Social media giant, Twitter Wednesday, February 16, 2022, announced that users can now add their Ethereum wallet addresses to their profiles as part of its iOS and Android Tips payment feature.
Tips allows Twitter users add public-facing payment methods to their accounts, in order for creators to get rewarded for tweets, pictures, images/memes and send payments to others on the platform.
It is noteworthy that this development is coming three months after the resignation of Jack Dorsey, the co-founder and former CEO of the platform – known as a ‘bitcoin maximalist’. He has always been bullish about bitcoin and has openly questioned the basis and utility of other cryptocurrencies, including Ethereum.
“Bitcoin changes absolutely everything,” Dorsey said at the Bitcoin 2021 Conference. “I don’t think there is anything more important in my lifetime to work on.”
“if I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin,” he said. “But, I believe both companies have a role to play.”
So, it did not come as a surprise when, in September 2021, Twitter announced that people can tip with Bitcoin using Strike – an American payment application platform that incorporates the use of the Bitcoin Lightning network to enable instant payments globally at no cost.
Despite Jack’s disposition towards Ethereum and other ‘altcoins’, Twitter gave away NFTs minted on the Ethereum blockchain in June 2021 and announced that users could link NFTs to their user display pictures in January 2022 (limited to iOS).
To fully integrate Ethereum blockchain into the ecosystem, Twitter took a step further on Wednesday, February 16, 2022. The social media giant tweeted that it has enabled an option for users to send and receive Ethereum. This means that Ethereum wallet addresses can now be added as a means of tipping on Twitter.
The end goal is for Twitter creators to receive rewards for Twitter content. Users can simply go to the tip icon on a Twitter profile to send tips and the wide range of options available now should make it even easier.
A similar scenario
Instagram has been known to be the one of the most lucrative apps for content creators. Millions of entrepreneurs and content creators take advantage of Instagram’s selling power to launch new products and make more sales.
YouTube also allows content creators to have access to multiple ways to monetise their content, in addition to advertising, corporate sponsorships from a major brand, fan funding or merchandise sales.
Content creators on YouTube can also join the YouTube Partner program after accumulating 1,000 subscribers and 4,000 hours of watch time. This partnership gives content creators access to special tools, such as the ability to monetise their videos via Google Adsense.
But, Twitter is known to be the first social media platform to provide a direct means for creators to be paid for their work. This move is clearly directed towards making Twitter the most used avenue for content creators in the web3 space.
To substantiate this assertion, Johnny Winston, lead product manager of creator monetisation at Twitter, told CoinDesk in a statement: “We’re continuing to expand ways to get paid on Twitter which includes more choices for creators and fans who want to use crypto, We’re excited to add the ability for anyone to add their ETH Address to Tips.”
Twitter’s move aims at easing processes – the language of the tech world – and is projected to drive more users to the platforms, in turn, increasing percentage of usage.
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