Led by founder CEO Jack Dorsey’s vision of cryptocurrencies, Twitter will now allow its users to tip in Bitcoin, Product Manager Esther Crawford said in a blog post. Earlier in May, the company had released the tipping feature to limited users which will be available over iOS immediately and rolled out for Android over the next few weeks.
Creators often use different services to receive funds from followers who like their content. While they used links on their Twitter profiles to do this, the company has made receiving tips easier by introducing a ‘Tips’ button that will sit next to the Follow button.
Clicking on the button will offer a host of services to process a payment that can be made in fiat currencies or even crypto ones. Currently, Twitter supports only one service to receive Bitcoin but will allow users to send Bitcoin over any Bitcoin Lightning wallet. Twitter will not receive a cut from any of these payments.
In addition to supporting cryptocurrencies, the social media company is also exploring ways to verify digital assets that use blockchain technology. Called Non-fungible tokens (NFTs), these assets are a recent trend on the internet that are valued immensely but also prone to fraud. Creators can currently display their NFTs on Twitter but there is no way to determine if they also own them. Just last month, a user bought an NFT on the official website of pseudonymous artist Banksy, which turned out to be a fake. However, Twitter hasn’t revealed any details on how it plans to authenticate NFTs.
The fact that Twitter took the leap and incorporated features onto its platform, which makes it compatible with blockchain, is hardly a surprise. The company’s CEO, Jack Dorsey, has been a vocal supporter of the technology and even sold his first tweet as an NFT. His other company Square has revealed plans of a decentralized exchange for Bitcoin, while Twitter itself is funding a project, called Bluesky that aims to decentralize social media.