT is unclear. As a process, it is clear that there will be more buying and selling of digital goods in the future, and NFTs provide a kind of framework for that. But whether such an investment will focus on profile image projects and digital art is not so certain, so while it may be a good starting point, the broader ‘value’ in space is likely to change, especially when more metaversal projects come into play. .
If all this sounds confusing, it is, but in fact, the essence is that NFT trading, as a process, is a strong proof of the concept for the transaction of digital goods, which will become a much bigger business moving forward. But would I invest tens of thousands of dollars in the image of Bored Monkeys, hoping to turn it around in the future? No, I wouldn’t.
Still, for those caught up in the NFT hype, which seems to be as community-focused and engaging as the projects themselves, then this new Twitter profile option could be a great tool to present your latest purchases to other NFT collectors. .
Twitter has not provided any details on the full introduction or testing, but it looks like it will come soon.
Friendly communicator. Music maven. Explorer. Pop culture trailblazer. Social media practitioner.