Elon Musk took-over Twitter and the after affects on Crypto Market
Crypto industry experts always believed that Elon Musk has had a prominent influence on the crypto market ecosystem. Where we have live examples of the price fluctuations of Cryptocurrencies when Tesla earlier stated to accept payment in Dogecoin.
Elon Musk & his love for Cryptocurrencies –
Elon Musk is a noted supporter of Dogecoin. After he took over as the new owner of Twitter on October 27, 2022, Thursday. As soon as the authorities changed, Musk started dismissing top employees he had accused of deceiving. All of this happened while a discussion about how he would like to carry out the plans he has made for continuing the further commencement in the social media company.
After Effects On Crypto Market Of Huge Takeover –
After news of Elon Musk’s takeover of Twitter, Dogecoin dropped down almost 10 percent in the last 2-3 days and is currently trading at $0.1238.
A day later, Twitter announced that it will let users buy, sell, and display non-fungible tokens (NFTs) directly through Tweets in partnership with multi-marketplaces. The integration, named as NFT Tweet Tiles, places an NFT’s artwork in its own panel within a tweet and adds a button that directs readers to a listing on a marketplace.
Future expected results from all of this in form of technological advancements & Overview of Industry Experts on it –
Industry experts believe that Musk’s Twitter takeover would result well for the overall Web 3.0 and the Crypto asset ecosystem.
“NFT tiles would allow users to buy and sell NFTs via tweets. Musk had envisioned Twitter as a ‘super app’ with inbuilt crypto payments. Musk’s SuperApp strategy has the potential to bring the power of Web 3.0 and social media to fuel new digital business models for enterprises and businesses,” states Sharat Chandra co-founder, of India Blockchain Forum.
Binance founder and CEO Changpeng Zao (CZ) mentioned, “We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web 3.0 together in order to broaden the use and adoption of crypto and Blockchain technology.”
In a statement to The Block.
“Since Musk is quite vocal in terms of Crypto, I think it will be a game changer for the crypto industry with this acquisition. It’s only a matter of time before this will come into play,” stated Prayag Singh, co-founder, of SOCIALLY, a decentralized social network platform.
