FTX CEO Sam Bankman-Fried hypothesized that the decentralized social media platform Twitter could have a positive effect on profits.
Bankman-Fried Imagine some ways that Twitter could make money.using Web3 technologies, including adding display ads to the user interface. and use the proceeds to pay network fees when sending tweets. and add it to the blockchain
Twitter’s decentralization will move all of the platform’s data to the public blockchain. This forces users to decide how they will take care of their community. and under pressure from companies to decide which content is prohibited.
Former Twitter CEO Jack Dorsey said he would like to see Twitter set the standard for decentralized social media by 2019. He appointed Parag Agrawal. which is the Chief Technology Officer as the project leader But that benchmark didn’t materialize before he stepped down as CEO in November.
Moving social media to a decentralized model means that someone has to pay a fee to write data to the blockchain, which Bankman-Fried. Wrote that charging a fraction of a penny per tweet. It can generate profits enough to replace the profits of the company.
The “basic protocol charges something per message” with approximately 500 million tweets per day. Charging users $0.01 per tweet would “replace half of Twitter’s revenue,” Bankman-Fried said, at $0.001 per tweet. It will become the profit of the company.
He also suggested that NFT and cryptocurrency payments It would be easy to add to the platform if Twitter was on the blockchain, and of course “why not DOGE?” he said, referring to Dogecoin, the 11th largest cryptocurrency by market capitalization and “a cryptocurrency.please” of Elon Musk, which Musk previously suggested that DOGE be used to pay the Twitter Blue subscription fee.
“Since the message will be in the network Users have control over their data.”write “This means that anyone You can even create your own Twitter UI!”
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