Twitter may launch in-app currency and an auction for usernames.

A currency for content producers will be developed by Twitter.

Additionally, Elon Musk's app would include a gift-buying option.

Numerous issues, like layoffs and subscription models in the first few months under new CEO Elon Musk, have overshadowed the acquisition of Twitter. Twitter users might soon experience two additional changes. Twitter is rumored to be launching an in-app currency and an auction for usernames, which will allow users to buy and sell names.

SYNOPSIS

Numerous issues, like layoffs and subscription models in the first few months under new CEO Elon Musk, have overshadowed the acquisition of Twitter.  Twitter is rumored to be launching an in-app currency and an auction for usernames, which will allow users to buy and sell names. Jane Manchun Wong and Nima Owji discovered the side panel tab that will expand the tip feature to "help producers who tweet exceptional material". This is a major step forward for Twitter's monetization strategy. It is unclear when or in which countries this new function will be made available.

The social network's "coin" would be bought using Stripe, a platform for processing payments that accepts credit and debit cards, bank transfers, cash vouchers, and cryptocurrencies. According to the information given, there will be a range of price points for the gifts, from one penny (dubbed "Mind Blown") to $5,000 - dubbed "Gold". However, they have previously stated that they are working on "creator monetization for all sorts of content" and that they anticipate using Twitter Blue, their subscription service, to "have a revenue stream to compensate artists." 

This coin model is highly reminiscent of other websites like Reddit, which uses "Reddit Coins" that users can spend to reward accounts that create unique and excellent content, or of YouTube Super Thanks, where individuals voluntarily pay money for profiles. Twitter has a system in place for information verification.  Elon Musk hasn't made a formal decision about this matter yet.  This could be a breach of privacy as well as an exploitative move by the corporation.

The highest bidder at the auction will receive the Twitter account name. Therefore, "the better the usage of this instrument will be, the more people will engage."For Elon Musk, purchasing Twitter in late 2022 will cost $44 billion. 

 

Introduction

 

Twitter is developing a brand-new tool to monetize its platform and support content creators. Similar to other social media platforms, users will be able to donate money and make purchases using a new coin system. Jane Manchun Wong and Nima Owji discovered the side panel tab, which will be an expansion of the tip feature to "help producers who tweet exceptional material." They came across this data. This is a major step forward for Twitter's monetization strategy. This side panel tab will allow users to buy digital goods from creators as well as donate to charities through Twitter.

 

 

Twitter is also working on a “Coins” menu item that takes you to the purchase screen pic.twitter.com/tSG8msWBGe

— Jane Manchun Wong (@wongmjane) January 10, 2023

 

It is unclear when or in which countries this new function will be made available, even though it would be called "coins." The leak claims that in addition to serving as a direct form of support for content creators, the coins will also be able to be used to buy gifts for other users within the app. This function, which would be called "awards" although it would have the name "coins," is yet to be launched, and it is also unclear in which countries it will be available.

 

 

In addition to serving as a direct form of support for content producers, the leak claims that the coins will also be able to be used to buy gifts for other users within the app. For this purpose, it would be called "awards." Although the launch date for the awards system is yet to be determined, it could be a great way to further increase user engagement and support content creators.

 

Here’s the list of Twitter Awards: https://t.co/PpgHebBWD6 pic.twitter.com/BePDVAkzhy

— Jane Manchun Wong (@wongmjane) January 5, 2023

 

According to the information given, there will be a range of price points for the gifts, from one penny (dubbed "Mind Blown") to $5,000 (dubbed "Gold"). It is currently unknown how much each currency will actually cost in terms of money as well as how Twitter will distribute the percentage it receives from these transactions. Instead of using cryptocurrencies, the social network's "coin" would be bought using Stripe, a platform for processing payments that accepts credit and debit cards, bank transfers, cash vouchers, and cryptocurrencies.

via GIPHY

 

 

According to app researcher Jane Manchun Wong, coins can be used to encourage content providers who tweet excellent material. Coins, however, may not only be used for tipping. Wong also found a function called "Awards" that lets you use coins to buy in-app gifts for other people. Musk has not yet made any public remarks about in-game currency on Twitter. He has, however, made it clear that he would prefer to see additional alternatives for recognizing authors. Musk claimed that prospects for rewarding content creators would arise from revenue from the "Twitter Blue" membership model. That creator monetization for other kinds of material is also in the works.

 

 

We don't even have evidence that Twitter Coin is connected to cryptocurrencies because it is still developing. Nima Owji warned about falling for scammers. Elon Musk hasn't made a formal decision about this matter yet. However, they have previously stated that they are working on "creator monetization for all sorts of content" and that they anticipate using Twitter Blue, their subscription service, to "have a revenue stream to compensate artists." This coin model is extremely reminiscent of other websites like Reddit, which uses "Reddit Coins" that users can spend to reward accounts that create unique and excellent content, or of YouTube Super Thanks, where individuals voluntarily pay money for profiles.

 

Twitter has a system in place for information verification. It entails adding a "note" to a tweet, hence the name, that adds additional information to the tweet's original content. However, who adds these notes may be a question that many readers have. And the reason for that is that they are the actual users, or "collaborators," as the social network refers to them. You need to sign up for Twitter to join them.

 

 

The notes that appear on Twitter are not decided by a majority vote, according to the same official Community Notes account on the social media platform. On the other hand, a note must have been evaluated as helpful by several individuals, and they must have previously disagreed to be relevant. Thus, "one-sided qualifications are prevented." The highest-rated notes are more visible. Twitter asserts that users choose which notes are displayed, not them. Therefore, "the better the usage of this instrument will be, the more people will engage."

 

Photo by Edgar on Unsplash

 

For Elon Musk, purchasing Twitter in late 2022 will cost $44 billion. The millionaire has since been hunting for fresh revenue streams. A media report claims that the corporation is thinking about selling usernames. According to the New York Times, which relied on people familiar with the situation, the short message service hopes to increase sales with this. The highest bidder at the auction will then receive the name. If the plan goes ahead, it will allow companies to purchase company-specific usernames, which could be used to promote their products or services. This potential move by the corporation is potentially damaging to its reputation, as users may find this a breach of privacy as well as exploitative.

 

 

Musk, in a tweet titled "Twitter will soon reveal the 1.5 billion account namespace," added fuel to the fire. Although selling usernames is technically against Twitter regulation, it nevertheless takes place on the underground internet market. The creation of an in-app currency is another potential revenue stream. Two app researchers' screenshots show that Twitter appears to be experimenting with it. Particularly active Twitter users should be able to make money with the site thanks to "coins." The coins look to be an expansion of Twitter's current tipping feature, based on the tweets from the app's researchers.

 

 

 

CONCLUSION

This is a major step forward for Twitter's monetization strategy. With the introduction of coins, Twitter is providing a way for active users to monetize their efforts. Twitter is expanding its tipping feature to include a virtual currency system, which would allow users to send money to those they appreciate for their content or services.   This is an exciting development for both Twitter users and advertisers alike, as it enables them to directly reward those who generate content that they find valuable.

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