5 Key Influences of Twitter Takeover by Elon Musk on Web3 and Crypto Sectors

The Twitter contract of Elon Musk has eventually been accomplished and the new owner is promising increased integration with the world of cryptocurrency. Some major impacts of this event on the crypto industry including the increased use cases are discussed below.

No Spam Bots Anymore on Twitter

Formerly, spam bots had flooded the platform of Twitter and several of them were focused on advocating for several crypto scams. Elon Musk pointed out this issue and took a strict stance against such bots. This became a chief factor in the procrastination experienced by Musk in taking over the social media platform as he had asked the platform to reveal the number of bogus bots operating on Twitter. These bots sometimes contain phishing links that drain the funds of people who open them. Musk will hopefully eliminate this problem soon.

Related: Elon Musk Finally Takes Charge of Twitter

Content Moderation

Another big change to take place on Twitter after Musk’s arrival is the freedom of speech. He declared to establish a council for content moderation to deal with this. In this way, the formerly prohibited accounts will be reinstated on the platform. Nonetheless, there are some issues with free-speech venues such as Truth Social and one is that they advocate for hatred and violence. That is why, keeping in view content moderation, some sort of censorship would remain implemented.

DOGE to See More Use Cases

As Elon Musk took over Twitter the hype around the meme token DOGE increased to a great extent. He has been promoting Dogecoin even before he owned the social media venue. At present, several people are contemplating that Twitter will integrate DOGE just as Musk’s vehicle company Tesla has done previously.

Improved NFT Integration on Twitter

Twitter has recently declared the feature of NFT Tweet Tiles. This service permits consumers to trade their non-fungible tokens from several marketplaces through tweets. Currently, Rarible, Jump Trade, Dapper Labs, MagicEden, and Rarible have been integrated into the platform for NFT trading. With this move, NFTs will rapidly come to the mainstream.

Payment to Become Verified

Rather than fulfilling the requirements necessary to have verification, as was the case previously, Elon is recommending that the account holders will require paying to be verified. Users just need to pay $8 per month to avail of this service. This is one of the ways through which Musk is attempting to monetize Twitter which is more dependent on the revenue that comes from ads.