NFT Profile Pictures in Hexagon Shape Debut on Twitter
HIGHLIGHTS
Web3 technologies such as NFTs, according to proponents, decentralise ownership online.
NFT sales have surpassed $25 billion (roughly Rs. 1,86,250 crore)
Decentralization claims are dismissed by critics.
WHY IN NEWS
On Thursday, Twitter announced the debut of a service that allows users to use non-fungible tokens (NFTs) as profile images, capitalising on a digital collectibles mania that has expanded in popularity over the last year. The functionality, which is only accessible to Twitter Blue subscribers on iOS, connects users' Twitter accounts to cryptocurrency wallets where they keep their NFT holdings. NFT profile images are shown as hexagons on Twitter, which distinguishes them from the conventional circles available to other users. When you tap on the images, information about the art and who owns it appears.
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Web3 technologies like NFTs, according to proponents, decentralise ownership online by allowing individuals to profit from popular inventions rather than having those advantages go largely to a few tech platforms. Web3 technologies such as NFTs, according to proponents, decentralise ownership online. Decentralization claims are dismissed by critics.
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Many of the services driving use of those technologies, such as the six crypto wallets offered by Twitter's NFT platform, are financed by a tiny number of venture capitalists, according to critics. Jane Manchun Wong, a security researcher, highlighted one of those linkages in a widely shared tweet following the debut, revealing how an outage at venture-backed NFT marketplace OpenSea briefly prevented NFTs from loading on Twitter.
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