Twitter’s new NFT profile picture display option is one step closer. Some users will now be notified of the option in the app.
As you can see in this screenshot posted by @flytip , some users are now being asked to add an NFT as a profile picture, which will then be displayed in a new hexagonal format, and provide a direct link to the NFTs listing on a blockchain as proof of ownership .
As we reported back in November, Twitter is trying to capitalize on the rising popularity of NFT profile pictures by developing an official integration process that will make it easier for NFT owners to display their ownership, with the back-end linking to the official information each NFT to ensure that only the actual owner of a picture can view it in the new profile picture format.
Once this link has been made, visitors to the profile can also view additional information about each NFT by tapping on it, which will take them to a list of both the owner and the creator of the NFT listed on the chain of links.
A common objection leveled at non-profit organizations is the fact that anyone can just right-click on your picture and save it, allowing them to use it as their profile picture as well. As a result of this new method, only the owner has access to the official hexagonal PFP format, which helps to limit unlawful use while also improving the overall NFT viewing experience.
NFTs have risen to prominence in recent months, with Twitter serving as a focal point for much of the NFT discussion as well as a platform for showing your newly acquired artwork. Contrary to popular belief, there are still difficulties and issues in this field.
Because the underlying copyright, i.e. full ownership of the original art, does not now extend to NFTs, the actual ownership of the art is in doubt because you just have proof of purchase rather than the original art itself.
That is, if the original developer produced something like a video game, If you wanted to use your NFT to design a series of t-shirts, you would get nothing in return, and there is currently no established legal means to govern the re-use of your NFT in this context.
Many NFT versions are also auto-generated, which compounds the ownership issue because the original artist is sometimes an artificial intelligence system rather than a real person or corporation, and there are also issues about “pump and dump” practices.
Plans in the industry where criminals attempt to profit on the popularity of these new profile images by artificially raising the price of their own NFT projects in order to resell them to naïve investors who believe they are a part of The Next Big Thing have been identified.
Moreover, despite their broader association with the “Web3” movement, which aspires to expand economic opportunities for all, existing research suggests that only a tiny number of wholesalers are actually profiting from NFT transactions.
According to recent reports, despite the fact that the total revenue from NFT is expected to reach $25 billion by 2021, only 10 percent of merchants are responsible for 85 percent of all NFT transactions in the same year. That represents a significant disparity in the market, which in turn encourages these high-end investors to push NFT projects in order to raise the price of each one in order to sell them for a profit.
NFTs are a project that allows smaller art buyers and lovers to pay artists for their work. If you like the art and are interested in contributing to the development of the digital creative ecosystem, then NFTs may be a fantastic way to get involved.
The longer-term outlook for NFTs, on the other hand, is less certain. Clearly, there will be more buying and selling of digital products in the future as a result of this process, and NFTs serve as a kind of framework for this activity.
It is less certain whether such funding will be focused on profile image initiatives and digital art in the first instance. However, while this may be a fine place to start, the larger “value” in this area is likely to vary in the future, particularly if more metaverse-oriented enterprises come into being.
While all of this sounds complicated, it is, and the bottom line is that NFT trading as a process offers a compelling proof-of-concept for the transaction of digital products that will grow in importance in the future. But would I invest tens of thousands of dollars in a Bored Apes film in the hopes of reselling it in a few years’ time? No, I wouldn’t do it.
This new Twitter profile display option, though, could be an excellent tool for anyone caught up in the NFT craze, which appears to be as focused on community and involvement as the projects themselves.
Twitter hasn’t revealed any specifics on when the full rollout or test will take place, but it appears to be coming soon.