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Doge Is The Key to The Twitter Economy
Read how Twitter is reinventing social media with dog money
Twitter is fast becoming the world’s best marketplace for online content,
April saw massive changes to Twitter’s creator economy that allow anyone to easily post their work and get paid for it.
All the while, hints kept popping up that Twitter has plans to use Dogecoin as its native currency to reward makers.
Let’s take a look at how Twitter is reinventing social media, and why Doge is the key to making it all work.
Back in November, when Elon first took over Twitter, he hopped onto Twitter Spaces to say, “I’m working hard on the Doge front.”
Since then, he’s dropped numerous hints that Doge is part Twitter’s long-term plans, including making his Shiba Inu CEO and changing the bird logo to a Doge.
It’s not enough to just plug Dogecoin into Twitter’s existing platform, though.
Over the last few weeks, Twitter has rolled out several renovations to make it a better place to spend digital cash, with more big changes on the horizon.
The biggest move so far has been Twitter’s re-launch of Subscriptions, which allows users to share exclusive text, photos, and video with a group of paying supporters.
Subscriptions (formerly Super Followers) has been around for a while and always had potential, but Twitter did little to promote it until recently.
This month, Elon made it much easier for anyone to offer subscriptions.
When you subscribe to someone, you get special access to work they put behind a Subscriber paywall.
Over the last few weeks, Elon has hosted exclusive Spaces events about Starship.
Subscriptions could become the bedrock for the creator economy as a simple and straightforward way for people to monetize their work.
It feels like it’s only a matter of time before someone with a huge audience decides to use Subscriptions as their main distribution platform, and pulls millions of fans onto Twitter.
Twitter is also expanding the kinds of content creators can share.
All three services could attract creators from TikTok, Instagram, and other sites.
On Saturday, Elon dropped another content bombshell: next month, Twitter plans to allow media publishers to sell individual articles on the platform through a one-click service.
The service gives publishers a new source of revenue and lets readers be more selective about how they spend money on content.
Rather than pay, say, $10 per month subscribing to a single newspaper, readers will be able to purchase the best 10-20 articles across all publications.
Looking forward, there are signs Twitter will continue to experiment as a content marketplace.
In an exchange from last week, Journalist Brian Krassenstein tweeted at Elon with several suggestions:
More YouTube-like video experience, including advertising within videos
Microtips for posts, with Twitter’s ranking algorithm factoring tips in boosting posts
Allow Spaces hosts to accept a fee in exchange for promoting other work
“Paid to read” DMs
Elon wrote back, “almost all of this is in the work[s]. There will be some mistakes along the way, but we will fix them fast.”
Right now, for all this content, Twitter still usesg legacy payment rails. Most folks connect their credit card to the site for Twitter Blue, Subscriptions, and other purchases.
This arrangement hurts creators. Every time a Twitter user buys a Subscription with Apple iOS or Android, 30% of the sale goes to Apple or Google.
As the creator’s economy grows on Twitter, it’ll make more sense to have some sort of in-app currency. When money stays on Twitter (rather than moving between banks and Twitter), it eliminates the opportunity for middleman to take a cut.
There’s been a lot of speculation about a rumored “Twitter Coin” to fill this role, but there’s a better candidate: Dogecoin.
Among cryptocurrencies, Doge is distinguished as the leading form of digital cash.
Fast, cheap, and fun to spend, Doge is designed to move value across the Internet.
Creators who receive payment in Doge can send it to an exchange to swap for fiat, use it to pay other creators, or just hodl.
Dogecoin would also be the most entertaining outcome for Twitter. As Elon has often said, “the most entertaining outcome is the most likely.”
There are two parts to any economy: the good and services people offer, and the money used to represent their value.
Right now, Twitter is upgrading to make it easier for creators can sell their goods and services on the site.
When all that is done, it’s only logical for the money to get an upgrade too.
Doge is the key to Twitter’s Creator Economy.
Dogey Treats: News Bites
Geometric Energy Corps CEO Samuel Reid tweeted that the original Doge meme will be displayed in Times Square May 15-21.
Gail Alfar did a podcast with Dogeclaren owner Julia Love about Tesla’s Full-Self Driving capabilities.
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
At the time of publication, Dogecoin is around $0.08 per coin.