Twitter is developing an in-app tab called Collective, which will allow users to showcase their NFT collections and holdings on the micro-blogging platform. The tab will allow NFT owners to link their crypto wallets to platforms such as Coinbase and MetaMask. NFTs, or non-fungible tokens, are virtual collectibles inspired by real-life objects that can be purchased using cryptocurrencies. A small badge will be added to the respective Twitter profile after due verification to certify that the displayed NFTs are genuine.
Earlier in September, Twitter engineer Mada Aflak teased the first glimpse of the new Collectibles tab with a video snippet. The clip shows how users will be able to connect their crypto wallet to the tab. In addition, an option for users to choose one of their NFTs as their display picture on the platform was also featured in Aflac’s video.
As promised, here’s the first experiment. Feedback and ideas are welcome 🙂 https://t.co/TDyhibCXfG pic.twitter.com/2ifru9T2Pa
— mada aflak (@af_mada) September 29, 2021
On October 25, noted reverse engineer Jane Manchun Wong delved deeper into the development stages and predicted a few more things to look for in the new tab. This will allow other people to tap on the NFT and get a detailed, magnified look. A page with details on NFTs will also be linked.
Twitter working on collectible profile tab, NFT view and NFT detail view pic.twitter.com/BrqPyvaLOp
— Jane “Not a Twitter Employee” Manchun Wong (@wongmjane) 24 October 2021
Meanwhile, the NFT market flourished in the second quarter with sales of $2.5 billion (about Rs 18,560 crore) so far this year. Market data shows that this figure is up from just $13.7 million (approximately Rs 101.7 crore) in the first half of 2020.
However, it is not yet clear when this feature will start for the users.
Twitter’s relationship with the crypto-space has come a long way over the years. In 2018, Twitter banned all crypto-related ads from its platform. The company is clearly turning a new page thanks to the crypto boom.
In recent times, many parts of the world including India, Pakistan, Vietnam, and the US have seen significant growth in crypto-adoption among other countries.
In September, El Salvador became the first in the world to legalize its fiat currency, the US dollar, as well as bitcoin as legal tender.
According to cryptocurrency tracker CoinMarketCap, the market capitalization of all cryptocurrencies has crossed a milestone of $2.5 trillion (about Rs 1,87,42,625 crore).