Unknown actors create a series of tokens amid Twitter rebrand news

Twitter owner Elon Musk plans to rename the social network to “X” and abandon the iconic blue bird in its logo, favouring a black colour scheme. Amid the hype, unknown creators launched a series of themed tokens.

The Twitter rebrand could take place as soon as today, July 24.

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“We will soon part ways with the Twitter logo and, gradually, with all the birds,” the billionaire wrote.

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In addition, the site could move to a new domain, X.com, registered in the late 1990s for one of Musk’s financial startups. It currently redirects users to the microblogging platform.

The steps proposed by the businessman would set in motion the transformation of Twitter into a massive ecosystem, akin to WeChat. For the same purpose, in March Musk established the technology firm X Corp. as the parent company of the social network.

The crypto community has been divided over the idea of rebranding the popular platform — according to Hypebeast, from 2020 to 2022 more than 1 billion tweets about digital currencies were posted on it.

Trust Machines’ chief marketing officer Dan Held called the decision to rename the “iconic” Twitter “crazy.”

Crypto blogger Tiffany Fong and podcaster Peter McCormack said they do not intend to abandon using the social network’s original name.

Others proposed their own vision for the platform’s rebrand. In particular, Axie Infinity co-founder Jeff “Jiho” Zirlin recommended keeping the name, but creating a cryptocurrency wallet under the “X” brand so that users could tip content creators.

Executive head Linda Yaccarino outlined more about the “X” concept. According to her, the network will have “unlimited interactivity,” support several media formats, as well as payments and banking features. Without giving details, Yaccarino added that the updated app would run on artificial intelligence.

Against the backdrop of the forthcoming update, unknown actors launched a series of tokens under the “X” brand on decentralized exchanges. Their prices ranged from $0.00000026 to $0.21.

As of July 1, Elon Musk introduced “temporary” limits on viewing tweets. The billionaire said the move was due to an “extreme level” of data parsing and manipulation of the system. He did not specify when the restrictions would be lifted.

Against this backdrop, lesser-known microblogging apps began gaining popularity, and on July 4 it emerged that Meta planned to launch an alternative to Twitter — Threads app.

Twitter soon threatened to sue Meta Platforms over this initiative — to sue Meta Platforms over this initiative.