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NFT profile pics

How Facebook, Instagram, Twitter, and TikTok will onboard the world to crypto
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Jan 22, 2022 • 2 min read

Dear Bankless Nation,

I’m not going to talk about the price drop this morning.

This is macro stuff and if you want to hear how it’ll play out no one explains it better than Jim Bianco in our should we be bearish episode with him this week. (Watch now!)

I’m not going to talk about a bear market today because I’m not bearish.

How can I be bearish when Web2 is speedrunning crypto adoption?

This week Twitter rolled out NFT profile pics for iOS.

My twitter profile is now an onchain verified NFT. Twitter is using Ethereum to prove I own digital property.

This is a centralized tech company outsourcing trust to a decentralized trust machine.

This is Web2 building on Web3.

This is significant.

NFTs are about to propagate through a 400 million user social network at the speed of a mind virus. Never doubt the power of mimetic desire. Everyone’s favorite actor, influencer, thinker, writer, gamer, and personality is about to spin up an NFT profile pic. This will cause an influx of new crypto users.

No, the Twitter NFT feature isn’t perfect now.

Twitter is charging $3 for this. Paying members only. But the fee won’t last—NFT  pics will become table stakes for all social networks.

There’s also no legitimacy check. That means someone could right-click save your NFT, mint it, then post it as their own. This will be solved too—first by verifying collections using OpenSea and later through more decentralized verification.

NFT features will only get better and competition will make it so.

Because it’s not just twitter.

Meta is planning to add profile NFTs to Facebook and Instagram 👀

  • Twitter’s 400 million users…
  • Facebook’s 2.6 billion users…
  • Instagram’s 1.4 billion users…

The entire digital world is about to get NFT features. 🚀

How does this help crypto?

NFTs are the gateway drug. The first digital property people own. They teach the basics of wallets and private keys and DeFi markets. There’s no going back after that.

Isn’t Facebook the enemy?

Centralization is the enemy. Power consolidation is the enemy. When Facebook adopts crypto protocols they dilute its power. A portion goes back to the people.

When they adopt crypto protocols they adopt crypto values.

But what if they don’t build on crypto protocols?

That’s fine! Maybe they’ll start with NFTs on FacebookChain. When AOL onboarded the world to its walled garden they inadvertently onboarded the world to the internet. The protocol sink thesis wins.

Do you see why I’m bullish?

Web3 will happen faster than Web2 because Web3 has Web2 to propagate it.

We called it last September…

Web2 is onboarding the world to crypto. 🚀

Here’s what’s lined up for next week:

  • Podcast episode with Galaxy Interactive to discuss virtual experiences
  • How to get started with music NFTs
  • Written interview with Polynya for all things scaling

Have a 🐦weekend

- RSA

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

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