The cryptocurrency space has expressed joy as the leading social networking platform, Twitter, unveils the Bitcoin tipping feature for iOS users. Android users will enjoy this feature in the following days.
Twitter announced the new service via a post from its official account. It noted that users will now send BTC tips via Twitter and receive satoshis via a lightning network wallet synchronized to a Stripe account.
tested the Tips feature, turns out people love money
rolling out on iOS with Android coming soon pic.twitter.com/pkmLHzg6fu
— Twitter (@Twitter) September 23, 2021
The “BTC tips” feature will enable Twitter users to send Bitcoin to their favorite content creators. The new feature according is aimed at helping to monetize their content. Those potential monetizable daily active users are now 206 million people, according to Wall Street Zen.
However, Twitter emphasized that it will not handle any funds or take any percentage from the tipping proceeds. Also, Twitter’s new tipping service will rely on third-party payment platforms like Strike to execute these transactions.
Here you can see a video that Jack Mallers, CEO of Strike, made to explain how this BTC-tipping service works:
I just published Announcing the Strike API
Today, @Twitter enables free, instant, global payments for their users with their integration of the Strike API.
What the internet did for communication, #Bitcoin + the Lightning Network is doing for money.https://t.co/jHkY6knXkP pic.twitter.com/FXujknG7sM
— Jack Mallers (@jackmallers) September 23, 2021
On the other hand, Esther Crawford, product manager at Twitter, confirmed the new feature. The initiative will allow users to send Bitcoin tips via a Lightning-enabled wallet or a BTC wallet.
We’re also adding new payment options and, for the first time, allowing people to send Bitcoin tips through the use of a Bitcoin address or Lightning-enabled wallet ⚡️
— Esther Crawford ✨ (@esthercrawford) September 23, 2021
“We want everyone on Twitter to have access to pathways to get paid, so we’re excited to bring Tips to more people and give you more ways to pay. Whatever you want to support — from content creators to causes — Tips is there to help you do it,” she tweeted.
Twitter NFTs Authentication
According to reports, Twitter also disclosed its interest in exploring non-fungible token (NFT) authentication.
Although little detail was provided on how the NFT authentication will be rolled out, the San Francisco-based company revealed its interest in joining the ever-expanding NFT space.
Therefore, Crawford noted that the NFT authentication would allow users to connect their crypto wallets to their profile to prove ownership of a work of art. According to Crawford, although the initiative is still in its early stage, “It’s a way to support creators making this art with a stamp to demonstrate authenticity.”
NFT Market Cap
The NFT market has recorded significant growth and has seen an uptick in activity recently. In the past six months, the use of NFTs and the number of celebrities joining the space have grown exponentially.
NFT marketplaces like Opensea, the biggest NFT platform in the Ethereum blockchain, had transactions valued at USD 3.4 billion. The demand for collectibles continues to surge, and the NFT market shows no signs of slowing down. In the picture below, you can see more information about Opensea daily sales volume:
Source: Dune Analytics
According to Coingecko, the NFT tokens market cap at the time of publication was USD 25.4 billion. It currently has a total trading volume of $5.1 billion over the last 24 hours.
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