Twitter is forming a new team to investigate developments in the decentralized cryptocurrency space, led by veteran blockchain engineer Tess Reinerson. According to Rinerson, Twitter will serve as a “center of excellence for all things blockchain and Web3” on the crypto-social media network.
The development comes after the social media giant said in September that it was introducing a new tool that would enable users to send suggestions for their content to others using bitcoin. Rinerson revealed the social media giant’s crypto plans on Twitter. “First, they (Twitter) will develop a decentralized app (dApp) to enable creators to manage virtual goods, currencies and ways for their fans to support their community,” she tweeted.
Rinerson explained that his team will focus on crypto technology to increase identity, community and ownership on Twitter. In addition, he noted that his team will be collaborating with Twitter’s decentralized social networking project Blue Sky to help “shape the future of decentralized social media.”
Twitter is also experimenting with ways to verify NFTs used as profile pictures. Meanwhile, Twitter isn’t the only social media giant to explore blockchain-based technology. Reddit co-founder Alexis Ohanian is looking to expand his platform using the cryptocurrency Solano and Discord is also adopting some of the concepts of Web3.
Recently, Apple CEO Tim Cook admitted that he owned cryptocurrencies and said that he had been “interested in it for some time” although he also said that Apple has cryptocurrencies as a method of payment. No plans to accept
Earlier this week, Twitter rolled out its subscription-based service, Twitter Blue, to users in the United States and New Zealand. With Twitter Blue subscriptions, the social media giant is looking to diversify its revenue streams.