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TWTR Stock Up 1%, Twitter Working on NFT Profile Verification

UTC by Steve Muchoki · 2 min read
TWTR Stock Up 1%, Twitter Working on NFT Profile Verification
Photo: Depositphotos

In a short demonstration video, Taylor showed how users can fetch their NFTs from any wallet and use it as their Twitter avatar with an Ethereum checkmark on it, depending on the blockchain technology it is based on.

Twitter Inc (NYSE: TWTR) stock closed yesterday trading at $60.07, down 3.81% from the day’s opening price. Meanwhile, TWTR stock is approximately 1% higher during today’s session. Twitter is reportedly working on a non-fungible token (NFT) profile verification.

According to Justin Taylor, the company’s head of consumer product marketing, Twitter users will be able to use their NFT as their profile picture.

In a short demonstration video, Taylor showed how users can fetch their NFTs from any wallet and use it as their Twitter avatar with an Ethereum checkmark on it, depending on the blockchain technology it is based on.

The feature is meant to add a use case to NFT art collectors, besides trading for profit. Notably, the company has been evolving towards the crypto industry for better services. Last week, the company introduced a tipping feature for verified users.

“Whether you want to tip your favorite account because you adore their commentary, send some love to an emerging comedy creator for their hilarious Tweets, help a small business owner through a difficult time, give to an important cause — whatever you want to support (and we know you already have some ideas), Tips is here to help you do it,” the firm explained in a blog post.

In addition to the tipping feature, Twitter announced people can now tip on their wish with Bitcoin using Strike, a payments application built on the Bitcoin Lightning Network.

Twitter Stock and the Market Outlook

As a technology-based company, its stock market has been one of the Covid winners. According to market analytics provided by MarketWatch, TWTR shares are up approximately 28.6%, and 10.9% in the past year and YTD respectively through Wednesday. However, the company’s stock market has dropped approximately 11%, 7%, and 9% in the past three months, one month and five days respectively through Wednesday.

A survey conducted by the same firm indicates TWTR stock received an average rating of Hold from 40 ratings.

During the second quarter, the company reported a revenue of $1.19 billion, up 74% year over a year basis. Additionally, the average monetizable DAU (mDAU) reached 206 million, up 11% year over year and up 7 million sequentially. Reportedly, the increased daily active users were driven by ongoing product improvements and global conversation around current events.

In the third quarter, the company expects to report between $1.22 billion and $1.3 billion according to the Q2 earnings report.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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