It is no surprise that digital currencies and other forms of digital payment methods are increasing in popularity and usage. These digital assets and transactions initially included simply what is known as "cryptocurrency" but slowly expanded to Non-Fungible Tokens (NFTs). NFTs are digital assets, and each NFT is unique in its way, unlike the cryptocurrency such as the most popular one, Bitcoin.
If you would like to learn more about Bitcoin. We highly recommend you read our article on cryptocurrency mining, as it also explains everything about the digital ledger, Blockchain, that keeps track of all the transactions.
Why you must know the basics of Blockchain, you may ask? Because NFT transactions are also held in the same digital blockchain ledger as the rest of the cryptocurrencies. NFT is a form of cryptocurrency.
What is an NFT?
So, what exactly is NFT? As mentioned before, these are non-fungible tokens that are unique and irreplaceable. These NFTs are digital goods that are part of the Ethereum Blockchain. Their irreplaceability gives them the value they hold.
For instance, cryptocurrencies such as Bitcoin and Ethereum are fungible as they can be traded with one another. But, NFTs cannot be traded hence the inevitable increase in value as time goes on. This is why the value of some of the NFTs can be “manipulated” to increase with the help of influencers, as has been seen recently.
If you were to trade your NFT with another one, then you would be giving up your NFT for an entirely different NFT art holding a completely different value than the one you have. This is what provides value.
NFTs can be anything, whether it’s a digital painting, sketch, sticker, or music. However, the most popular form of NFT is digital art, such as drawings, paintings, and even fine-animated images. NFTs have taken art to a new level. It has changed the very perspective of art we all hold today. Like bitcoin, investors’ eyes are always open for such trending opportunities where money is to be made.
What about ownership?
You must be wondering, if it’s just digital art, anyone can copy and paste it and claim to have an NFT? If only it were that simple, right? NFTs are explicitly designed in a way that can’t be copied by anyone else.
There can only ever be one original of your NFT, and that original cannot be replicated. Sure, the art itself could be copied, but it can very easily be proven as a copy. You can prove your ownership of the original NFT via the blockchain (which is a digital ledger that has a history of all your crypto transactions).
Twitter Tipping & NFTs
Twitter has been testing a new tipping feature in their app for quite some time. This new feature allows Twitter users to send tips to one another by linking third-party payment services (such as Venmo, Cash App, etc) to their Twitter profile.
Now, Twitter is planning to be the first social media platform to embrace cryptocurrency with open arms. That’s right. Users will now be able to send tips in the form of Bitcoins.
Lightning company has also received investments from Twitter CEO Jack Dorsey, a committed supporter of cryptocurrency. It is no surprise that Twitter has welcomed the Bitcoin tipping option. It was “only a matter of time,” as tweeted by Jack back in June.
Only a matter of time
— jack⚡️ (@jack) June 11, 2021
All the US states are supported by the Strike wallet app except Hawaii, New York, and the country of El Salvador. Implementation of Bitcoin in Twitter will allow users to add Strike usernames and Bitcoin addresses to their Twitter profiles. These addresses can be added by people in their choice of crypto wallet to send tips then.
Upon receiving the tips via Strike, Twitter will automatically notify the user and give them an option for a quick reply to say thanks to their sender. Twitter will also allow users to keep track of all their transactions by generating invoices.
NFT Coming to Twitter
Seeing the popularity that NFTs have gained recently, it is no surprise that Twitter has crypto implementation plans beyond just Bitcoin. Twitter is also planning to implement support for NFT authentication by allowing people to connect their crypto wallets. According to Twitter, the “NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic.”
Twitter's support for NFTs is only recent, with the official Twitter account doing a giveaway of over 140 NFTs on the popular NFT marketplace called Rarible.
140 free NFTs for 140 of you, besties pic.twitter.com/0Pm0tNhIRg
— Twitter (@Twitter) June 30, 2021
It is also worth noting that a few months before the giveaway, the CEO of Twitter, Jack Dorsey, opted to mint and sell his own tweet as an NFT. Yup, that is very much a possibility. Dorsey tweeted about setting up his Twitter back in 2006, he put this tweet up for sale and it sold for just under $3 million. There is a complete history of transactions for this here.