This article comes fromThe Blocksecondary title

Odaily translator | Nian Yin Si Tang

Summary:

Summary:

- OpenSea and Twitter discussed working together on Tweet Tiles, but did not agree on terms.

- Tweet Tiles allows users to post NFTs to sell on partner marketplaces.

- Magic Eden is the largest NFT marketplace by transaction size and may become Twitter's most important partner in the project.Last week, when TwitterFirst Tweet Tiles NFT Pilot Launched

At the time, the list of partners included some of the major players in the NFT market: Magic Eden, Rarible, Dapper Labs, and Jump.trade. OpenSea, considered by many to be the dominant platform, is notably absent.

The new feature — initially available only to a small beta group — allows people to advertise the sale of NFTs. Publishing NFTs on marketplaces partnered with Twitter also includes a click of a button to help interested parties purchase these digital assets seamlessly.While OpenSea and Twitter discussed working together on the social media company's new project, the two sides were unable to agree on terms, according to a person familiar with the matter. The standoff between OpenSea and Twitter paved the way for Magic Eden to become the most important market for the latter. months ago,。

Magic Eden once surpassed OpenSea to become the NFT market with the largest monthly trading volume

For over a year now, OpenSea has been the most dominant NFT marketplace by total transaction value (USD). The company's valuation has exceeded $13 billion. Twitter and OpenSea have previously partnered to integrate digital assets into the Twitter experience, including the option that currently allows users to use NFTs as hexagonal avatars.

OpenSea declined to comment. Twitter did not immediately respond to a request for comment.Twitter’s NFT experiment is yet another example of an established social media platform (Web2 company) trying to get into Web3, buying and selling crypto assets amid slow user growth. Recently, Facebook, Instagram, Reddit, and Twitter have allImplemented a new digital asset program

, aiming to increase user stickiness and revenue. It is reported that Twitter has more than 200 million "monetizable" users.

Logan Holling, head of strategic partnerships at Magic Eden, said the high number of deals the company has handled should benefit Twitter's new NFT strategy. "With more transactions, you have more opportunities for people to post these Tweet Tiles," he told The Block.

Compared to Magic Eden, Twitter's other three marketplace partners are smaller. Dapper Labs is known for developing NBA Top Shot and CryptoKitties, while Rarible is primarily a marketplace aggregator. Jump.trade focuses on sports-related NFTs.

Twitter's partnership with Magic Eden may have another meaning: the marketplace is the largest reseller of NFTs based on the Solana blockchain, while OpenSea primarily facilitates transactions on the Ethereum blockchain.

“For a long time, Solana NFT was like Ethereum’s little brother,” said Tiffany Huang, head of content and marketing at Magic Eden, “so this is really good news for us, and for Solana.”

While most of the most valuable NFT collectibles, such as Bored Apes Yacht Club and Cryptopunks, are traded on Ethereum, more transactions are currently being done on Solana.

“People are transacting more on Solana because the chain allows them to do so.” Huang added that buying and selling on Solana costs less.

In general, it is faster and cheaper to trade NFTs on the Solana blockchain. However, many consider Ethereum to be a more reliable blockchain.However, given the popularity of OpenSea and TwitterPast transactions with this market

, and there's a good chance the two companies will eventually find a way to work together on Tweet Tiles. “Too much crypto culture already exists on Twitter,” said Saison Capital founding partner Chris Sirise, “so it makes sense for the platform to work with all high-volume markets to adequately cover the best projects on different chains .”

Twitter is probably the busiest platform for discussing all things crypto, including NFTs. With Tweet Tiles, the platform may have taken a major step in further embracing cryptocurrency influencers and enthusiasts, while also introducing the habit of collecting and trading NFTs to its more mainstream users.Large corporations have been pursuing NFT strategies for some time, such as selling digital collectibles, which include、Warner Bros.andNFLand

And so on different brands.Reddit and Instagram have also recentlyDeployed its own NFT campaign

, designed to appeal to mainstream consumers.

No social media platform eager to grow wants to miss this opportunity.