For those who missed the news, Twitter plans to allow NFT owners to connect their Web3 wallets (e.g. MetaMask) to Twitter, in order to verify and showcase NFTs on Twitter
It increases social value because it enables a user to prove they own a specific NFT.
The status hierarchy will be
Verified NFTs > Bluecheckmark > unverified NFTs
Verification will also force brands to issue NFTs for their users.
This also has the chance to cement Avatar NFTs as an asset class within crypto.
Q2'21 sales were $350m with first-half sales of over $600m.
@BoredApeYC now has over $500m sales this year and total NFT avatar/pfp sales likely exceed $2 billion.
There are other applications of NFTs if Twitter
Some ideas:
• Verifying how long a user has owned an asset
• Recommending follows based on NFT owners
• Auctioning NFTs from Twitter profiles
• Twitter’s newsletter (Revue) + NFTs (e.g. Mirror)
• NFT social graphs
• More
Beyond just the ability to provide value to consumers, Twitter will be able to further enhance its advertising business. Imagine knowing that an individual has verified their Punk or other expensive NFT.
What premium would brands pay to advertise to those individuals?
At #MessariMainnet2021 last week @RobinhoodApp Crypto COO Christine Brown & Robinhood Crypto CTO Johann Kerbrat announced Robinhood will be launch wallets that allow users to transfer crypto on and off the platform.
Robinhood also (unofficially) teased its crypto strategy👇🏻
First, let's set the stage. Why is Robinhood 10xing down on crypto?
In Q1 17% of Robinhood’s transaction-based revenue (TBR) was from crypto with 35% of that from Dogecoin.
In Q2, crypto accounted for 50% of TBR with 62% from Dogecoin.
Damned if you Doge, damned if you don't.
Robinhood only offers seven assets:
• Bitcoin
• BCH
• BSV
• ETH
• DOGE
• ETC
• LTC
Historically, the NCAA held a monopoly on monetizing the brands of young athletes.
The recent NCAA rule change lets athletes monetize their name, image, and likeness (NIL).
These athletes are going full force into crypto👇🏻
Once the NCAA lost its power to p̶r̶o̶t̶e̶c̶t̶ control athletes, the sponsorship packages immediately started to flow:
• Hercy Miller signed a $2m sponsorship deal
• Miami striker Gilbert Frierson🤝Lamelo Meat Market
• Arkansas WR Trey Knox & his doggo✍️with PetSmart
Crypto primitives naturally enhance the ability for personal monetization via NFTs, social tokens, and more.
Recently, UCLA basketball player @jayl7en became the first NCAA athlete to launch his own social token, $JROCK on @rally_io.
• Art as an asset has outperformed many asset classes
• Art remains uncorrelated to traditional assets
• Contemporary art outperforms in times of high
inflation
• The wealth gap (and art investor base) continues to
grow
Blockchains are great at replicating a small amount of data on millions of computers across the world, but are often limited in terms of on-chain storage capacity.
Since not every part of the NFT is suitable to be stored on-chain, NFTs leverage other immutable storage solutions.
Generally, an NFT possesses on-chain & off-chain info.
On-chain information:
• The NFT ID (e.g. Punk #2517) that has metadata associated with it
• TokenURI – Unique resource identifier (URI) that points towards where the content of that NFT is stored (URL, server, IPFS, etc)