Twitter users and the crypto community may soon witness significant changes to the social media app as part of a major rebrand. Twitter’s iconic blue bird logo is set to be replaced with an “X” in the near future, signaling the platform’s transformation into an “everything app.”
Elon Musk, known for his active presence on Twitter, hinted at the upcoming rebrand in a series of tweets on July 23. He suggested that Twitter would be renamed “X” and its color scheme might change to black. Additionally, the website address x.com, which previously belonged to Musk’s financial services startup, is now redirecting to Twitter.
The proposed rebranding has not been received well by all members of the crypto community, who view Twitter as a stronghold for discussions and news related to cryptocurrencies. The platform has seen over 1 billion tweets about crypto between 2020 and 2022. Some have expressed their resistance to the idea, considering Twitter’s iconic status. Trust Machines marketing chief Dan Held referred to Twitter as “iconic” and expressed concern about the decision to rebrand.
However, there have also been supporters of the rebrand, citing Musk’s vision for a super-app similar to WeChat since establishing the tech firm X Corp. as Twitter’s parent company. Some have pitched their ideas on how to proceed with the “X” concept, such as retaining the Twitter name while adding a crypto wallet called “X” to enable users to spend and tip content creators.
Further insights into the potential features of “X” came from Twitter CEO Linda Yaccarino, who mentioned “unlimited interactivity,” support for multiple media formats, and payment and banking features. Musk has reportedly expressed interest in supporting cryptocurrency on the platform.
The rebranding effort comes at a time when Twitter faces challenges, with Musk admitting a 50% drop in advertising revenue on July 15, and the company carrying a heavy debt load. However, specific details about the timeframe of the revenue drop were not disclosed.