Twitter is one of the social networks that has been gaining popularity over the years. During all this time, it has managed to position itself as one of the elite content creation platforms, in addition to having among its users the most important celebrities of today.
However, the company recently changed ownership, the tycoon Elon Musk bought it and with it is planning several new features. From certifications in the middle of Tweets to the most recent one: a platform’s currency.
This new currency promises to be a step forward in the social platform, and its design is being worked on to reward content creators with the largest number of followers. Although its operation had been kept hidden, recently data began to leak about how this feature will work.
New currencies are all the rage in the tech world. Crypto is a forerunner to this recent burst of interest – indeed, likely it’s most logical endpoint. However, while crypto has its benefits, not all businesses have been open to it – largely due to it’s unpredictable nature. This hasn’t hindered consumers, though. Digital wallets provide consumers with similar security levels and fast transactions that crypto boasts, which is one of the reasons online casino operators offer a wide variety of alternative payments for their customers when they choose to play jackpot slots uk, blackjack, or roulette.
In this article, we will try to explain this internal currency and its use within Twitter by users for creators.
How Do In-App Currencies Work?
The first thing to discuss is the functioning of the internal currencies that each platform has. So far, this type of currency represents a token that can be purchased within the site, and its function may vary depending on the platform.
Some social networks allow you to buy special gifts for content creators, other sites allow you to buy benefits for your account.
Although such currency improves the experience within the account, it does not mean that its value can be translated into real life. Although some platforms allow changing such benefits to fiat money, it does not imply that there will always be that possibility.
How Will Twitter Use This New Currency?
According to what has been revealed, the new in-app currency will be called “Coins” and can be compared by users and stored within the platform. With these coins it will be possible to perform different actions within the social network, however, only one has been revealed.
It seems that the company has taken a turn to reward its most loyal content creators: with the coins, it will be possible to buy gifts for these content creators and they will be sent as a reward for the quality of the content.
This trend is nothing new in the network since several platforms have used this type of method to grow those who distribute content on the network. Among the most popular ones, we have the adult platform OnlyFans and also the very well-known Patreon patronage option.
However, the difference between these two platforms is that they use fiat money to carry out all their transactions. Users receive from time to time the possibility to make money withdrawals to their account and the social network keeps 20% of their dividends as payment for the use of their page.
Twitter does not seem to have clarified this point: it is not known for sure how the option will work for creators and if they will be able to get money from it. What is clear, however, is that Twitter will make a profit by selling the coins.
Will This Make Twitter Content Creators Grow?
The news has been taken with a positive but at the same time suspicious attitude. Twitter has not fully explained how the rewards will work for creators and whether they will be able to monetize them for their use.
Depending on Twitter’s decision on this, it could be a great benefit for the platform in the future. A monetary incentive would be something that ends up attracting more people to the platform.
For now, the only clarification is that the “coins” will not work as a cryptocurrency, but we need to wait for more to see the rest of the information.