Okay, let’s just check in on the latest with the Twitter/Elon Musk takeover saga, and where things are placed to close out the week.
According to the latest reports, Musk’s team recently asked Twitter for more tweet info, in order to help it make an accurate assessment of bot activity in the app. This comes after Musk questioned Twitter’s claim that bots and fake accounts make up only 5% of its active user base, and said that his Twitter takeover deal could not go ahead unless Twitter could produce more evidence to support this figure.
Which Twitter did, by providing Musk with access to its ‘full firehose’ of tweets over a given period, which it shared with Musk’s team back on June 8th. Musk’s group has now had that data for a couple of weeks, but this week, it said that this info is not enough to go on, and that it needs even more insight from Twitter to make its judgment.
And after initially resisting calls for more data access, Twitter has now reportedly relented and handed over more tweet data access to Musk’s team.
Which may or may not be a concern, depending on how you see it.
In its initial data dump, Twitter reportedly gave Musk’s team info on:
- Total user tweets (within a given time period)
- Data on which devices were used
As noted, Musk’s team says that this has not provided it with the insight that it needs to conduct an accurate analysis of potential bot activity, so Twitter has now provided Musk with more ‘real-time API data’.
It’s not clear whether that means that Twitter has provided everything that its API systems can provide, but that could mean that Musk’s team can now access:
- Real-time info on tweet text and visual elements/attachments
- Data on retweets, replies, and quote Tweets for each
- Data on tweet author, mentioned users, tagged locations, hashtag and cashtag symbols, etc
- Date, time, location, device info
That should satisfy any analytical needs to uncover potential bot trends, and get a better handle on Twitter’s bot problem, though it also means that Musk has all your tweet info – which, again, it’s worth noting, Twitter up till now had been hesitant to provide.
I’m sure it’s fine. Musk’s team is beholden to disclosure laws around such, so it’s not like they can do anything much with that info anyway, in a legal sense. But the idea that the sometimes erratic Elon Musk now has all the tweets could be a little concerning for some.
But Twitter likely had to provide what it can, and if Musk is going to become CEO of the app soon anyway, he’s going to have access to all of that data either way.
Should be fine. No problems – no need to go deleting all your DMs (which are likely not included in the data that Twitter has provided at this stage).
According to reports, Musk’s team says that it now has the info it needs to make its assessment of bot activity, which should see the deal move forward (or not) sometime soon.
Of course, no one knows what exactly is going to happen next, and whether Musk’s team will look to renegotiate, or even back out of the deal entirely as a result of its bot analysis. But it does seem like, one way or another, Musk will be forced to go ahead with the $44 billion transaction, with Twitter’s past bot reporting methodology already accepted by the SEC, giving it legal grounding to argue that it’s acted in good faith, regardless of what Musk’s team finds.
The next steps then, according to Musk, would be securing debt financing and gaining Twitter shareholder approval, clearing the last hurdles for Musk to change the app’s name to ‘Telsla Social’, and add a million references to ‘420’ into the platforms various terms and conditions.
Because of the memes, because weed jokes are still funny to the richest man in the world – because he vacillates between inspired genius and a massive nerd who now gets to play out some fantasy of being cool.
Or something. Who knows what goes on in Elon Musk’s head – which is also why most are hesitant to bet against him, as nobody knows if and how he might be able to fix Twitter, and whether this is a great investment or a massive disaster.
It seems like we may soon find out. Maybe. Who knows. Either way, the memes should be great.
Instagram Expands NFT Display Options to More Than 100 Regions
While NFT sales continue to decline, and interest in the first wave of digital collectibles appears to be waning, Meta is expanding its support of digital collectibles, by making its NFT display option on Instagram available in more than 100 countries, meaning that the vast majority of IG users will now have the option to display their owned works in the app.
Meta CEO Mark Zuckerberg has posted his own signed baseball card, which will soon become an NFT, to announce the expansion.
Originally launched to selected creators in the US back in May, Instagram’s NFT display option enables users to showcase their NFTs within the main IG feed, in Stories or in Direct Messages.
As you can see in this example, NFTs on Instagram will be shown with a ‘digital collectibles’ tag, which, when tapped, will display information about the creator of the work, and the ownership of that digital item.
There’ll also be a new NFT tab added to participating accounts, with a tick in a hexagon to indicate verified NFTs.
Instagram’s NFT process supports a range of connections to the top crypto payment tools, including Coinbase, Dapper, Ethereum, Polygon, and Flow. NFT owners are also able to connect their Rainbow, Trust Wallet and MetaMask accounts to verify NFT ownership.
The expansion could see NFTs become a bigger part of the Instagram eco-system, which, on one hand, seems a little ill-timed – because as noted, NFT sales are seeing a significant decline at the moment. But on the other, the integration will provide another way to support artists, with Meta specifically highlighting the benefits for creators from underrepresented communities to monetize their work.
If people keep buying them. According to a recent report from CoinTelegraph, NFT sales declined to their lowest levels in a year in June, bringing them back to, essentially, pre-NFT hype cycle levels.
Of course, the broader downturn in the crypto market would also play a big role in this, but the overall consensus is that the air is coming out of the NFT market, as buyers continue to lose money – either to scams or market shifts – and the perceived value of NFT projects becomes less and less clear.
But still, this is likely only the first wave of digital collectibles.
A lot of Web3 folk like to talk about how ‘early’ they are to these trends, as if that’s a good thing, but the fact of the matter is that these early adopters are going to lose out, repeatedly, because these early projects will largely be worthless in the long run, while NFTs, as an offering, will change and morph into new areas that could see them hold value.
Just not as expensive cartoons that look like they’ve been stolen from the walls of an elementary school corridor.
The longer-term view for NFTs is that they’ll enable the trading of digital items in the metaverse, like clothing for your avatar or in-world items. This type of marketplace is already generating millions within game worlds, like Fortnite and Roblox, and Meta’s view is that NFTs are the first step towards facilitating the same on a broader scale.
As per Meta:
“We’re exploring a wide range of web3 technologies because we believe they will expand access, reduce costs, and accelerate innovation, empowering people and creators around the world. We are excited to continue listening to feedback from creators and collectors as we continue to build in this space.”
Whether crypto remains a central peg in this, or it reverts to fiat currency, the potential is there for the NFT framework to facilitate this type of cross-platform trading. But not yet.
So, yes, current Web3 folk are early. But it may not be the flex that they think.
On another front, Meta also notes that it’s working to reduce the emissions impact associated with the display of digital collectibles by purchasing renewable energy
There are various moving parts here, but the broader view is that this is not about displaying your monkey pictures within Instagram as the end, but it’s more of a stepping stone to enable Meta to integrate the trading of digital goods into its tools, in a way that aligns with current usage trends, and doesn’t feel as intrusive as, say, Meta building its own crytocurrency.
That would raise more questions, and open the door to increased regulation. But by integrating similar tools, and aligning with popular trends, that could be a more organic way to merge in digital items and payments, without raising as many eyebrows in the process.
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