Twitter recently made the announcement to buy and sell NFT’s through its upcoming NFT Tiles program. It is a system that Twitter has been developing since company has been taken over by Elon Musk. For the same, Twitter has partnerships with four NFT Marketplaces.
What are NFT Tweet Tiles?
NFT tweet tiles are non- fungible tokens that are connected to tweets on the social media platform “Twitter”. They are made to give users a method to gather and exchange special digital items that stand in for tweets.
What are Non-fungible tokens?
Non-Fungible Tokens, also known as NFTs, are special digital assets that signify the authenticity and ownership of any tweet, video, audio or any particular piece of content.
Blockchain technology is used to generate NFTs. It is a decentralised digital ledger that keeps track of transactions and certifies the legitimacy and ownership of the asset.
Each NFT is distinct and cannot be swapped for another NFT on a one to one basis, unlike fungible assets like money or Bitcoin, which can be changed and have the same value. NFTs are desirable for investors and collectors who wish to acquire a one-of-a-kind piece of digital material because of their uniqueness and verifiability.
How will NFT Tweet Tiles work?
The fundamental concept behind NFT tweet tiles is that each tile corresponds to a particular tweet. Additionally is linked to a special digital asset that can be traded on blockchain exchanges. A user effectively purchases ownership of the digital asset connected to the tweet when they purchase an NFT tweet tile.
The popularity of the tweet, the quantity of retweets and likes it has earned, as well as the estimated worth of the digital assets linked to it, are some of the variables that affect an NFT tweet tile’s value. Since each NFT tweet tile is distinct, they can be very collectible. And some users could be ready to shell out a lot of money for uncommon or in high demand tiles.
NFT tweet tiles will presumably be built on blockchain technology and exchanged on decentralised marketplaces. However the specific mechanics of how they will function on Twitter are still being worked out.