The Twitter Awards function, which lets users give each other virtual currency called Twitter Coins for good tweets, is now in beta testing. Stripe, a company that offers payment processing services, is collaborating on the program’s development.
In a tweet, software engineer and security researcher Jane Manchum Wong claimed that the social media giant is working on a feature called “Coins” that will allow users to award each other with tokens that can be purchased with real money.
What’s More?
The cryptocurrency feature will be extended to other Twitter monetization services, including Super Follows, which enables users to create unique paywalled content for their followers, and Ticketed Spaces, which enables content creators to charge their followers to enter Live Spaces events on the platform.
According to speculations, Twitter Award recipients must collect at least $50 in Coins before redeeming them, comparable to the minimum payout for Super Follows. Gold Twitter Awards are worth 5,000 Twitter Coins, silver Twitter Awards are worth 3,000 Twitter Coins, bronze Twitter Awards are worth 2,000 Twitter Coins, and so on. This is akin to Reddit Gold, a platform allowing Redditors to recognize significant topics with a “Gold” rating compensated with fiat currency.
Stripe and Twitter’s Past Approaches Towards Crypto-Services:
Stripe, the primary payments partner of Twitter, started providing crypto-related services to its customers in April 2022. These services enabled users to make purchases of cryptocurrencies and non-fungible tokens (NFTs). Users are now able to connect their Stripe wallets to cryptocurrency exchanges, on-ramps, wallets, and NFT marketplaces to transact using cryptocurrencies.
Coincidentally, at around the same time, Stripe initiated a test run of a program on Twitter that gave a limited number of content producers on the social media site the opportunity to be compensated in digital currencies. On the social media site, the payments giant incorporated its cryptocurrency on-ramp powered by the Polygon (MATIC) network to make transactions using USDC stablecoin.
Similarly, Twitter tested a feature in October that allowed users to buy, sell, and display their non-fungible tokens (NFT) on their profiles. The ‘NFT Tweet Tiles’ feature embeds digital collectibles into tweets in a dedicated panel and contains a button that, when clicked, connects users to the exact item’s marketplace page.
The NFT Tweet Tiles app, which is now in beta testing on iOS devices, supports NFTs issued on the Ethereum (ETH), Solana (SOL), Flow (FLOW), Polygon (MATIC), Tezos (XTZ), and ImmutableX (IMX) blockchains. Tweet Tiles can display things from marketplaces such as Magic Eden, Rarible, Dapper Labs, and Jump Trade. Earlier this year, the social media giant allowed Twitter Blue users, the platform’s premium customers, to change their profile picture to an NFT.
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