From Twitter to X, this could be Elon Musk’s vision of a Web3 revolution
Elon Musk shocked the world with his $44 billion acquisition of Twitter in April 2022. The social network is now called X and is evolving into a comprehensive communication and financial hub. Could Musk’s ambitious vision turn X, formerly Twitter, into a globally recognized Web3 super app? We’ll explore the exciting journey of Twitter’s transformation under Musk’s leadership, the implications for the broader Web3 landscape, and the potential for X to become a pivotal player in the world of decentralized internet.
- X: The everything app to include crypto payment
- Early crypto beginnings on Twitter
- Twitter’s Web3 progress under Musk
- Future prospects for X as a Web3 hub
- When can we expect to use “the everything app”?
- Discover web3 social media trends today
X: The everything app to include crypto payment
In August 2023, X (formerly Twitter) acquired the necessary license to include cryptocurrency payments and trading on the platform. The news is that crypto activities will be possible on one of the world’s most used social media applications led by one of the world’s most powerful and pro-crypto fundamentalism entrepreneurs. But how did it all begin?
Early crypto beginnings on Twitter
In the digital sphere, Twitter was among the first platforms to recognize and harness the burgeoning trend of cryptocurrencies. Years ago, Twitter already made financial ticker symbols clickable, also allowing cryptocurrencies to take the spotlight. Take $RADAR for example. But its push towards Web3 became more evident with its initial foray into NFTs, allowing users in January 2022 to set their prized NFTs as profile images. This move was a significant stride, marking Twitter as the first major social platform to integrate NFTs and allowing influencers, celebrities, and collectors to showcase their NFT holdings to the world, thus contributing to the growing popularity of these digital assets.
But Twitter’s crypto journey did not stop there. The platform underwent a dramatic policy reversal in the same month, lifting the ban on crypto advertising it had initially imposed in early 2018. In April 2022 the platform announced that it would accept USDC stablecoin payments for its content creators.
This reflected Twitter’s strategic shift to tap into the growing crypto market and positioned the platform as a significant player in the world of digital currencies even before Elon Musk.
Ironically, when Twitter debuted the NFT profile image feature, Musk took to the platform to label it ‘annoying’. His comment, while initially perceived as dismissive, added a layer of intrigue to Twitter’s crypto journey. As Musk later demonstrated with his takeover, his initial reaction did not reflect indifference towards crypto, but perhaps a larger vision waiting to unfold.
Earlier in April, Musk said he wanted to see Twitter Blue, the company’s subscription service, come with the option for users to pay in DOGE. Then, after news broke that Musk and Twitter had reached an agreement, DOGE swelled more than 20%.
Twitter’s Web3 progress under Musk
Early in 2023, Twitter commenced a series of policy and functional changes under the helm of Elon Musk. April witnessed the social media giant retire its legacy blue checkmarks, reserving verification marks exclusively for paid users, businesses, and government entities. During the same month, ‘government-funded media’ labels were abolished, extending the platform’s trend towards decentralization and freedom of speech.
Now more directly on the crypto side, an important milestone in April 2023 was Twitter’s alliance with the market-leading social trading network eToro. The partnership facilitated the display of real-time stock and crypto information on Twitter, providing an avenue for users to engage directly in trading activities, a clear nod to the integration of Web3 services.
Later on, in July 2023, Twitter’s decision to share ad revenue with its verified creators added a layer of complexity to the platform’s already evolving identity. While the move attracted significant controversy and led to Musk’s direct intervention to address creators’ concerns, it further indicated the influence of Web3 dynamics on the platform’s operations.
Shortly after appointing Linda Yaccarino as Twitter’s new CEO in June, with Musk settling as CTO, Twitter faced Mark Zuckerberg’s challenge with Meta’s Threads. The new platform sought to gather Twitter haters on a Twitter clone by Meta from early July.
Amid these changes, Twitter weathered several external challenges, receiving a stern warning from the European Union regarding potential disinformation. Media criticism of Musk, such as Time Magazine’s description of his “almost pathological need to promise grand visions and make himself the center of attention,” were frequent. Moreover, users complained over consistent changes in the platform’s algorithm and even limited the number of tweets users could read daily.
Drama and politics aside, Twitter’s rebranding as X marks a new age for global social networks, as Elon himself explained.
Future prospects for X as a Web3 hub
Under Elon Musk’s leadership, Twitter has undergone a significant transformation, rebranding as X with an ambitious vision of becoming a potential Web3 hub. This journey represents a pivotal shift in the social media landscape, extending beyond simple social interaction to incorporate financial services, especially digital currencies like Dogecoin and Bitcoin.
Elon Musk has hinted at this Web3 direction with his proposal to introduce Dogecoin payments for Twitter Blue, signaling a shift towards financial services, particularly digital currencies. Although this comes with inherent risks such as alienating existing users, it also carries the potential for substantial rewards.
If successful, X could position itself as a pioneering platform for Web3 technologies, standing out amongst mainstream social media.
A key part of X’s transformation into a Web3 hub is its potential integration of cryptocurrencies, a move that could be a game-changer in digital interaction. With existing decentralized social applications like Galxe, Hooked and Lens still in their infancy, X’s adoption of digital currencies could open new revenue streams, increase user engagement, and distinguish it from traditional platforms.
As optimistic as a Web3 enthusiast may be about decentralized social networks, the most popular social dapp in July was Galxe, with approximately 708 thousand unique active wallets. That’s nothing compared to Twitter’s 450 million monthly active users as of 2022. However, one cannot deny that they are the ones pioneering the niche with blockchain technology.
When can we expect to use “the everything app”?
Reflecting on Twitter’s evolution into X, it’s clear that the bold and ambitious aim of becoming an “everything app” is not without challenges, so it won’t happen overnight. Yet, the potential rewards of mainstreaming cryptocurrency usage and transforming digital interactions are too significant to ignore.
Moving forward, X’s place in the Web3 landscape is promising, but the exact path it will tread is uncertain. However, under Musk’s stewardship, X will likely push the boundaries of social media and finance. This can then potentially reshape the digital landscape. If it goes like Musk’s one-year reign over Twitter, it will be bold, intense, and fast.
As X embarks on this journey, it’s a story worth watching, one that could redefine our understanding of social media, digital currencies, and the expanding realm of Web3.
Discover Web3 social media trends today
As we continue to explore the transformation of X and its potential as a Web3 hub, it’s important to stay updated with the latest trends in Web3 social applications. DappRadar offers a comprehensive overview of these trends, providing a unique lens to observe the unfolding landscape of decentralized social media. Stay ahead of the curve by checking out the DappRadar Decentralized Social Media Ranking today.