Twitter is also developing “awards” that can be acquired using coins.
It looks like Elon Musk’s Twitter account is concocting a novel way to generate profits from the platform. Rumor has it that the social media site is trialing an in-app currency dubbed “coins”; this system aims to give creators more moneymaking opportunities via Twitter, as per screenshots shared by two app researchers.
The feature has been revealed by app researchers Jane Manchun Wong and Nima Owji who frequently post images of upcoming features. In accordance with their posts, ‘coins’ seem like a progression from Twitter’s prevailing tipping feature. The screenshot shared by Wang & Owji reads “Coins allow you to support creators who Tweet great content.” As Owji shared back in December, there’s an all-new “Coins” tab that users can find under the same section to monitor their tips.
While it is uncertain what Twitter’s plans are in relation to coins and when they may launch, the screenshots suggest that Twitter might be introducing them as a prominent feature on its app. They have been observed by Wong and Owji in the primary sidebar which implies that there could be something more than meets the eye here. Owing to Twitter no longer having communications staff, there was no immediate statement from them relating to this advancement.
But coins could be more than just for tipping. Wong also discovered an “Awards” feature that allows anyone to purchase virtual in-app gifts with their coins. According to the image, users will have access to a range of gift options from 1 coin (called “Mind Blown”) all the way up to 5000 coins (or “Gold”). It’s still uncertain how much each coin costs but Twitter is likely getting a portion of the money made from these purchases.
To date, Elon Musk hasn’t made any public statements about coins or awards but he has expressed his desire to give creators more ways of being rewarded. He twitted that Twitter Blue revenue may possibly “give Twitter a revenue stream to reward content creators”. Musk also said that “creator monetization for all forms of content” is also in the process.
It’s important to point out that despite its name ‘coins’, this feature doesn’t appear to be connected to any cryptocurrency services as of now. Owji wrote, “Twitter Coin is still under development and we don’t even have any evidence that it’s something related to crypto. Don’t let the scammers fool you.”