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Elon Musk hints at paid Twitter verification

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Twitter user reading Elon Musk's Twitter feed about verification processes
South African Elon Musk, the world’s richest man, reportedly paid $2.9bn (£2.3bn) for 9.2% of Twitter this month | Photo: © Marcio Delgado

Entrepreneur and Chief Engineer at SpaceX, Elon Musk, has just bought a 9.2% stake on Twitter and, as it seems, the Tesla owner is already planning new ways to monetize on the social media platform.

On Sunday morning Musk hinted on Twitter about a possible paid authentication checkmark service for those willing to purchase premium features on the social media service.

‘Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark”, posted the new Twitter board member, adding that the paid feature ‘should be different from the “public figure” or “official account” checkmark’ already in place for notable users such as media outlets, government, large businesses, established fashion brands, influencers, and those officially competing in sports.

Elon also reiterated that current verified accounts already benefit from some perks, including free ads and the ability to retract a tweet before it’s visible to others.

“Blue already has a modifiable 20 second time to edit tweet feature” – celebrated the entrepreneur and social media shareholder.

However, Kevin Paffrath, a 30-Year-old financial analyst and YouTuber who joined Twitter in 2009 –and has a verified account – quickly pointed out that such existing button, for verified accounts, is not that straightforward:

“I have Twitter Blue & it’s lame. It’s not an Edit feature; it’s a tool that delays your tweet going out for a set period of time so you can reread it. But I find myself just quickly hitting “send now” because I want my tweet to go out when I hit Tweet. No edit possible once sent.” – says Paffrath.

Another user not remotely thrilled by Musk’s idea of ‘pay-to-play’, is writer Elvira Daukaeva:

“I don’t want to pay for tweeter! Brad! Advertising doesn’t bother me and I learn new technologies and products from it!’ – Daukaeva shared on her Twitter account.

Accountability for the content shared on Twitter has also been mentioned as a potential concern that could arise if the platform, currently with over 300 million active users worldwide, introduces an edit button for all in the future.

“Edit is a terrible idea. Imagine the damage people could do by changing what they tweeted historically when thousands retweeted the original. Therefore, aligning them with a new opinion they don’t agree with.” – questions Liverpool-based songwriter, Carl Bode.

While Elon Musk is planning new ways to use Twitter to enhance his $270+ billion net worth, users on the platform quickly suggested that those posting and engaging on a regular basis should also be rewarded for the time spent creating content – a practice already tested by Instagram and Snapchat.

“If you want Twitter to improve and become more widely used and engaged with, how about we get paid for our activity? We collectively provide the value of the whole thing so maybe we should get a slice of the pie too? Maybe coins/tokens.” – user Graham Lay, a holiday home sales manager based in Britain replied to Musk. “So maybe a small one-off registration fee (to cover admin of verification) and then we get rewarded back for the value our content and contribution bring. Allocating say 20% of advertising revenue towards users (us). The more we use it, the more we get rewarded”, suggested Lay.

For American talk radio host and journalist Kim Iversen, who joined the platform in 2021, genuine users not afraid of proving they real people should be the ones getting the coveted verification blue mark.

“People who can verify they are who they are via official ID should get a blue check. If people want to be anonymous, fine, but I like knowing I’m talking to an actual person” – shared Iversen.

Twitter is not the only social media platform offering direct access to a verification request form, within its settings. Instagram has a similar process, with almost identical categories considered to be eligible based on notoriety, and an average 30-day response time for those applying for a blue checkmark.

Marcio Delgado is a Journalist, Producer and Influencer Marketing Manager working with brands and publications in Europe, America and Asia.

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How was the first ever Metaverse Fashion Week?

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Young woman taking part in a virtual event
Game mania: Gen-Z has been spending an average of 7.3 hours per week in virtual worlds

You will surely be forgiven if you missed the first Metaverse Fashion Show, hosted by the blockchain-based, 3D virtual world Decentraland, which took place between 23rd and 27th March.

Although dozens of brands, including Tommy Hilfiger and Dolce and Gabbana, showcased their collections on the catwalk of the virtual reality, three-dimensional, browser-based world event – where the price tags of printed bucket hats, puffer jackets, and tuxedos by German fashion designer Philipp Plein range from € 1,500 to € 2,500 – glitches and basic visual graphics left room for vast improvement.

Challenges with low-quality visuals and streaming speed, though, didn’t seem to affect the enthusiasm of brands and marketers eyeing-up the multibillion potential of the gaming industry, a trend backed by recent studies. According to a 2021 Morgan Stanley Research Report, a 31% year-on-year increase can be seen when it comes to how people have been turning to games. The number is even more impressive if compared to the previous two years, when users grew by just 7% – the study reveals.

