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Twitter To Add Bitcoin Lightning Tips, NFT Authentication: Social Media Avatars

Twitter will add the ability for users to connect third-party tipping services to their profiles, including Bitcoin and Lightning Network addresses. They also announced plans to add non-fungible token verification features. The tipping feature will be available on iOS immediately and coming soon to Android, relying on third-party payments services and making Bitcoin and Lightning available worldwide.

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Mehwish Pervaiz
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39 views2 pages

Twitter To Add Bitcoin Lightning Tips, NFT Authentication: Social Media Avatars

Twitter will add the ability for users to connect third-party tipping services to their profiles, including Bitcoin and Lightning Network addresses. They also announced plans to add non-fungible token verification features. The tipping feature will be available on iOS immediately and coming soon to Android, relying on third-party payments services and making Bitcoin and Lightning available worldwide.

Uploaded by

Mehwish Pervaiz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Twitter to Add Bitcoin Lightning

Tips, NFT Authentication


Tipping, including with bitcoin, will be live on iOS immediately.

By Zack Seward

witter users on Apple’s iOS will now be able to connect third-party tipping services to
their profile on the social media site. That will include the ability to link both Bitcoin
addresses and Lightning Network addresses.

Twitter also announced today that it will add non-fungible token (NFT) verification
features to the platform, a key step in the evolution of the booming trend for unique
digital art, particularly as social media avatars. No specific timeline was laid out for
the feature, which remains in development.

he “Tips” feature will roll out on Twitter’s iOS app today and will come to Android
systems “soon,” company representatives said in a press call.

The feature is part of a broader push to increase the options for Twitter users with
large followings to monetize their content. The announcement didn’t address whether
or when the functionality will extend to Twitter on the web.

The tipping feature will rely entirely on third-party payments services like Jack
Mallers’ Strike app. Twitter is “not in the flow of funds” and won’t take a percentage
of tipping proceeds, the company said. Different payments options or tipping services
will be available to users in different parts of the world.
The exception, according to Esther Crawford, who works in Twitter’s product
department, will be Bitcoin and Lightning options, which will be available to all
Twitter users worldwide.

“There’s this great opportunity for us to choose global, barrier-less options,”


Crawford said during the call. “And Bitcoin represents one of the best options. We
know not everyone around the world transacts with bitcoin yet, but … we think it’s
one of the better solutions.”

witter CEO Jack Dorsey had foreshadowed the move, writing in June that it was “only
a matter of time” before Twitter integrated Lightning payments in some way. The
Lightning Network is a “second layer” technology that allows users to make faster
and lower-fee Bitcoin transactions, which is likely crucial to the viability of sending
small-dollar tips in BTC. Dorsey, a longtime supporter of Lightning, invested in
Lightning Labs’ $2.5 million seed funding round in 2018.

witter’s addition of NFT verification is arguably just as significant as the new tipping
feature. Over the past six months, the use of NFTs as avatars on the platform has
exploded, with even celebrities like Jay-Z displaying multimillion-dollar
CryptoPunks. A system for verifying the ownership and provenance of NFTs will
likely add fuel to that practice and, in turn, reinforce the NFT ecosystem more
broadly.

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