Stripe Connect now makes it possible for content creators, freelancers, and sellers to get paid for their work. The system is already being used on Twitter, where content creators are receiving payments in USDC.
The funds will be drawn from Twitter’s monetization products, including Super Follows and Ticketed Spaces. These products are meant to encourage top content creators to drive conversations on the social media platform.
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Current state of affairs
At the moment, the payment processor will only support crypto payments made using USDC, a stable coin that is pegged to the US dollar. The payments will be made over Polygon, which is a Layer 2 solution that is built on Ethereum.
The company chose this blockchain because of its low transaction fees, quick payments, and its broad wallet compatibility. Some popular wallets that are compatible with the blockchain are Metamask, Rainbow, and Coinbase Wallet. The Polygon network is also integrated with the Ethereum blockchain, and that means content creators will be able to bridge to Ethereum, where they can convert their crypto to other altcoins.
Supply: 7,081,679,872 / 10,000,000,000
Release date: October 11, 2017
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How Can Content Creators Use Stripe Connect?
As a content creator on Twitter, you can opt to get paid in crypto, and that means you will have to go through the normal onboarding process of Stripe. The payment processor will then verify your details. On the platform, you will be able to see your earnings in real-time and can manage your account details. Using the Stripe Express app, you will also be able to see your upcoming payouts.
Although Stripe only supports payouts made using USDC, it is planning to add support for other cryptocurrencies. By the end of the year, it also intends to expand the program to cover more than 120 countries. Tips: Did you know that Crypto Lists have over 130 payment methods listed? Find out which crypto exchange or platform to use after seeing their deposit options here.
What Are Super Follows and Ticketed Spaces?
US-based users of Twitter can apply for these two programs and make money from their content on the social media platform. The programs were announced earlier this year and are still being tested. With the Super Follows feature, content creators on the platform can charge users a small monthly fee for access to exclusive content. At the moment, users who sign up for the program will be able to charge monthly fees of $2.99, $4.99, or $9.99.
Ticketed Spaces lets content creators charge a fee for access to the social audio rooms of the social media platform. With this program, users can charge anything from $1 to $999. With the Ticketed Spaces feature, content creators can also set room size caps.
You will be able to keep 97% of the money you make with these monetization products. However, if you make more than $50,000 on both systems, your cut will go down to 80%. It is worth noting that the 20% fee taken by Twitter is still lower than those of various popular platforms. For example, Twitch takes 50%, and YouTube takes a 30% cut. The fee is equal to that of OnlyFans, which charges a 20% commission.
You can check the sidebar on the Twitter mobile app to see whether you are eligible for these monetization programs.
Conclusion
Twitter has introduced various monetization programs to let their users earn money for their work, and these payments will be sent via Stripe. At the moment, users can only get payments using USD Coin (USDC), which is a stablecoin that is pegged to the US dollar. The Fintech giant aims at adding support for more cryptocurrencies and countries in the future. It is worth noting that these payments will be processed on the Polygon network. This is a Layer 2 blockchain that is built on the Ethereum blockchain, and it offers advantages such as low transaction fees and quick payments.
You can follow Crypto Lists for any developments in this story. We also cover general cryptocurrency news and stories.
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