Twitter now allows users to tip with Bitcoin and plans to allow users to authenticate NFTs
Twitter's app now allows users to ask for tips in Bitcoin, making it the first major social media platform to promote the cryptocurrency as a payment option. Users will be able to connect their crypto wallets and authenticate the ownership of NFTs they tweet using a special badge, according to the company.
Twitter has been testing tipping for a few months, but the feature won't be widely available until Thursday, when it will be available on iOS first, followed by Android. Aside from Bitcoin, Twitter will allow users to accept tips by connecting nine traditional payment providers to their profiles, including Venmo and Cash App. Twitter isn’t processing the payments itself.
Strike, a Bitcoin wallet app that uses the Lightning Network protocol, facilitates the Bitcoin tips. Lightning is a Bitcoin transaction system that allows for faster and cheaper transactions. Twitter CEO Jack Dorsey, a staunch Bitcoin supporter who tweeted in June that it was "only a matter of time" before Twitter supported payments via the protocol, has invested in the company behind it.
Strikes are legal in every state in the United States except New York and Hawaii, as well as in El Salvador. Twitter users will be able to add their Bitcoin addresses to their profiles in addition to their Strike usernames, which they can then copy and paste into their preferred crypto wallet to send tips.
When someone receives a Bitcoin tip via Strike, their Twitter app will notify them, allowing them to quickly thank the tipper or send an emoji reaction. Twitter will also send invoices to creators so they can keep track of their tips. During a call with reporters on Thursday, Esther Crawford, Twitter's product lead for creator monetization, said, "Bitcoin represents one of the best solutions" for enabling people to transact in underbanked regions of the world.
Twitter's crypto plans don't stop there: the company announced that it will support authentication for non-fungible tokens (NFTs) by allowing users to connect their crypto wallets. A company spokesperson said, "NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner's NFT as authentic."
On the Ethereum blockchain, NFTs have recently exploded in popularity as a way to buy and sell digital art. The main Twitter account gave away NFTs that were minted on the Rarible marketplace a few months ago.