On Thursday, Twitter rolled out a feature to enable its users to send and receive tips in Bitcoin. In addition, Twitter management is sifting through users' profiles to authenticate NFTs (non-fungible tokens) ownership.
Bitcoin tipping feature
Earlier this year, the Bitcoin tipping feature was available to a select few on the platform. From now on, it will first be available to iOS users and later launched to android users. In addition, Twitter is on schedule to add more payment methods to add tits existing seven.
Initially, users tipped their favourite business artisans using traditional payment services. Some of its payment options include PayPal, Venmo, and now Bitcoin. The Bitcoin payment structure on Twitter is different from the rest. It will use Strike; an application built for Bitcoin on the Bitcoin Lightning Network.
Twitter announced that its users would now send and receive tips in Bitcoin instantly and for free. In addition, strike application is officially available to citizens in El Salvador and the United States except for New York and Hawaii.
It is important to note that Twitter does not cut any tip made through the platform. Dorsey hopes that bitcoin will bring about world peace once and will enhance financial stability.
The tip jar
Twitter initially rolled out the tipping jar in May this year. Twitter reported it as a way to help creators earn income following their public contribution. In addition, the compensation would create the basis for meaningful conversations.
Twitter's investment in Bitcoin does not come as a surprise to many. Its CEO and founder Jack Dorsey is a renowned crypto philanthropist and advocate. Moreover, his advocacy is evident on Twitter and physical appearances in interviews.
Dorsey further decided to create an open, decentralized exchange platform. The DEX will concurrently work with his new business venture TBD. In line with NFTs, Twitter insisted on authentication to ensure owned art is genuine.
The business appropriation is imminent as NFTs hit an all-time sales high in August. Since artwork rights on the blockchain are challenging to alter, collectors and artists will benefit from NFTs and tips.
Twitter is emerging as an efficient business platform for traders, investors, developers, and programmers in the crypto ecosystem. On Thursday, Twitter announced the creation of Supper Follows. The monthly subscription service will enable creators to charge users an extra fee to access premium content.
Besides Twitter, more and more digital businesses now tend to create ecosystems, helping legal entities and individuals drive revenue. Like newly launched Binaryx Invest, the marketplace by European digital exchange Binaryx, enables to create, manage or service a wide range of tokenized assets. It also makes it possible to resell digital assets or buy them from another individual or business.
McKinsey explains this trend as: industry lines are blurring and value chains are consolidating into ecosystems. Ecosystem business models can now offer significant value by growing the core business and by expanding the portfolio to new services.