Twitter Launches NFT Profile Pictures

Social networking company Twitter Inc. (TWTR) has entered the digital goods business with its new non-fungible tokens (NFT) profile picture feature. Shares closed at $37.28 on January 20.

NFT Profile Pictures

Twitter announced that starting Thursday, Twitter Blue subscribers will be able to use NFTs owned by them as their profile pictures. The new feature is available only on Apple, Inc.’s (AAPL) iOS devices and in the U.S., Canada, New Zealand, and Australia, where the Twitter Blue service is available for $2.99 per month.

Lately, NFTs have created a lot of buzz, with every company vying to enter the market and every individual trying to own a piece of it. Several people are still novices and trying to catch up with a slew of new terminologies such as blockchain technology, cryptocurrency, digital wallets, and NFTs.

Twitter’s attempt to enter the space has succeeded as several users have already changed their profile pictures with NFTs. These profile pictures will be easily identifiable as they will have a hexagonal frame instead of the typical circular frame pictures. Moreover, users can gain knowledge of the particular digital art by simply clicking on the picture.

The new feature is one of Twitter’s biggest steps to date into the digital assets space along with some of the best NFT stocks. Twitter also stated that through the feature it intends to create more awareness and knowledge around the buzzing digital technologies.

Twitter currently boasts 211 million monetizable daily active users. Last November, Twitter launched Twitter Crypto, a dedicated unit for crypto, blockchains, and other decentralized technologies.

Comments

Twitter’ Product Head, Esther Crawford, said, “Crypto is a key pillar of Twitter’s future. We want to support this growing interest among creators to use decentralized apps to manage virtual goods and currencies. This is just still very early days for us, but we wanted to build something that was a utility for this community that they could start interacting with right now.”

“We know that for many people their first experience of NFTs will happen on Twitter with this feature and with the conversations that are taking place on the platform,” Crawford added.

Consensus View

Recently, Morgan Stanley analyst Brian Nowak lowered the price target on the stock to $57 (52.9% upside potential) from $62, while maintaining a Buy rating.

Overall, the stock has a Hold consensus rating based on 7 Buys, 16 Holds, and 2 Sells. The average Twitter price target of $63.17 implies 69.5% upside potential to current levels. Shares have lost 22.4% over the past year.

Insider Trading

TipRanks’ Insider Trading Activity shows that Insider Confidence Signal is currently Positive on Twitter, with corporate insiders buying $93.5 million shares in the last quarter.

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