Will Netflix be the mainstream brand to jump onto the NFT fiasco?

Sahana Kiran
Source – Unsplash

Non-fungible tokens a.k.a. NFTs are undoubtedly the talk of the crypto town. Netflix, a prominent streaming service is the latest to express interest in the NFT space.

The NFT market has witnessed the arrival of a wide range of individuals and firms over 2021. Adidas, Gucci, Taco Bell, to recent additions like Mercedes Benz and Lamborghini, everybody wanted in on the NFT fun. Netflix seemed to be taking it rather slower than the rest. The streaming giant in a recent tweet asked the community their views on NFTs. The tweet read,

While the pandemic aided in skyrocketing the subscriber growth of Netflix, the onset of the third wave pushed it down by 20%. This drop was touted as the lowest the streaming app had plunged to since June 2020. The emergence of other video streaming platforms could be the reason behind this drastic drop. Their monthly subscription was also raised from $13.99 to $15.49, which was questionable. The sluggish subscriber growth during Q4 2021 also played a major role in this plummet.

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Nevertheless, the community went on to speculate that Netflix’s latest interest in NFTs could be to renew its diminishing stocks.

Even though no official statement was made by Netflix, several considered this move as revolutionary.

Elon Musk annoyed by Twitter’s latest NFT integration

With prominent firms like Netflix, Mercedes, and Twitter expressing interest in NFTs, the entire market did look promising. The social media giant recently rolled out NFT profile pictures. Only iOS users can set an NFT up as their profile picture through OpenSea.

Visibly appalled by Twitter’s latest move, Tesla’s CEO, Elon Musk called out the social media platform. He tweeted,

Furthermore, Musk expressed his outrage by noting how Twitter was employing its engineering resources on NFTs while crypto scammers continue to infiltrate the space. His tweet read,

“Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?”

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While several were urging Musk to calm down and purchase an NFT, a few others were empathizing with him. Musk has often been dragged into crypto scams even without his involvement. Impersonators have time and again used Musk’s identity to pocket money illegally.