X Launches Handle Marketplace for Verified Organizations

X, formerly known as Twitter, has launched a Handle Marketplace. This new platform allows verified organizations to purchase dormant or inactive account IDs. The initiative is part of a strategy to monetize surplus usernames and monetize the platform’s assets.

Elon Musk, owner of X, spearheads this effort. An internal team, the @Handle Team, oversees the platform’s transactions. The system automates handle transfers, guaranteeing responses in three days and executing purchases in one to two days.

The marketplace prices handles between $10,000 and $500,000, offering verified organizations a unique resource. This initiative aims to enhance X’s revenue streams amid a decline in advertising income and company valuation.

Participation is exclusively available to verified organizations with a subscription costing $1,000 monthly. While no direct effect on cryptocurrencies like ETH or BTC is observed, this marketplace diversifies X’s non-advertising revenue channels.

Historical precedents for handle markets typically involved informal exchanges. However, this initiative represents the first large-scale public marketplace for social media handles by a platform of this magnitude.

While some criticism exists regarding potential value destruction, the move has not spurred significant developer unrest. Regulatory bodies have not addressed the Handle Marketplace, as it does not fall under securities regulation.

The marketplace’s financial impact could influence other platforms to explore similar monetization methods. However, no changes in cryptocurrency or blockchain involvement are anticipated, given the fiat-based and off-chain management.