Will Elon Musk Turn Twitter into a Fully Fledged Web 3.0 Platform with Wallet Integration?

elon musk twitter wallet

The long-running dispute between Elon Musk and Twitter seems to be coming to an end, with the crypto-friendly billionaire expected to finalize the deal for the social media network by October 28th, amid reports that the social media giant is working on a prototype crypto wallet.

According to sources familiar with the matter, as cited by Bloomberg, in a conference call held on Monday, October 24th, Musk allegedly notified the acquisition’s financial backers that a resolution is close. Among the co-investors contributing to the deal are venture capital firm Sequoia Capital, cryptocurrency exchange Binance, and Qatar’s Investment Authority. 

The reports indicate that Musk intends to close the deal before November 1st at the originally agreed price of $44 billion. The acquisition will meet the deadline set by a Delaware judge in July, when Musk had looked to back out of the deal. Musk expects to confirm the acquisition at a price of $54.20 per share. According to Yahoo Finance, Twitter’s share price soared in light of the news, ultimately closing out the day at a price point of $52.78 (a gain of 2.45%).

Twitter Gearing up for Web 3.0 with Crypto Wallet Integration

These latest developments come just days after it was revealed that Twitter may be working on a cryptocurrency wallet, according to security researcher Jane Manchun Wong, who was named one of Forbes’ ‘30 under 30′ for her high-profile tech leaks.

On October 25th, Wong stated on Twitter that the social media network is working on a “wallet prototype” that supports “crypto deposit and withdrawal” services, but did not list any sources to support her claim.

Twitter has slowly been adding features that support cryptocurrency integration, such as the ability to tip content creators in crypto, starting with Bitcoin in September 2021, and Ethereum in February 2022. As part of other developments that took place in early 2022, Twitter added support for non-fungible tokens (NFTs), enabling users to change their profile pictures to their digital art holdings. 

While there has been no official word from Twitter regarding the launch of a cryptocurrency wallet, the implementation of such a feature could see the platform transform into a fully fledged Web 3.0 product. The crypto community has attributed much of Twitter’s shift toward the adoption and acceptance of digital assets to Elon Musk’s long-proposd takeover of the company.

Enthusiasts are eager to know which cryptos would be compatible with the potential crypto wallet; crypto advocate and trader Mason Versluis submits that Dogecoin (DOGE), Bitcoin (BTC), and Ripple (XRP) are three of the most promising candidates for the rumored project. 

On the Flipside

  • People often acknowledge crypto wallets as beneficial integrations in blockchains projects, but rarely consider their use in social media platforms. Meta, formerly known as Facebook, shut down its Novi Wallet project in September this year, following the closure of its Diem (formerly Libra) project.
  • A Reuters report published on October 26th revealed that internal Twitter documents indicate that the platform is struggling to retain its most active users, defined as those who log in at least three times a week, and tweet at least once a day. 

Why You Should Care

Musk has stated that reducing the amount of spam on Twitter is a “top priority” for the platform. As part of his plan to buy Twitter, The tesla CEO briefly considered the use of cryptocurrency micropayments to cut down on spam transactions, but recent developments suggest that this may no longer be under consideration.

Approximately 396,5 million people use Twitter worldwide, and the addition of a cryptocurrency wallet could potentially encourage more people to join the micropayment economy, and help to drive cryptocurrency adoption among its millions of users.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Arnold is a crypto enthusiast who learned about Bitcoin in 2017. He is fascinated by the technology behind it and the potential it has to revolutionize the world economy. He is a prolific writer and enjoys sharing his knowledge with others. He is also a tech enthusiast and loves tinkering with gadgets and software.