Twitter NFTs: What You Need to Know

Twitter Embraces NFTs: A New Direction

It is not a prank; Twitter’s official account has been transformed to promote NFTs. The platform’s new header playfully states: “I’ve stopped moisturizing because tweeting about NFTs is keeping me young now.”

This humorous claim suggests a significant shift in Twitter’s focus. Earlier today, Twitter announced, “140 free NFTs for 140 of you, besties,” referencing the platform’s original 140-character tweet limit.

https://twitter.com/Twitter/status/1410227743636217856

The Rise of Tweet NFTs

This move follows Twitter co-founder Jack Dorsey’s sale of his first tweet as an NFT earlier this year. The sale occurred through Valuables by Cent, a platform independent of Twitter, which allows users to create and sell NFTs of their tweets.

Even investor Mark Cuban participated, selling a tweet on Valuables for 0.56 ETH (approximately $953 at the time). Dorsey’s NFT fetched a much higher price of 1630 ETH, valued at around $2.9 million during the sale.

He subsequently donated the proceeds to GiveDirectly, supporting COVID-19 relief efforts in Africa. Despite this charitable act, NFTs continue to face criticism regarding their environmental impact and potential as a fleeting trend.

However, with major platforms like Twitter now engaging with NFTs, the phenomenon may persist. Alternatively, Twitter could be assessing user reaction to a limited, free NFT distribution before expanding its offerings in this area.

Limited Edition NFT Drop

The current Twitter NFT giveaway has a unique condition: the NFTs are not available for purchase. Users can participate by replying to the official tweet for a chance to win one of 7 NFTs.

These NFTs were minted on Rarible, an NFT marketplace, in editions of 20, resulting in a total of 140 NFTs.

NFT Conversation on Twitter

Twitter reports that over 29 million tweets concerning NFTs have been posted on the platform. The future of NFTs on Twitter remains uncertain.

Given Twitter’s ongoing development of features like Spaces, Super Follows, and Twitter Blue, it is plausible that this NFT initiative is not an isolated event. We may see further integration of crypto-powered collectibles within the platform.