Twitter Building New ‘Coins’ Feature – Using Fiat
Twitter is working on a new feature that will permit users to give each other “Awards” by using “Coins” that can be obtained through fiat currency. Security researcher Jane Manchun Wong said that Twitter is developing an interface and menu button for the purchase of Coins, and will use Stripe to handle fiat payments. This development suggests that Twitter’s monetization strategy is still evolving, despite the recent loss of staff following CEO Elon Musk’s takeover.
While it’s unlikely that these Coins will be on the blockchain, it’s possible that crypto could be added as a payment method through Stripe in the future, allowing users to buy Twitter Coins with crypto. Stripe has been supportive of crypto payments and Twitter tested USDC payouts through Stripe for content creators on its platform last year.
Currently, it seems that users will have to earn at least $50 worth of Awards before redeeming them, the same as the minimum payout amount for monetizing Twitter’s existing “Super Follows” feature.
“Not seeing any explicit indications that Twitter’s Coins is crypto,” Wong stated. Developer Nima Owji, who previously shared leaks of Twitter Coins in December, also said that he has not found any signs that crypto will be involved with Coins or Awards. Owji suggests that if Twitter was planning to implement crypto, it may be keeping those plans under wraps. “They usually don’t push the sensitive information about such things when it’s not ready,” Owji said. “I guess even if it’s going to be related to crypto, they’ll add it to the code when they want to release it.”
Last week, Wong said that Twitter’s Awards will include reactions such as “Mind Blown,” “Bravo,” “Bullseye,” “Gem,” and “Crown,” among others. These reactions, which will require Coins to give to a user’s tweet, are similar to Reddit Gold, a feature where users pay with fiat to recognize threads or posts they find interesting or useful.
While Twitter continues to make progress along a certain path, it’s open to speculation whether they will make any real shift into web3 social evolution in the near future, while true web3 social media platform competition continues to build quietly in the background. 2023 and 2024 could mark upheaval in the social landscape, if just one web3 social platform achieves the level of adoption seen before by platforms like Snapchat and TikTok.
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