Cryptocurrency adoption is spreading like wildfire and the latest company to jump on the digital-asset bandwagon is Twitter. The social media giant is rolling out a new feature that lets users tip their favorite accounts using several payment options, including Bitcoin.
Twitter is also setting its sights on non-fungible tokens (NFTs), which isn't too surprising. The social media platform is filled with NFT investors who love showing off their ridiculously expensive, NFT-based CryptoPunk avatars (look at Jason DeRulo's profile picture), so it was only a matter of time before Twitter dove head first into NFTs.
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Twitter rolls out Bitcoin tips to iOS users
According to Twitter's most recent blog, the social media giant will allow account holders to tip with Bitcoin using Strike, a payments app built on the Bitcoin Lightning Network. The platform lets users instantly send and receive Bitcoin globally — for free.
"People in the eligible markets will have to sign up for a Strike account and add their Strike username to receive Bitcoin tips over the Lightning Network. You can use any Bitcoin Lightning wallet to send tips to someone’s Strike account," said Twitter Product Manager Esther Crawford.
Strike is available to people in El Salvador and the U.S. (except for New York and Hawaii). The feature is rolling out to iOS first, and in the coming weeks, Android users also have access to Twitter's Bitcoin tipping option, too.
According to TechCrunch, Twitter is also planning on giving creators an avenue to showcase their NFTs on the social media platform. The company is currently testing ways to make NFT creators stand out of the crowd (e.g. profile badges and differently shaped avatars). However, Twitter's NFT project is still in the early stages, so the social media giant declined to expand further when asked.
Twitter isn't the only social media network dabbling in the cryptocurrency realm. At the end of August, Facebook announced that it is ready to launch the Novi digital wallet. It will rely on a stablecoin called Diem, a cryptocurrency that matches the value of the US dollar (e.g. 100 Diem = 100 USD), to launch its new blockchain-based payment system.
As cryptocurrencies become more widely accepted, it will be interesting to see how tech megacorps make use of them on their platforms. Only time will tell.