Radical Shift Looms as Twitter Preps for Major Overhaul into "X" Brand; Could Affect Crypto Community

A monumental transformation is on the cards for Twitter, according to recent hints by the renowned tech tycoon Elon Musk. The cherished social networking platform appears to be preparing for a transition that involves not just a new name - "X", but also a change in logo and even the color scheme.

This shift was first revealed by Musk in a string of tweets on July 23, suggesting the rebranding could kick off as early as the following week. Among the many changes, the platform's familiar blue bird may soon become a thing of the past. The possibility of a color palette transition to black, and the renaming to X were among the intriguing updates shared by Musk.

Musk hinted at the use of X.com, the original web address of his financial services venture from 1999, that was later sold to PayPal. Prior to this revelation, X.com merely showcased the letter "X", and before that, it redirected visitors to Musk's Boring Company site.

Back in March, Musk launched X Corp, a parent company for Twitter, reflecting his ambition to mold the social media site into an app with wide-ranging functionality, akin to WeChat. Yet, the idea of such a transformation hasn't sat well with some in the crypto world. The rebranding and the departure from the iconic Twitter branding has triggered a mixed bag of reactions among users.

Some, like Dan Held, marketing chief of Trust Machines, have criticized the move, while others have rallied behind Musk's vision. Interestingly, there are also suggestions of incorporating a crypto wallet named "X" into the platform for tipping and transactions, according to Axie Infinity's co-founder Jeff Zirlin.

Twitter's Chief, Linda Yaccarino, shared more insights about "X" on July 23, implying the app would promote various media formats and banking options, alongside an emphasis on AI. Musk's plan to overhaul Twitter is undoubtedly ambitious, but it also comes at a time when the platform's ad revenue has declined by half, and the company grapples with a considerable debt burden.

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