Social media platform Twitter might roll out its own in-app currency coins enabling users to earn money on the microblogging site. They can use the coins to support their favorite creators for the content they post.
Quick Facts
- Two app researchers – Jane Manchun Wong and Nima Owji spotted it and then tweeted about the feature
- The coins purchasing feature allow users to support creators and the unused coins are retained in their respective balances
- Twitter has not confirmed if it will launch the feature
Wong and Owji often post photos of unreleased features. Based on their recent post, coins seem to be an extension of the platform’s existing tipping feature. Owji shared a photo back in December that featured a new “Coins” tab in the section where users can check their tips.
According to Wong, “Twitter is working on Coins purchasing screen. On the web, Twitter Coins purchase will be done through Stripe.” Stripe is a finance services app that enables a person to pay bills, send money, and run a market.
“Coins allow you to support creators who Tweet great content,” one of their posts says. Despite the hype it is catching, Twitter has not commented on the matter yet.
The company has its hands full dealing with problems surfacing endlessly ever since Musk took over. The Singapore office workers were asked to clear their desks and leave the premises as a result of Musk’s attempts at slashing costs.
They received a notice on Wednesday and were ordered to leave the CapitaGreen building by 5 pm the same day. The workers were instructed to resume work remotely from Thursday.
Singapore-based employees have been indefinitely reassigned as remote workers in the company’s internal system. The country happens to be Twitter’s Asia-Pacific headquarters that has now been reduced to layoffs and rent issues.
According to the owner of the Singapore offices, CapitaLand, Twitter is still a tenant at CapitaGreen. Apart from Musk’s hardcore measures to cut costs, he might be cooking up a new scheme to make money.
Will Twitter launch “Coins”?
As of now, it is not known whether Twitter will release coins or their views on the concept. As it no longer hires workers in the communications department, the company has refrained from engaging with the media.
However, the screenshot evidently suggests the possibility of it being launched in the future. Twitter could introduce coins as a main feature in the app as both Owji and Wong spotted it in the sidebar. Moreover, it might not be related to tipping.
Twitter’s coins feature could allow in-app purchase of gifts
Wong revealed that he spotted a new “Awards” feature, that allows users to buy in-app gifts for others using coins. He posted an image that provided a glimpse into the feature. The system which is shaped like gold coins with Twitter logos, initiated by software developer Jane Wong resembles that of Reddit.
People would be able to buy presents for as little as a single coin known as “Mind Blown” as high as 5000 called “Gold.” The cost of these coins is not known yet but Twitter could generate new revenue from these coin purchases.
As of now, Musk has not shown any enthusiasm about coins or awards but the CEO has been actively posting about new upgrades within the app. He has also voiced his support for creators being rewarded on the platform.
He is targetting Twitter Blue as the perfect opportunity to “give Twitter a revenue stream to reward content creators” and that “creator monetization for all forms of content” is also something Twitter is working on.
Is “Coins” tied to Cryptocurrency?
Although reports have speculated the possibility of its tie-ups with cryptocurrency, the feature does not plan to include it at least for now. As stated by Owji, coins in still under development and they don’t have evidence that proves it is programmed to support cryptocurrency.
“Twitter Coin is still under development and we don’t even have any evidence that it’s something related to crypto,” Owji shared. “Don’t let the scammers fool you.”
