Twitter is reportedly developing a new feature that will enable users to bestow “Awards” on one another using virtual tokens that can be acquired in exchange for fiat money.
According to security researcher and data miner Jane Manchun Wong, Twitter is creating an interface for buying coins that would be powered by Stripe’s fiat payment processing.
Despite current personnel reductions following Elon Musk’s appointment as CEO, news sources indicate that Twitter’s monetization strategy is moving well.
The new feature gives users the ability to show their appreciation for certain tweets by “Awarding” them with “Coins” to “Reward” them. The enormous social media site leaves up the prospect of including Blockchain in its newest function.
There are no mentions of cryptocurrency or blockchain technology in the recently released photos of “Twitter Coin,” the platform’s unreleased digital asset.
After the covert “Twitter Coins” project was initially revealed by tech bloggers Jane Manchun Wong and Nima Owji in early last year December, a lot of the community members hoped that it would integrate cryptocurrency in some form.
However, there is a possibility that cryptocurrency may be used as payment via Stripe, even though it is unlikely that Twitter Coins would stay on the blockchain.
Twitter tested USDC transactions through Stripe allowing its artists to monetize their content, and Stripe started supporting and accepting cryptocurrency payments last year.
With these technological developments and both businesses’ willingness to embrace progress, including cryptocurrency into the equation might soon be a possibility.
The payment requirement for monetizing with Super Follows tends to apply to Twitter Awards as well; it seems that holders must accrue a lower limit of $50 before claiming them.
Members of the Dogecoin community have also been particularly optimistic as a result of Twitter CEO Elon Musk’s connection to the cryptocurrency.
Musk stated his continued interest in integrating cryptocurrency with the social media platform during a Twitter Spaces event on December 4.
Yet, there is no reference to cryptocurrency or blockchain technology in the most recent leaks of the project’s development that Wong and Owji shared on Jan. 10. This is quite confusing.
Owji stated that there have been no leaks that indicate Twitter Coins may use cryptocurrency:
It appears to be in-app money used to pay the developers. Nothing that connects it to cryptocurrency that I could uncover. Rather, the leaked photographs shed further light on the intended use of the in-app digital money.
One of the pictures is a screenshot of what appears to be the Twitter Coins purchase splash page, which describes how the in-app money lets users “support creators who Tweet amazing content.”
Wong tweeted those content creators on the network can receive accolades like “Bravo,” “Super Like,” and “Mind Blown” for a price expressed in Twitter Coins.
At this time, not even buying Twitter Coins will require crypto payments. According to Wong, Stripe will make it possible to use fiat money to buy Twitter’s virtual currency.
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