According to recent reports, Twitter has rolled out its BETA version of Twitter Coins after some users claimed they bought the coins and posted pictures of their wallets with the number of coins on the platform.
One Twitter user, @Tree of Alpha, shared a picture of the number of coins he bought, confirming the microblogging platform’s rollout of the feature. He revealed that the first pack of Twitter Coins available was 150 coins for $1.99, with Stripe being the only payment option.
He purchased one pack and received 215 coins, and he is currently checking to see what he can get with them.
CEO of IBC group, Mario Nawfal, also confirmed the rollout of Twitter Coins on his Twitter handle. The coins have reportedly been made available to a limited number of customers or users in a controlled and gradual manner to monitor their effectiveness, a process known as a soft launch, Investors King has learnt.
Twitter’s coins will enable users to support creators who share great content and can also be a source of income. Unused coins will remain in the user’s balance, and as users receive coins, they accumulate into Diamonds, which can be cashed out.
However, recipients of these coins will have to wait until their balance crosses $50 to redeem them for actual money.
Twitter Coins are virtual goods and bear similarities to Reddit tipping and rewards systems where Redditors use “Reddit coins” to send awards to other users who make a post, comment, or live video broadcast that they enjoyed.
Although some Twitter users had hoped that the project would involve cryptocurrency, especially Dogecoin, given Elon Musk’s affiliation with the token, the coins do not involve cryptocurrency.
