Twitter is looking at the possibilities to add a native tipping feature to its social media platform. Sources close the matter suggest CEO Jack Dorsey could be using his Square crypto payment platform for this. The tipping feature should add a new revenue stream to the social media platform.
Dorsey is a big fan of blockchain technology and bitcoin. The CEO of Twitter recently announced the launch of a new team to develop a standard for decentralized social media. Jack Dorsey sees bitcoin as the ‘future currency of the internet’, while his own company Square already incorporates crypto payments.
Most telling would be Dorsey’s involvement in the development of the Lightning Network. He’s a major investor in the Lightning Network and openly supported developers working on tipping software.
Tipping on Twitter a third party business
Currently tipping on Twitter is only possible through the integration of third party apps. For example BottlePay allows for tips using the Bitcoin’s Lightning Network, while Brave has BAT and BitTube adds TUBE as a tipping options. Tipping is becoming an integral part of modern social media behavior, and when people like a content creator they are also willing to pay.
Live video platforms like Twitch.TV are also build around the concept of tipping. Content creators often earn the most money through tips they receive from their viewers. However, credit card chargebacks happen regularly and that sometimes causes problems. It’s not without reason that Twitch introduced its own token, as that gives them more revenue and takes away chargeback problems from content creators.
It would be no major surprise if Twitter would embrace tipping by using Square. It’s also very likely that the decentralized social standard developed by Bluesky will feature a tipping mechanic.
Also published on Medium.