Twitter Coins are currently in development under Elon Musk’s regime as the CEO; however, it is unclear at this time if the feature will be similar to Facebook Stars or TikTok Coins.
Last month, Nima Owji, a social media developer, uploaded a screenshot to Twitter in which it was stated that the microblogging platform is currently working on Twitter Coins. In addition to that, he published the Twitter Coins logo, which bears a striking resemblance to the well-known and highly sought-after Twitter logo but features a unique spin on it.
Owji responded with “who knows.” when a Twitter user inquired if the functionality was similar to Dogecoin, which was another cryptocurrency.
There is a good chance that Twitter Coins may be launched as a competitor to Facebook Stars and TikTok Coins in the near future. TikTok Coins are the in-app currency of the video-sharing app, whereas Facebook Stars gives users the ability to monetize the video and audio content they create and share on Facebook.
When Elon Musk took over Twitter, one of his first aims was to make the platform more user-friendly for content creators. The microblogging platform just recently added support for longer video uploads along these principles.
Also last year, App researcher Jane Manchun Wong stated that the development of similar functionality is currently underway. Users will soon be able to give virtual “coins” to other users who regularly tweet valuable content. ‘Twitter Awards’ are related to coins.
In March 2022, we got our first look at Twitter working on its awards. Wong was the one who initially disclosed the information to the general public.
The reward option was depicted as a present-shaped icon in the lower portion of the tweet function bar in the screenshot that she uploaded. On the other hand, after that, we did not receive any further information regarding the feature from Twitter or anyone else.
Now, this topic popped-up again
Now, according to Wong, users of Twitter will have the ability to award a variety of emojis to creators. These emojis will include, amongst others, Gold, Silver, Bronze, Crown, and Gem. Based on the screenshot that was provided, it appears that each award can be redeemed for a certain number of ‘Twitter Coins.’
The value of the Gold Award is five thousand coins. The coin has the same general appearance as Dogecoin but features a bird rather than a dog as its emblem.
It’s possible that the Twitter Awards will make its appearance sooner rather than later. The company is currently working on both a screen for purchasing coins and a separate menu item that will send users directly to the screen for making purchases.
Wong claims that users would have the ability to purchase coins through the Stripe platform.
It will be possible for creators to withdraw money in fiat currency. The threshold for the minimum amount that can be paid out will be $50.
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Twitter is planning additional advancements, in addition to the ones already underway. By way of reminder, Elon Musk said a month ago that the character limit on the platform will be increased from 280 to 4,000 after responding “yes” to a question asked on Twitter.
On his Twitter account, Elon Musk made an announcement stating that the long tweets he had previously promised would be available at the beginning of February. According to Elon Musk, the platform will also receive a whole new navigation infrastructure by the end of the next week.