Twitter Dips Their Toes in the NFT Race, Giving Away 140 Free NFTs to Twitter Users

Twitter is getting involved in one of the fastest-growing niches in the crypto world, the Non-Fungible Tokens (NFTs) space by handing out Twitter-themed digital art.

By
Chung Yee
on
July 2, 2021
Category:
BSC News

NFT on the Social Media 

Twitter, is giving away 140 Twitter-themed Non Fungible Tokens (NFTs) for its users, generating a lot of buzz on social media. The social media giant platform, Twitter decided to reward its users with its own series of themed tokens that has drawn many eyeballs to a relatively new niche in the crypto space. 

The announcement of the giveaway was by way of a Tweet made on June 30, 2021, that says, ‘140 free NFTs for 140 of you, besties’. One oddity of the giveaway process is, why 140 NFTs? The answer lies in the number of maximum characters allowed in a tweet. Out of the 140 NFTs there are seven different unique editions users can receive.

Twitter with the aid of Rarible, an NFT marketplace, minted 20 NFTs using ERC-721. This is an Ethereum based token standard used for creating NFTs. The NFT digital art is creatively titled ‘Furry Twitter’, ‘Vitamin T’, and ‘Reply Guy’. The 7 pieces of digital art are available to be given to the lucky users who fulfill the prerequisite of tweeting about the giveaway. 

NFTs have become the hottest new trend to emerge on the blockchain by tokenizing art, photos, collectibles, and music into digital assets that are unique and not interchangeable. Binance launched its NFT marketplace on June 24, 2021, also riding the NFT wave.


How to Claim an NFT from Twitter

The 7 pieces of digital art are available to be given to the lucky users who fulfill the prerequisite of tweeting about the giveaway

The lucky user that is gifted with the will receive a direct message from Twitter with directions on how to claim the NFT. The NFT gift only transfers ownership of the token to the recipient without transferring the rights to the artwork. Although Twitter has confirmed that it has no plans for future NFT other than this campaign many enthusiasts are keenly watching this space as the demand for NFTs are seeing strong interests. Jack Dorsey the CEO and one of the founders of Twitter sold his first tweet as an NFT for $2.6 million.     


NFT the New Digital Expression 

Art in many forms has always been a part of human evolution. It is also a manner of expression by the artist, hence the communication that it bridges is felt on an emotional level. This is an intrinsic value that a non-fungible token tries to capture. This makes the whole concept interesting and marketable. 

Collector’s items are valuable because they are limited and they are scarce. NFTs ensure the authenticity of the token because it cannot be duplicated, forged or counterfeited. Attempts to duplicate an original piece of work that has been tokenized as an NFT will remain good as a duplicate and cannot pass off as the original. This solves one of the real-world problems that all creative content makers face which is piracy. In short, it is a secure proof of ownership and authenticity. 

The recent showcase of an impressive array of NFTs by Twitter is to do what Twitter does best, create awareness and interest amongst its users. Twitter is one of the most used social media platforms for engagement and dissemination of information related to the crypto industry. Reddit was also onboard the NFT bandwagon last week when it listed its set of collectibles that are available on auction in the OpenSea platform

Source : Images of NFTs that was minted and made available by Reddit

 

The NFT Craze Just Begun

The NFT craze is unlikely to slow down anytime soon. More companies and individuals are starting to see the value in NFTs with more platforms emerging. NFTs have effectively enlarged the application of blockchain to a different group of enthusiasts giving more credence to its real-world use. 

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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