The duo behind Twitter Crypto say NFT profile pics and crypto tipping are just the beginning. Via WIREDUK
, to be replaced by CTO Parag Agrawal. Agrawal had played an instrumental role in Bluesky, a Twitter-backed project to create a protocol—possibly with blockchain components—to build decentralized social networks.As crypto went mainstream globally and crypto Twitter burgeoned, the company tried to dominate the space.
So a lot of what we try to think about is, what can we learn from this group of people who are super engaged and really, really, creative? And then, how can we translate some of that stuff into a format or a mechanism or a product that's a little bit more accessible to people who don't have that background?
As you said, Tess, you come from crypto. When you were out there, what did you think Twitter was getting right? What did you think Twitter was getting wrong?I had been a Twitter power user for a really long time. The thing that I saw was a lot of aesthetic alignment between how Twitter exists in the world and the way that crypto exists in the world. Twitter has decentralized user experiences in its DNA.
And so we wanted to provide an opportunity for a borderless payment solution, and that's why we decided to go ahead and use Bitcoin Lightning as our first big integration. One of the reasons we chose Bitcoin Lightning was also because of the low transaction fees. And we have Bitcoin and Ethereum addresses that you can also put in there [on your Twitter “tipping jar”]. We noticed that people were actually adding information about their crypto wallet addresses in their profiles.
Twitter today is a wholly ad-based business. In the future we imagine Twitter making money from a variety of different product areas. So Twitter Blue is one of those products—you can pay $2.99 a month and you get additional features, such as the NFT profile pictures. We really think that revenue diversification sits across a variety of areas, and creator monetization is one really small component of that.
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