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February 14, 2022

Parag Agrawal Thinks Twitter Is The Forefront of Web3

Web 3 has won the hearts of developers all across the world, according to Parag Agrawal, CEO of Twitter, who also cites a talent migration. Twitter, he feels, plays a crucial part in this tendency.

“If you think about the broader crypto ecosystem, which includes cryptocurrency, DeFi projects, and all the decentralized technology and applications being built on top of the biggest blockchains, what you notice is this incredible amount of developer energy which is interested in solving problems.”

Parag Agrawal, Twitter’s CEO, discussed the growing number of developers migrating to Web 3.0 on the company’s fourth quarter earnings call. After acting as the company’s CTO, the new CEO took over the reins from Jack Dorsey in December.

In recent months, there has been a surge in developer migration to Web 3. Two Youtube executives left from their positions last month to take up new positions in Web 3 firms. The enormous promise of blockchain technology and the thrill of venturing into unexplored terrain has been a common thread running through these migrations.

Twitter, according to the CEO, is an important part of the ecosystem’s evolution. Twitter, according to Parag, is where everyone in this ecosystem goes to find out what’s going on. On Twitter, the terms crypto and bitcoin were discussed over 100 million times in 2021, indicating that blockchain aficionados’ communities are growing in size.

Twitter has become a trailblazer in the implementation of blockchain technology, in addition to being a melting place for Web 3.0 aficionados. This adoption streak started with Jack Dorsey’s time as CEO and has continued long into Parag’s.

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The company launched the Bitcoin tipping tool in September of 2021, which allowed customers to reward their favorite creators on the platform. Following the move’s success, Twitter formed a crypto team, managed by Tess Rinearson, and has hinted at the development of a decentralized protocol project.

The NFT profile image verification, which allows users to validate the authenticity of NFTs and show their NFTs, is the most recent application of Web 3 technology.