What does it mean for Dogecoin as Elon Musk reveals plans to monetize Twitter creators?
Following Elon Musk’s Twitter takeover, the world’s richest man has started revealing plans for the social media platform. Musk first announced his plans for advertisers on Twitter and how he wants ads on the platform to inform and entertain instead of resorting to violence.
“I also very much believe that advertising, when done right, can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you,” he said.
Musk Confirms Monetizing Creators
Commenting on the note, a prominent Twitter influencer known as Zuby Music, requested that Twitter, under Musk’s control, should monetize and compensate content creators like other social media platforms.
“Twitter should find a way to compensate/monetize partners with its top creators. Like every other social media app,” Zuby Music tweeted.
Interestingly, the world’s richest man agreed with the initiative by responding “absolutely” under the tweet.
Absolutely
— Elon Musk (@elonmusk) October 27, 2022
Twitter Monetizing Creators, and What It Means for Dogecoin
Creator monetization makes creators earn a commission whenever their content generates sales for an advertised product on a platform. Creators will be paid in the platform’s supported currencies, especially fiats. However, there is no restriction to the payment method a platform can use to reward content creators.
Should Twitter start compensating content creators, there is a tendency that the social media platform will add cryptos to its list of supported payment methods.
Musk has always been a proponent of Dogecoin (DOGE). The world’s richest man contributed immensely to the widespread adoption of Dogecoin last year, which fueled its price to an all-time high of $0.73. Earlier this year, Musk disclosed that if his Twitter bid gets rejected, he will create a new social media platform that will provide support for Dogecoin.
If Dogecoin is added as a method to compensate content creators, it would surely be a big boost for the world’s top meme coin. Recall that Twitter added a Bitcoin tipping feature in September last year and Ethereum tippling in Feb 2022.
In the latest developments, according to a CNN report, Musk has completed his $44 billion deal to buy Twitter, which puts him in charge of the social media platform. The richest man reportedly fired former Twitter CEO Parag Agrawal and two top executives.
Bloomberg also confirms that Elon Musk has plans to remove bans from Twitter users like Donald Trump.
EXCLUSIVE: Elon Musk plans to become Twitter's CEO and reverse lifetime bans on users https://t.co/VcWcdnXhUx pic.twitter.com/cmvuXUfdzU
— Bloomberg Crypto (@crypto) October 28, 2022
Musk is set to become Twitter CEO, thus making it easier for him to support DOGE across various features of the social media platform. Yesterday, Dogecoin soared as high as $0.084, after Musk was seen walking into the Twitter office in San Francisco in a video. The price of DOGE is down 6.6% in the past day, and is currently trading at $0.074.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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