Twitter is developing a new monetization feature that allows for payments within the social network and rewards users and content creators.
While payments on Twitter are nothing new, the social media company is working on a new feature called Coins, which will allow users to purchase coins on the social network to send as payments to creators.
Security researcher Jane Manchun Wong, known for revealing new features and company scoops, said on Twitter that Elon Musk's social network will allow the purchase of "coins" or currencies from the platform using the Stripe payment app.
At the moment, the new Twitter Coins feature doesn’t seem to be related to cryptocurrencies, Wong told Decrypt. However, it’s a possibility that can’t be ruled out due to Stripe’s accessibility to digital assets and the possibility of Twitter developing its own digital currency. Rumors of Dogecoin becoming Twitter’s official cryptocurrency have even been building since the development of Twitter Coins was first reported.
Elon Musk, who acquired the company last year, has repeatedly hinted at the possible arrival of Dogecoin as Twitter's cryptocurrency.
The initiative is said to be supported by other big names in the crypto industry, such as Cardano founder Charles Hoskinson, who in November said that Dogecoin could be essential to decentralizing the social network.
Twitter is working on new monetization and payments features
Through Coins, Twitter wants to increase monetization opportunities for its users and content creators.
Twitter Coins will allow users to purchase coins on the social network using fiat currency. The purchased coins can then be sent to other Twitter users along with reactions to support their content, according to details posted by Wong on his official account. To this end, Twitter is developing another feature called Awards.
This new monetization feature is quite similar to the one employed by Reddit. The news aggregator also allows users to reward others on the platform by sending payments through reactions.
Crypto Payments on Twitter
The social network, now owned by Elon Musk, integrated cryptocurrency payments in 2021.
Twitter users can use Bitcoin and Ether to send or receive micropayments on the social platform through the Tip Jar feature. This is a tipping feature that allows users to monetize the content they create and share on the network. Thanks to this feature, users can make their Bitcoin and Ethereum addresses public on their profiles and receive or send micropayments with crypto.
Twitter has also been developing other features related to the crypto world, such as a price visualizer that allows you to follow Bitcoin price on the market in real time and several others connected with NFT tokens.
Continue reading: Can Dogecoin Become a Payment Currency for Twitter?
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