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Will Elon Musk Make Twitter a Full-Fledged Web 3.0 Platform? With Wallet Integration? DailyCoin


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

The long-running dispute between Elon Musk (and Twitter) appears to be over. Musk is expected to close the deal for the social network by October 28th. There are also reports that Twitter is developing 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.

According to reports, Musk plans to close the deal before November 1, at the original price of $44 billion. The deadline set by a Delaware judge July 31st will be met. Musk had previously looked to renege on the deal. Musk expects to confirm the acquisition for $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 is gearing 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 been gradually adding features that support cryptocurrency integration. These include the ability to tip content creators using crypto. This was first implemented in September 2021 and then in February 2022. Twitter also added support to non-fungible tokens (NFTs), which allows users to change their profile pictures to reflect their digital art holdings.

Although Twitter has not yet confirmed the launch of a cryptocurrency wallet feature, it is possible that the platform will transform into a 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 keen to find out which cryptos would work well with the proposed crypto wallet. Mason Versluis, crypto trader and advocate for cryptos, suggests that (DOGE), Bitcoins (BTC), (XRP) are the three most promising candidates.

On the Flipside

  • Although crypto wallets are often acknowledged as beneficial integrations into blockchain projects, many people don’t consider their use in social media platforms. Meta, formerly known by Facebook (NASDAQ:), closed its Novi Wallet project in September after the closure of its Diem project (formerly Libra).
  • Stocksak published an October 26th report that revealed that internal Twitter documents indicated that the platform is struggling with its most active users. These are those who log in at minimum three times per week and tweet at a minimum once per day.

Why you should care

Musk has stated that reducing the amount of spam on Twitter is a “top priority” for the platform. Although Musk briefly considered cryptocurrency micropayments as part of his plan for buying Twitter, recent developments suggest that this may not be an option.

Twitter is used worldwide by approximately 396,5 Million people. A cryptocurrency wallet could encourage more people into the micropayment economy and encourage cryptocurrency adoption by its millions of users.

Read more on Elon Musk’s Twitter deal:

Binance and Sequoia Capital to Back Elon Musk’s Twitter Buyout

Learn more about cryptocurrency wallets

Top 12 Crypto Wallets for Integrating with Decentralized Apps

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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