Twitter Is Now X. The Everything App?
Here's What That Means.
GM DOers! 😎
Say goodbye to all birds 🐦 because Twitter just rebranded to X. 👀
This isn’t only a change of name & logo – it’s Elon Musk’s way of making Twitter the “Everything App” – the WeChat of the western world. 🚀
We’ll tell you all about what that means and how it’ll work but first, why X?
Elon Musk has a bit of an X-obsession:
Founded X.com in 1999, which later morphed into PayPal 💰
His space exploration venture, SpaceX 🚀
Recently, he unveiled his AI project – X.ai 🧠
The X-factor in Elon's ventures is no coincidence. His grand plan is to integrate them, birthing a super app that can do it all. 💥
In today's issue, we'll unfold
The new features introduced in X 🆕
How X plans to incorporate crypto payments 💰
The concept and implications of an 'Everything App' 📱
Vamonos. 👇
👉 Lens Protocol: The Future of Social Media
Decentralized social media finally allows creators to own their content, data and followers. That’s why we choose to build part of our media platform on Lens Protocol.
X: Twitter's Transformation 🦋
Twitter first began its transition to X in April, when the name of Twitter Inc. changed to X Corp.
And just two days ago, this transformation took flight as Elon Musk introduced the new logo. It's live on the web, though not on mobile just yet. 📱
Visit x.com today, and you'll find yourself redirected to what used to be Twitter. Once upon a time, PayPal owned x.com, but Elon reclaimed the domain in 2017.
Apart from that, there’s no other notable changes to the ex-bird app. Only that ‘tweets’ are now called Xs, and Elon says that the concept of retweets might need a rethink. 🤔
But the dreams for X go far beyond retweets. 🚀
Linda Yaccarino, Twitter's new CEO, talks about transforming X into the global town square. But what on earth does that mean? 🥴
In essence, X aspires to be your go-to platform for:
Written content, in both long and short form 📝
Video and audio content 🎥🎵
Messaging 💬
And last but not least... Payments and banking! 💸
Twitter (sorry, I meant X) has always strived to deliver high-quality audio, video, and messaging content. That's nothing new. What's excitingly fresh is the emphasis on payments, especially given X's plans to leverage web3 tech for this! 🤑
Before we delve into the details of payments on X, let's clarify Elon's vision. 🔭
In a recent interview, Elon said he envisions X catering to people's financial needs so extensively that it might eventually become half of the global financial system! 🤯
And there’s evidence that X will use crypto to achieve this. His objectives are to create the most efficient database for managing money which enables the least amount of fraud, everything in real time and seamless usage in one app.
But will they use $DOGE? 😅
Let’s see what we know so far 👇
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Crypto Payments Within X 💸
Recently, Twitter Payments LLC has secured licenses in various states to manage crypto payments. 🥳
This suggests that they have plans to integrate crypto payments in X. But Twitter experimenting with web3 tech isn’t something new.
You can already have a verified NFT profile picture and tip your favorite creators in Bitcoin. 🔥
Yet, X seeks to go even further, striving to be everyone's choice for everyday transactions, whether that's a quick coffee run, a tip for a talented creator, or an online service exchange.
And the licenses they obtained recently – that allows them to handle crypto payments – suggest that crypto will be involved.
Twitter has also been working on Coins since late last year. 🪙
Coins allow you to support creators who Tweet great content. However, back then, nothing pointed toward Twitter Coins having anything to do with crypto.
The release delay of Coins could be linked to the awaited approval of these licenses. And now that they've been approved, we could soon hear that X's Coins are, in fact, cryptocurrencies – but we’re just speculating here.
It’s even possible that they’ll announce $DOGE as X's native currency, or even Bitcoin, but ideally, they’ll opt for a stablecoin like USDC for its price stability, as it is pegged to the US Dollar.
But only time will reveal the native currency on X, and whether or not it’ll be onchain (we certainly hope so).
In the meantime, let’s explore what an ‘Everything App’ is. 👇
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The Concept of an Everything App 🌐
The closest thing we have to an Everything App today is China’s WeChat. 💭
WeChat, launched in 2011, is China's most prominent social media platform, which transcends traditional messaging app boundaries.
As a versatile, all-in-one solution, WeChat caters to a multitude of user needs beyond social interactions. 🗣️
From hailing rides, making payments, and tracking fitness, to scheduling medical appointments and accessing government services, all features are seamlessly integrated within the app, offering a simplified user experience.
And here’s Elon Musk saying that he’ll buy Twitter and then copy WeChat. 😳
So-called ‘Everything Apps’ provide the optimal UX for users, who can solve all of their problems in a single app. Very convenient.
But why don’t such apps exist in the western part of the world?
The main reason revolves around who owns the platform in question. In China, WeChat is heavily controlled by the government.
In the west, because we don’t have any government-owned apps, regulation is very strict around these social platforms (Meta, Twitter, Snapchat etc…)
Let's be real, no one wants Zuck to have all the power. Not even the government. 🤷♂️
Plus, adding payment options to these apps would mean a big blow for traditional banks, as people would flock to the easiest way to send and receive money. 💰
So, it's a tricky task Elon has set his sights on. He’s taking on a lot of heavy competition. But if there's one guy who could make it happen, it's Elon Musk. 💪
Now… What’s the X-opportunity for creators?
📢 We got SCAMMED. How did it happen?
Yup. As you may be aware, we got phished! 🎣
In the process, we lost our Lens Protocol account. How did it happen? And how can we fix scams? Find out from our podcast from Tuesday!
Listen on your favorite podcast platform:
PRO Advice For Creators
This section is exclusive for our PRO members. Hint: Creators can make bank on X from now on. 💰
Let’s explore how 👇