With the rise of social media in this age, the primary way companies such as Facebook and Twitter made money is through selling advertising.
Using an advertiser-supported model rather than charging each user individually is the easiest way for Facebook to garner as many users as possible.
The more users on the site, the greater the number of advertisers willing to engage them and the more those advertisers are willing to spend.
Twitter has recently rolled out a bitcoin tipping and safety features in product push.
It will allow people to tip their favourite content creators with bitcoin and will launch a fund to pay some users who host audio chat rooms on its spaces feature.
It will also test new ways to help users have a safer experience on the social media app such as warning when people are entering a heated conversation or letting them leave tweet threads.
This is a part of an effort to compete with the rivals like Facebook and Google for popular content creators with large followings and turn around its image as a site where polarized discussions can fester.
If you are using an iOS device, then you can now send and receive digital payments, which was previously limited to a small group of testers.
This social media site is planning to support authentication for NFT (non-fungible tokens) which are digital assets such as images or videos that exist on a blockchain.
The NFTs are usually bought with the cryptocurrency Ether or dollars and the blockchain keeps a record of transactions.
While anyone can view the NFTs, the buyer has the status of being the official owner.
All types of digital objects like images, videos, music text and tweets can be turned in to an NFT.
They can also be patches of land in virtual world environments or exclusive of a cryptocurrency wallet name.
NFTs are important because enthusiast see it as the future of ownership. For the artistes, it could solve their problem of how to monetize their digital artworks.
This feature will enable people to track and showcase their NFT ownership on Twitter.
In an effort to grow spaces, Twitter will launch a creator to provide financial, technical and marketing support to users who host recurring audio programming on spaces.
With such support, it will allow more spaces hosts to organise better conversations and potentially gain brand sponsorship deals.
Twitter added that it is exploring how to allow users to filter out certain words they do not want to see in the replies to their tweets, which could be used to stop name-calling or abusive speech.