Twitter, the social media platform, said on Thursday that its users would make and receive Bitcoin payments. The move is part of the company’s larger push to monetize its website.
Twitter To Go Crypto
The popular platform will also begin authenticating its users’ nonfungible tokens, often digital items such as artwork. Twitter is reacting to the issue that people love to brag about their different NFTs on their accounts. However, there is presently no way to verify that the person is uploading an NFT that they truly possess.
Such information is available on the Ethereum blockchain, where NFTs are traded and minted. However, there is currently no mechanism to link it to Twitter postings.
“There’s a rising appetite among creators to utilise blockchain-based apps,” said Esther Crawford, a product executive at Twitter who works on improving the company’s services. “We want to enable creators directly on Twitter to participate in the promise of an emerging decentralised internet.”
Enticing more content creators
Twitter expects that its efforts to improve payment on the network would entice more content producers to join the platform. Therefore, monetising their presence. YouTube, Twitch, and Patreon are all viable options for monetizing content. Still, Twitter’s architecture makes it simpler to reach bigger and untapped audiences. Thanks to features like retweeting and liking messages on other users’ timelines.
Although YouTube’s algorithm has long had a “related” and “recommended” video feature, many users have claimed that it is subject to sponsored and “planted” results, thus excluding smaller artists from potential audiences.
Twitter will also introduce “Super Follows,” a service akin to Patreon and Twitch’s paid subscription services, where users may pay for exclusive content from artists.
Twitter CEO Jack Dorsey has long supported cryptocurrencies such as Bitcoin, tweeting about it often to his followers. Dorsey is also a fan of NFTs, having minted and sold his first-ever tweet on the blockchain for nearly $2.9 million.
Read More: Bitcoin, Ethereum, and other cryptocurrencies may soon be supported by Twitter’s Tip Jar
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