Twitter’s ambition to be a major frontrunner in the web3 field continues. The first reports came from top front-end developer, Jane Wong. She indicated that a web3 digital wallet is in the pipeline from the social media giant.
What is Known
Let’s examine what information is available and what Twitter might roll out. Depending on the truth value.
The first mention of the prospective product came from Wong on Twitter on Monday afternoon. She said Twitter is building the prototype for a wallet. The said wallet will support crypto withdrawals and deposits.
There is no official announcement from Twitter with regard to that information yet. Not so much as a mention.
As Wong stated in her tweet, the wallet is expected to support crypto withdrawals and deposits. However, it is not clear what specific tokens will be supported initially. There are supposedly details still to be known.
As a result, there is no timeline on when there would be further information. So everyone will be on the lookout.
Note that Twitter has been making efforts to step into the crypto sector. This move follows the lead of the former CEO and co-founder, Jack Dorsey. It was built upon by the current CEO, Parag Agrawal.
Jack Dorsey moved to the fintech company, Block, after he exited Twitter as CEO. Twitter seems to follow his precise plan as initially drawn.
The Bigger Twitter Picture
The rumors emerge at a time the company passes through some turmoil. This is largely the result of the ongoing takeover bid on Tesla CEO, Elon Musk. There is also a huge going around about the impending takeover.
Before now, Twitter has also sought means of engaging crypto. One of the means was via hexagonal profile pictures to be available to NFT holders.
But social media platforms have had little success in that area. Although Reddit recently concluded a project for NFT integration which works well.
In the meantime, digital wallets are generally seen as opportunities for blockchains. They are not usually considered fantastic for social media. Meta recently chopped off its Novi project after almost a year.
Other projects such as Diem – initially called Libra – have also fallen off. From other perspectives, crypto users repeatedly turn to simple wallet providers like MetaMask. Although it also comes with its own user demands with regard to aesthetics and utility.
If true, the wallet building from Twitter should not be a surprise. But time will prove if the move is a worthy one after all.
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