Twitter Introduces Bitcoin Tipping and Explores Verifying NFT Profile Pics
Twitter is experimenting with blockchain technology.
Users throughout the world will be able to publish their bitcoin wallet straight into their profile starting today, according to the social media giant, while a smaller portion will be able to more directly incorporate a bitcoin payment app. The addition of bitcoin payments to Twitter via Tips (previously known as Tip Jar) coincides with the global deployment of Tips to all iOS users, with Android support coming soon.
On a Thursday (September 23) press call, Esther Crawford, Twitter’s product lead for creator monetization, said that “people will be able to add a bitcoin lightning wallet or their bitcoin address to give and receive bitcoin Tips beginning today.”
Users in the United States (excluding residents of Hawaii and New York) and El Salvador will be able to send and receive bitcoin over the lightning network using the third-party Strike app, according to a Twitter blog post. In addition, users will be able to add bitcoin addresses to their profiles.
To put it another way, it doesn’t appear that Twitter will be actively involved in bitcoin transactions. Rather, Twitter is making space on its platform for other firms that accomplish the same thing.
Square’s Cash App, which was founded by Twitter CEO Jack Dorsey and allows users to purchase and sell bitcoin, is worth highlighting.
Crawford also discussed Twitter’s interest in non-fungible tokens and how they’re used on the platform right now. Many NFT owners use their NFTs as profile pictures, and Twitter is looking to explore methods to make this a more formalized practice.
“We’re really thrilled to start looking at NFT authentication,” she said. “It’s a way to show support for the artists who make beautiful art by providing a stamp that verifies its authenticity. People may track and display their NFT ownership on Twitter by allowing them to directly connect their crypto wallets.”
It’s still unclear exactly what that entails. Will verified NFT profile photos be labeled as such, and if so, how will this be done?
“Basically, we’re interested in making it visually evident that this is a verified avatar and then giving you some fascinating information and insight about the origin of that NFT,” Crawford explained.
To put it another way, Twitter recognizes that NFTs and bitcoin aren’t going away anytime soon, so it decided to embrace what’s currently happening on its platform naturally.
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