Twitter Sets to Add Coins Payment to the Platform
Twitter Awards payout will be done in fiat, with the minimum payout threshold of $50.
Details of The New Feature
Twitter is working on a new feature that will allow users to give each other "Awards" by purchasing "Coins" with fiat currency.
Twitter is currently developing a purchase interface and menu item button for Coins, according to security researcher and data miner Jane Manchun Wong, and will use Stripe to process fiat payments. The news suggests that Twitter's monetization strategy is still evolving, despite the fact that the company lost much of its staff just a few months ago following the takeover by new CEO Elon Musk.
Future of the New Coins
While these Coins are unlikely to exist on the blockchain, it is possible that crypto could be added as a payment method through Stripe in the future, allowing users to buy Twitter Coins with crypto. Last year, Stripe expanded its support for crypto payments, and Twitter tested USDC payouts through Stripe for creators monetizing their content on its social media site.
For the time being, it appears that recipients of Twitter Awards will have to wait until they've earned at least $50 in order to redeem them, which is the same as the minimum payout amount for those monetizing Twitter's existing "Super Follows" feature. Nima Owji, a developer and app researcher who previously shared leaks of Twitter Coins in December, added that he hadn't found any indications that crypto will be involved with Coins or Awards, implying that if Twitter does implement crypto, it may be keeping those plans under wraps.
Wong announced last week that the Twitter Awards will include reactions like "Mind Blown," "Bravo," "Bullseye," "Gem," and "Crown," to name a few. Such reactions, which will require Coins to be given to a user's tweet, are similar to Reddit Gold, a feature in which Redditors pay in fiat to buy "Gold" to recognize threads or posts they believe are moving or helpful.