Twitter rolled out a new feature on Thursday for its users, allowing NFTs to be set as profile pictures. This will allow users to showcase their investments in the growing digital art space. Twitter becomes one of the most popular social media platforms to allow such features to leverage the flashy new trend.
NFTs or Non-Fungible Tokens are one-of-a-kinds, digital items/arts that can be bought and sold using blockchain technology. As they are non-fungible, i.e., a unique identifier that cannot be copied, divided, or substituted.
The trend is ever-growing, and these NFTs are on sale, and some of them are selling for millions of dollars! The first-ever NFT made by Kevin McCoy, called ‘Quantum’ in 2014, was sold for $1.4 million.
Where is this new trend for NFTs going?
NFTs are directly linked with a person’s digital wallet, and these new avatars will show up as a hexagon, instead of a circle on Twitter. Other users can also click on them, to get more information about the art, the author, where it was listed, etc.
Twitter’s announcement marks the commencement of a social media race to take their respective stance on NFTs. Meta Platforms (FB) is also in the works of considering a marketplace for NFTs on Facebook and Instagram.
The feature available by Twitter is fairly limited and is only available to Twitter blue subscribers for now. Twitter also announced last year that it is building a crypto team to focus on blockchain, cryptocurrencies, and related technologies.
What lies ahead for NFTs?
This new wave has made them a great source of investment, and with more acceptance towards these unique digital products, the trend is going to grow explosively! As today’s generation is keen to find new ways to invest and showcase their investments, NFTs provide them with a chance of both. These factors make NFT the next big investment option!
NFTs have been in the market for quite some time, they still raise questions in mind, especially when they are called investments. This factor along with the lesser-known and holistic details about decentralized, and its long-term impacts, adds on.
So should you invest or not is on you, but you should not overlook this new trend. It just might prove to be a great investment and unique value addition to your art collection! Or if not, bring out the inner artist in you, and who knows you might become the next big digital artist!