Twitter May Soon Let Users Flaunt Their NFT Holdings Under 'Collectible' Tab

Twitter is tipped to be developing an in-app tab called Collectible, which will allow users to show off their NFT collections and holdings on the micro-blogging platform. The tab will allow NFT owners to link their crypto wallet from platforms such as Coinbase and MetaMask. NFTs, or non-fungible tokens, are virtual collectibles inspired by real life items that can be bought using cryptocurrencies. To authenticate that the NFTs showcased are real, a small badge will be added to the respective Twitter profile after due verification.

Earlier in September, Twitter engineer Mada Aflak teased the first glimpse of the new Collectible tab with a video snippet. The clip showed how users would be able to connect their crypto wallets to the tab. In addition, an option for the users to choose one of their NFTs as their display picture on the platform was also shown in Aflak's video.

On October 25, known reverse engineer Jane Manchun Wong dug deeper into the development stages and predicted some more things to look out for in the new tab. It will allow others to tap on the NFT and get a detailed, magnified look. A page with details on the NFTs will also be linked.

Meanwhile, the NFT market thrived in the second quarter, with $2.5 billion (roughly Rs. 18,560 crore) in sales so far this year. The figure is up from just $13.7 million (roughly Rs. 101.7 crore) in the first half of 2020, marketplace data showed.

As of now however, it remains unclear by when this feature would finally roll out to users.

Twitter's relation with the crypto-space has come a long way in the past few years. In 2018, Twitter had banned all crypto-related advertisements from its platform. The company is clearly turning over a new page, thanks to the crypto boom.

In recent times, crypto-adoption has witnessed a significant growth in several parts of the world including India, Pakistan, Vietnam, and the US, among other nations.

In September, El Salvador became the first in the world to legalise Bitcoin as a legal tender alongside its fiat currency, the US Dollar.

The market capitalisation of all the cryptocurrencies put together has crossed a milestone of $2.5 trillion (roughly Rs. 1,87,42,625 crore), according to cryptocurrency tracker CoinMarketCap.