Twitter Takeover and its Implications on Crypto

Quite recently Elon Musk made one of the biggest moves and purchases of his career. He bought the Social Media Platform Giant Twitter for a whopping $44 billion after a long and arduous battle between its former CEO and Owners. They say this transfer of ownership could spell good for advertisements and overall freedom of speech on the said platform. but what does it really do for Cryptocurrency?

First off, It has to be said that Elon Musk is a massive cryptocurrency visionary and has backed a couple of cryptocurrencies in the past, which resulted in a rapid boost in their respective popularity and value. Now, let’s have a rundown on what could possibly happen after this change.

Initially, sponsored advertisements for cryptocurrency and NFT projects are automatically shadowbanned by Twitter’s Algorithm during the reign of its former owners, this is due to the fact that multiple scam projects riddle the platform and could easily bait people into falling for their trap, but this also impairs the abilities of projects like CUDOS to showcase the capacity of their project to a wider array of audience. Elon Musk’s takeover could mean good for sponsored ads for crypto but could also mean that the scams could once again raise terror. However, there is a possibility of a more powerful algorithm being made in order to detect and deter these aforementioned scam projects from utilizing twitter’s ad feature.

Another effect that is already being rolled out as we speak is the fact that Elon promised that NFTs could now be sold on Twitter, and in such a way that it could be done by tweeting, which is the term used for posts made on the social media platform. This could mean more people are to gain access to the vast world of NFTs and could then in return make the massive adoption of cryptocurrency a possibility.

All in all, as long as cryptocurrency projects, especially ones that do good for the people like CUDOS are left to their own devices, it could mean success for the crypto world, and make the transfer to web3 a more streamlined experience for everyone.

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