This week, Twitter is continuing to make an effort to lead the web3 pack. A new web3 based cryptocurrency wallet is reportedly being developed for the social media giant, according to rumors that were initially made public by renowned software frontend developer Jane Manchun Wong.
The social media corporation has not made any formal statements or mentions about the incident. As Wong points out, the wallet is anticipated to enable deposits and withdrawals, but initial token support and a host of other specifics remain unknown. As a result, there is no schedule for when we might learn any confirmation or related information.
Following the example set by former co-founder and CEO Jack Dorsey, which is being carried on by current CEO Parag Agrawal, Twitter has made a deliberate effort to be present in the cryptocurrency space.
Twitter has aimed to engage with the crypto community
The rumors surface when the company is going through a difficult moment, with a prospective acquisition led by Elon Musk on the horizon and a lot of controversy surrounding it. Of course, Twitter has aimed to engage with the crypto community using strategies like hexagonal profile pictures for NFT holders. Although recent initiatives like Reddit’s avatar NFT integration have done well, social media endeavors have so far rarely generated significant success.
However, social media platforms have rarely been seen as a potential market for blockchains in the space of cryptocurrency wallets. After about a year of operation, the venerable social media site Meta (formerly Facebook) recently abandoned its largely unsuccessful Novi initiative.
That followed the failure of projects with a similar fate, such as Diem (formerly known as Libra). There are still unfulfilled user requests in the areas of usefulness and aesthetics, however most crypto veterans have switched to Metamask’s simplicity and effectiveness for hot wallets.
If true, Twitter’s wallet development shouldn’t come as a huge surprise, but only time will tell if Twitter can demonstrate that success isn’t only dependent on being first to market.
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