Elon Musk, the CEO of Tesla (NASDAQ:TSLA), isn’t convinced by Twitter’s new NFT integration function. Musk attacked Facebook in a Friday morning tweet for committing engineering resources on NFT integration while doing little to combat spam activity on its network.
Musk’s critique of Twitter’s lack of effort to combat spam is not without merit. Malicious actors frequently create false accounts to imitate Elon Musk and other well-known personalities in order to promote cryptocurrency giveaways. An impostor posing as Musk, for example, was able to take $2 million from a number of unsuspecting victims in 2020. Crypto scammers have already set up shop on Musk’s tweet, expressing their displeasure with their activities. One person wrote: To celebrate Tesla merch buyable with Dogecoin, we are giving away $10,000,000 coins. Is it a unique opportunity in life to become a millionaire?
The launch of Twitter’s NFT tool comes months after the company enabled users to send and receive Bitcoin. An NFT is a unit of data kept on a blockchain, a digital ledger that also serves as the foundation for cryptocurrency. NFTs became popular as the technology progressed. NFTs come with certificates that can be used to validate the uniqueness of a digital item. They can be used to represent images, movies, audio clips, and other digital information.
Musk has frequently stated his support for the electric vehicle industry on social media and through his company. Musk said in March of last year that Tesla would accept Bitcoin payments, but later reversed his decision in May, citing environmental concerns. Tesla began accepting Dogecoin payments for some merchandise earlier this month.
Scammers posing as MicroStrategy CEO Michael Saylor recently stole more than $1 million in bitcoin from a single person. This problem isn’t limited to Twitter; fraudsters use identical strategies on government websites and a variety of other social media platforms, including YouTube.
NFT integration on Twitter is presently only available to users of Twitter Blue, the social media company’s premium service.