Twitter ahead of the game with new launch of NFT Profile Pics – here’s what you need to know!
Twitter is rolling out NFT Profile Pictures to its Twitter Blue subscribers on IOS, with plans to roll out across Android and Web shortly.
NFT profile pics will be available via their early access via Twitter Labs. Twitter Labs allows users early access to features the platform is trialling.
As the “ideas marketplace” Twitter, many people first heard about NFT’s and cryptocurrencies, on the platform.
Just in case you didn’t catch it (or still don’t understand it) here’s a quick explainer.
What is an NFT?
NFT is an acronym for Non-fungible token – still confused? So were we.
A “fungible” item is something that cannot be replaced – bitcoin, for example, is designed to be replaced. They can be traded and are interchangeable. Fungible items are unique and cannot be exchanged or replicated.
Why is this exciting?
NFT’s have exploded in the art world, allowing digital artists to sell their creations at prestige prices. Now memes, animated and 3D artworks and videos are selling for millions of dollars online.
While these digital items can still be downloaded, screenshotted and copied, the buyer retains ownership. Much like how you can buy a postcard or a reprint of the Mona Lisa, but the French Republic still owns it.
NFT’s also have implications for luxury brands. RTFKT is a virtual-only sneaker line launched at the outset of COVID-19, in early 2020. They describe themselves as “born in the metaverse.” One of their initial collaborations with 18-year-old artist Fewociious generated $3.1 million in USD. Buyers were able to try the virtual sneakers on via Snapchat. Nike has since acquired the range, as of December 2021. Gucci, Bulgari, Cartier, Louis Vuitton, Prada, Dolce & Gabbana are just some high-end brands jumping on the NFT bandwagon.
Back to Twitter:
By enabling NFT Profile Pictures, Twitter encourages users to express themselves and what they care about. The NFT’s will provide users with avatars and give them a chance to show off their collections. Users can easily verify their NFT ownership, directly connecting their crypto wallets to Twitter and selecting from their “collection.” If a user clicks on the NFT, they will learn more about the art, its collection and provenance.
Last year Twitter appointed Tess Rinearson as head of their Crypto Engineering team, where she oversees the development of crypto, blockchain and decentralizing technologies across the platform.
