As web3 technologies gradually gain prominence, many companies anchored in web2 technology are amending their services and products in order to accommodate the new web3 technology. After Elon Musk completed acquiring Twitter and taking the publicly traded company private, many are wondering how this ownership change is likely to impact the adoption of cryptocurrencies on social media in general.
At the moment, Facebook has pivoted and rebranded itself as Meta, and the social media giant wants to position itself as the gateway into the metaverse. Instagram, also owned by Meta, revealed that it would soon be adding functionality to its app in order to enable users to mint and trade NFTs on the platform. Reddit also has about 3 million users having crypto wallets, and they trade NFTs on this social media platform.
It is also noteworthy that major players in the social media space, such as Reddit and Twitter, have made it possible for users of those apps to give content creators crypto tips in appreciation of the content generated.
There were reports that before Twitter was acquired by Musk, it had plans to create its own crypto wallet. However, it appears that those plans have been temporarily halted. Nonetheless, analysts say this may not be for long because it is only natural that a platform that already makes it possible for its users to offer tips in crypto would logically take steps to create its own wallet so that its ecosystem is strengthened.
Given that Musk opted to make the company private after he completed the takeover, industry watchers feel confident that the control Musk now wields will make it possible for him to drive the company in a direction that integrates several web3 technologies, such as crypto wallets.
However, some people are concerned about the intentions of these social media platforms embracing some web3 functionalities. For instance, Musk tweeted that people would have to pay $8 monthly for the privilege of having the blue Twitter badge showing that an account is verified. This has put a sour taste in the mouth of many because they see the platform as taking on web3 as a way to mint money rather than reflecting a change of heart and championing the principles of decentralization, privacy and reduced costs.
In the past, several social media platforms, including Facebook, have been in the spotlight for data privacy breaches as well as the exploitation of user information to drive advertising campaigns. Many users see these social media giants as wolves in sheep’s skin, only out to make money from the opportunities presented by web3. Overcoming this negative perception is going to be a tough, and that will give startups such as Tingo Inc. (OTC: TMNA) an opportunity to establish themselves in their preferred industries because they don’t come with similar baggage.
NOTE TO INVESTORS: The latest news and updates relating to Tingo Inc. (OTC: TMNA) are available in the company’s newsroom at https://ibn.fm/TMNA
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