Twitter has partnered with OpenSea to verify whether its users’ NFTs are real.
If the initiative is successful, NFT owners would stand out on Twitter by displaying them on their profile.
The social network Twitter announced on January 20 that its users will now be able to upload a profile picture of their NFT (non-fungible token). The initiative was made possible after signing an agreement with the OpenSea marketplace, which will be in charge of verifying if they are really the owners of the NFTs.
It had already become fashionable on Twitter to upload the image of an NFT in the profile picture. This is something that the social network team surely noticed and decided to take advantage of to further strengthen the trend, with the possibility of uploading them in a verified way. In fact, in the same announcement on the social network they said: “you asked for it a lot, so we did it”.
The new tool allows users to associate their NFT wallet with Twitter so they can upload the NFTs they’ve purchased to their profile picture. In this way, those who have an image of an NFT that they actually own, such as reported the company.
In principle, the tool will be available only to users subscribed to Twitter Blue and registered in Labs who have iPhone phones, since for now it is only suitable for the iOS operating system. In any case, the profile photos can be viewed from any device or cell phone, including those with Android.
New verified NFT profile picture could drive price ups and downs in the market
The price of an NFT collection fluctuates whether or not there is market interest in buying it. This means that, if one generates high demand, its value increases and the opposite happens if there is none, since they work by auction. That is why When a collection of NFTs becomes popular on social media, there may be a wave of offers that increase their price.
This suggests that If Twitter’s initiative succeeds in getting users used to displaying the NFT they buy on their profile, it could spark a ripple effect of more interest. Especially if it is seen that many people have acquired the NFTs from a particular collection or if some public person with a large following has done so.
In this way, it could cause more interested in making an offer, which would result in the price increase. Although, just as it could go up, it could also go down if interest suddenly drops, as warned by youtuber Luisito Comunica, who has started investing in NFTs this month and advises his followers to be careful about these inflated prices.
Twitter, which has been delving into the cryptocurrency industry in the last year, had already announced last September that it would verify the NFTs in the profile picture, as CriptoNoticias reported. Something that this month effectively fulfilled and it remains to be seen if later they extend the function to Android devices, in addition to iOS.