Twitter began allowing high-profile users to receive bitcoin tips on Thursday, as the network ramps up its efforts to court the content creators who are critical to drawing crowds online.
Platforms such as TikTok, Instagram, and YouTube have grown in popularity among young people thanks in large part to these social media stars.
Attracting and retaining creators and their audiences has thus become critical for internet companies competing for an audience – and advertising earnings.
“We want Twitter to be the best place for creators to have discussions with their followers and monetise their audience, all in the way that works best for them,” Esther Crawford, product lead, told reporters.
According to the platform, it does not take a part of the bitcoin tips.
Twitter has been testing a tipping option with bitcoin as a currency choice, which is now being rolled out globally to versions of its software suited for Apple mobile devices.
According to Crawford, because 2 billion individuals do not utilize regular banking methods, digital currency could allow some gain money from Twitter crowds.
“Cryptocurrency, like Twitter, has no worldwide limits,” she explained.
Twitter CEO Jack Dorsey has backed digital currency, and his financial payments business Square is developing a physical wallet for safely storing bitcoin.
In tweets, Dorsey has argued that bitcoin is a money for the public.
Twitter was also developing a method for verifying NFTs, or non-fungible tokens, which are at the center of a digital collecting boom.
Sales of NFTs, virtual images of anything from popular internet memes to original artwork, have swept the art world, with some fetching millions of dollars at major auction houses.
Twitter also stated that it is expanding options for users to employ in order to keep interactions on the platform peaceful or to avoid being involved in unexpectedly contentious online conversations.
“We all know that you can start a conversation and things might get hot or off the tracks at unexpected times,” said Christine Su, product lead for conversation safety.
Twitter is looking into strengthening tools for screening out offensive remarks and providing individuals a “heads up” prompt when they join a potentially contentious conversation on the platform.