- Twitter creates its local currency called Twitter Coins, which helps content creators earn passive income on their social media profiles
- The only way to buy the coins is through Stripe, which costs $1.99 per 150 coins.
- No announcement has been made if Twitter Coins will be available on other payment platforms
Certain users have reported the availability of Twitter Coins for purchase since Feb 22. The tokens, rumored to launch in December 2022, offer users the ability to reward Tweets and create a passive income channel.
A pack of 150 coins is reportedly priced at $1.99, and Stripe is currently the only payment method available. App researcher Nima Owji posted a screenshot detailing Twitter’s explanation of its native token, calling them “virtual goods.”
Joe Burnett, head analyst of the Blockware Team, said, “Nostr zaps are 1,000x better than Twitter coins. Open, permissionless, trustless, censorship-resistant, and immutably scarce. Twitter should become a Nostr client ASAP if they wish to remain relevant for the remainder of the 21st century.”
Burnett was referring to Nostr. This decentralized open-source protocol can create a “global social network” without censorship. It also has its in-house currency, Zaps, which rewards users for contributing sensible posts and helpful information.
The head analyst said this, knowing that Twitter is allegedly a website filled with bias and “gaslighted” information by non-credible sources. Twitter is also known for its strict moderators, especially before Elon Musk took over the social media site. Censorship ran rampant on the platform, causing individuals to say the site is biased over one side of the political spectrum.
He may also be referring to Reddit – a forum with millions of users sharing information about every topic known to man. The website also has its currencies to reward contributing members in subreddits – dedicated categories for specific niches. Recently, the site has also been allegedly taking sides regarding political factions.
Blockchain and Twitter
Cryptocurrency has been one of the hottest topics on Twitter for the past decade. Users can easily find the information about a specific crypto they want with the # or $ tickers.
Elon Musk – now CEO of Twitter – made headlines in mainstream media when his tweets influenced the prices of specific cryptocurrencies, especially Dogecoin and Bitcoin.
When he admitted to being a supporter of the meme coin, it saw one of the most significant rallies in financial history, seeing the crypto skyrocket from less than $0.1 to hitting almost a dollar in the second quarter of 2021. His tweet on Bitcoin influenced the price after he said it leaves too much carbon footprint.
Many crypto personalities stay on Twitter, from prominent investors to YouTubers to obscure day traders. It also pioneered NFT-supported features for non-fungible token holders on the website.
With the recent release of Twitter Coins and Elon Musk’s announcement of providing revenue for Twitter users, it may not be surprising if the in-house currency will merge with cryptocurrency, much like Reddit and, soon, Meta platforms like Facebook and Instagram.
