The social media platform is testing a feature called Twitter Awards that allows users to reward each other for their tweets with Twitter Coins purchased using fiat currencies. The program is being developed in partnership with payments solutions provider Stripe.
According to a tweet by software engineer and security researcher Jane Manchum Wong, the social media giant is working on a new feature dubbed “Coins” that will allow users to award each other with tokens that can be purchased using fiat currency.
As per reports, Twitter is currently working on developing a purchase interface and menu item buttons for Coins, and has reportedly partnered with payments services firm Stripe to integrate its checkout feature into Twitter Awards. However, it remains unknown whether the company will be adding crypto as a payment method to buy Twitter Coins.
In April 2022, Stripe, which is the main payments partner of Twitter, began offering crypto-related services to its customers, allowing them to make crypto and NFT purchases. Users can now connect their Stripe wallets to exchanges, on-ramps, wallets and NFT marketplaces to conduct cryptocurrency transactions. Around the same time, Stripe launched a pilot program on Twitter that offered a select group of creators on the social media platform the option to get paid in cryptocurrencies. The payments giant integrated its crypto on-ramp powered by the Polygon (MATIC) network on the social media platform to conduct transactions using USDC stablecoin.
The crypto feature will be expanded to other monetisation services on Twitter including Super Follows, which lets users create unique paywalled contents for their followers, and Ticketed Spaces, where content creators charge their followers for entering Live Spaces events on the platform.
From reports that have surfaced, it looks like users that receive Twitter Awards will have to wait until they earn at least $50 worth of Coins in order to redeem, which is similar to the minimum payout amount for Super Follows. Twitter Awards are categorised depending on their token value; Gold is worth 5,000 Twitter Coins, Silver is worth 3,000 Coins and Bronze is worth 2,000 Coins, so on and so forth. Other awards on the list include Rose (600), Crown (300), Gem (100), Hilarious (1,000), Helpful (20), Bullseye (50), Super Like (10), Bravo (5) and Mind Blown (1). This is similar to Reddit Gold, a feature that allows redditors to reward threads they consider important with a “Gold” grade that is purchased with fiat currency.
In October, Twitter was testing a feature allowing users to buy, sell and display their non-fungible tokens (NFT) on their profiles. The feature dubbed ‘NFT Tweet Tiles’, embeds digital collectibles within tweets in a dedicated panel, and includes a button that when clicked redirects users to a marketplace listing of the specific item. NFT Tweet Tiles, which is being tested on iOS devices, supports NFTs minted on Ethereum (ETH), Solana (SOL), Flow (FLOW), Polygon (MATIC), Tezos (XTZ) and ImmutableX (IMX) blockchains. Tweet Tiles can feature items listed on marketplaces including Magic Eden, Rarible, Dapper Labs and Jump Trade. Earlier last year, the social media giant allowed Twitter Blue users, the platform’s premium subscribers, to add NFTs as their profile picture.