Elon Musk has taken the ultimate step of stamping his own mark on Twitter, with the social media giant now rebranded to the elegantly simple “X” moniker. Meanwhile, there are tangible signs that X’s footprint in the payments sphere is about to increase, with wide-ranging ramifications for the company’s just-launched revenue-sharing program as well as the much-anticipated Twitter Coin unveil.
The X era has begun at Twitter
Elon Musk says the bird logo will be replaced by an X.
For Musk, it’s the continuation of a story that began 25 years ago.
Here’s a brief history on that...
pic.twitter.com/q5VFvOU41E
— Jon Erlichman (@JonErlichman) July 23, 2023
As we covered in an earlier post, Elon Musk formally replaced Twitter’s bird logo with the X symbol over the weekend.
NEWS: Elon says the Twitter logo will be changed tomorrow. "It should have been done a long time ago. Sorry it took so long; We're cutting off the Twitter logo off the building with blow torches. It's gotta come off somehow."https://t.co/pN7wUIiWLf
— Sawyer Merritt (@SawyerMerritt) July 23, 2023
In an online talk, Elon Musk declared that the Twitter logo would be removed from the company’s HQ using “blow torches.”
It appears that Twitter Payments LLC (a key entity in the potential "Twitter Coin" system) has obtained licenses from several states to handle crypto payments. cc/ @TitterDaily @nima_owji & @EvaFoxU pic.twitter.com/6666sR2ARR
— Asuna Gilfoyle
(@asunapg) July 24, 2023
Meanwhile, Twitter Payments LLC has obtained Money Transmitter licenses in several US states. These licenses allow their holders the ability to process payment instruments such as checks.
You’ll soon also be paid for ads appearing when others view your profile page, approximately doubling payouts https://t.co/4g5sVFS6pr
— Elon Musk (@elonmusk) July 22, 2023
Last week, Twitter formally launched its ad revenue-sharing program for creators. The program will allow creators the ability to monetize their profile views.
UPDATE: Twitter has made a slight change to the Creator Ads Revenue Sharing program.
Instead of requiring 5M impressions per month in each of the last 3 months, Twitter will require you to have at least 15M total impressions on your posts within the last 3 months.
This means… https://t.co/sl9y31vopP pic.twitter.com/usTOgnz0na
— Sawyer Merritt (@SawyerMerritt) July 22, 2023
In order to be eligible, X requires 15 million aggregate profile impressions over the last three months as well as an existing verified status or a subscription to the Twitter Blue service.
Against this backdrop, Twitter Payments’ Money Transmitter license is expected to bolster the social media giant’s ability to ramp up its revenue-sharing program as well as allow for other monetization avenues for creators further down the road.
You don't really need a license to handle payments (so like in app purchases, as that's just basic commerce). But if you're converting a fiat currency (US Dollar for example) to a digital currency that can act as "legal tender" (Bitcoin, Doge, etc.) you must be licensed.
— Asuna Gilfoyle
Yet, there is more. A Money Transmitter license might just be the first step in allowing X to convert fiat currencies into digital ones, such as Bitcoin or Dogecoin. Consider the fact that crypto payment processors such as Coinbase have also secured such a license in several US states, as can be perused by clicking on this link.
Bear in mind that X has long been rumored to be working on a so-called Twitter Coin, with even the web interface for the project leaked online in January 2023. As such, Twitter Payments’ Money Transmitter licenses might be another step toward realizing this secretive program.
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