What the New Twitter Verification Process Means for Web3

What the New Twitter Verification Process Means for Web3

Since taking over Twitter, Elon Musk has been busy.

His first order of business: firing several top executives and axing the entire Twitter board.

Musk's next step, he tweeted “revamps” the verification process that powers the social media platform’s vaunted blue controls.

For the first time in Twitter's history, Musk plans to charge users to keep the check mark by marking Twitter Blue, the company's nascent subscription service, from $4.99 to $19.99 per month. according to to the edge.

However, the blue checkmark doesn't necessarily equate to credibility - especially when it comes to the social network's crypto communities, where there are scammers who pay for verified accounts.

Earlier this year, Twitter introduced a feature for Twitter Blue subscribers that allowed them to connect Ether-based wallets and display NFTs as profile pictures.

For industry participants, it was the first sign of a potential broader push into digital assets that wouldn't lean too heavily on founder Jack Dorsey's Bitcoin maximalist roots.

“With Elon’s acquisition of Twitter, we will likely see broader adoption of a range of cryptocurrencies within the platform – it will not just be a Bitcoin-dominated platform,” Stefan Rust, CEO of Laguna Labs, told Blockworks.

For its NFT support, Twitter planned to verify ownership with the help of OpenSea and other third-party NFT marketplaces. The number of blue ticks skyrocketed and hexagonal NFTs became the new status symbol when it comes to digital assets.

Mixed results for NFT support, Twitter's first crypto foray

However, the security mechanisms did not stop people from pirating, re-minting, and verifying other people's NFT image files.

“Blue tick no longer means anything” tweeted the research director at Proof Collective, who goes by Punk9059. He thinks Twitter's new pay-for-verification switch is "not good" but admits that "the state of blue checks in NFTs is a mess" due to the number of scammers, bots and fake influencers with verified accounts.

Twitter has not yet released any further details about the verification process.

Other Twitter users said Proof of humanity could be part of a tiered verification system that includes elements of gaming to distinguish between bots, companies and individuals. Or that a Twitter token could be in the works as a crypto wallet is also reportedly part of the company's plans.

“We'll also likely see more payment options on Twitter alongside Lightning, which will be really good for the industry,” Rust said.

Binance founder Changpeng Zhao, also known as CZ, on Monday confirmed his plan to "help bring Twitter into Web3 when they're ready." CZ contributed $500 million to Musk's Twitter leveraged buyout - another indicator of the growing relationship between the social network and digital assets.

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The post What the New Twitter Verification Process Means for Web3 is not financial advice.