This week, Twitter is continuing to make an effort to lead the web3 pack. A new web3-based cryptocurrency wallet is reportedly being developed for the social media giant, according to rumors initially made public by renowned software frontend developer Jane Manchun Wong.
Manchun Wong claims that cryptocurrency wallet users would be able to deposit and withdraw money without depending on other services. The corporation has not made any official statements or announcements as of the time of writing; only unauthorized rumors exist.
Users must create and maintain their wallets and addresses to use this service. At first, Bitcoin was compatible with the functionality, and later, Twitter expanded the functionality to include non-fungible tokens and Ethereum addresses (NFTs).
Following the example set by former co-founder and CEO Jack Dorsey, which current CEO Parag Agrawal is carrying on, Twitter has made a deliberate effort to be present in the cryptocurrency space (as Dorsey subsequently moved on to fintech firm Block).
There have been no rumors about a native Twitter cryptocurrency wallet up until now. If developed, it might make it simpler for users to send and receive tips and use the NFT profile image feature, and they won’t have to manage or link an outside wallet.
The rumors show up at a difficult period for the corporation, when a prospective buyout led by Elon Musk is on the horizon and is being hotly debated. Of course, Twitter has aimed to engage with the crypto community using strategies like hexagonal profile pictures for NFT holders. Although recent initiatives like Reddit’s avatar NFT integration have done well, social media endeavors have rarely generated significant success.