Currently popular across all ages and demographics, gaming has been of interest to young consumers before, during, and after the global pandemic. A recent study conducted by management consulting firm McKinsey, in partnership with fashion business intelligence portal Business of Fashion, found that 81% of Gen-Z played video games in the past six months – with the younger generation spending an average of 7.3 hours per week in virtual worlds.

No wonder longstanding brands are keen to enter the game:

“When I founded my namesake brand in 1985, I never imagined I’d see a time when fashion weeks would be held in a 3D, fully virtual world,” says Tommy Hilfiger. The American designer showcased his Spring 2022 collections and hosted a digital retail platform during the virtual event, where consumers were able to shop NFTs for their avatars or purchase physical items from within the Metaverse. “As we further explore the metaverse and all it has to offer, I’m inspired by the power of digital technology and the opportunities it presents to engage with communities in fascinating, relevant ways.” – says Hilfiger.

Online, the event received mixed reviews, with London-based Digital and Social Strategist Candyce Costa sharing: “I went to Metaverse Fashion Week, and it was awesome (and weird!).”

Tech & culture journalist, Elsa Ferreira, shared the technical challenges her avatar  faced trying to enter the event:

“For this first Metaverse Fashion Week (MVFW), it was, above, all necessary to find a computer powerful enough to access this virtual world. Four computers later (including one borrowed from a developer, which will not prevent execution times worthy of Windows 95), here we are in Decentraland.”

Designer Julia Rosti celebrated the fact that the week-long virtual event also connected to the current happenings in Europe:

“So great to see that even @decentraland Fashion Week has found an opportunity to support Ukraine.” – Tweeted the founder of the digital fashion atelier BlancdeBlanc.

The free event, where Ethereum, a type of cryptocurrency, was needed to buy the fashion items showcased in the virtual world, is already confirmed to be coming in 2023 via the Decentraland platform.

 

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Applications for a Barclays virtual academy for early-stage FinTech founders is now open

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Start up team in an online meeting
Programme participants will join the largest single-bank alumni of seed-stage Fintechs boasting a market cap of $7.8 billion

British bank Barclays is launching new initiatives targeted at FinTech founders across the globe, from early-stage to scale-up and beyond.

The first to launch is the Rise Start-Up Academy, a virtual digital skills-building accelerator targeted to early-stage FinTech founders. Applications are already open for founders addressing emerging FinTech trends including wealth equality, climate, the future of money and more. At a later date, Rise Growth Academy will be launched to provide capability development around key areas such as investment readiness, recruitment, accelerating sales and leadership development.

A FinTech Venture Studio will also go live later this year and focus on co-developing new FinTech ventures through working with internal talent, start-ups and other leading companies.

Corporate venture builder Rainmaking has been chosen as an innovation partner to support Barclays in its goals with the new initiative.

“Innovation is critical in driving growth in today’s challenging business environment and in solving some of the most pressing problems society faces today,” – says Mariquit Corcoran, Group Chief Innovation Officer at Barclays. “We have been humbled and changed by the incredible FinTechs we have worked with, and we understand first-hand the power of collaboration to evolve and unlock opportunities for our customers, clients, colleagues and the communities in which we operate. We are very excited to work with Rainmaking to further push the boundaries of corporate innovation and ensure collaboration is at the heart of our FinTech strategy.”

Rainmaking brings a track record in partnering with large corporates to build successful new ventures. Its approach is based upon the proven methodology used to build 65 of their own ventures and through its subsidiary, Startupbootcamp, to accelerate over 950 start-ups and over 100 cohorts. While only 10% of early-stage start-ups typically survive, over three quarters (76%) of Startupbootcamp companies are still active or have exited. According to Rainmaking, this has led to the creation of 4,626 jobs and raised over $800 million in funding.

“We are working with Barclays to drive positive change and play an active role in stimulating growth and opening up future revenue opportunities for founders of new businesses. By providing the tools to enhance digital skills, founders can build and scale their businesses for future revenue growth. The new suite of meaningful and cutting-edge FinTech programmes will combine the power of entrepreneurship, whilst unlocking the scale strengths and the deep domain expertise of Barclays.” – says Chris Locke, CEO Europe at Rainmaking.

The partnership will be led by Sonal Lakhani, Global Head of Programmes and Strategic Initiatives at Barclays Innovation Office, who also led the expansion of the Female Innovators Lab by Barclays and Anthemis last year across the UK and Europe.

Barclays has played a key role in supporting the evolving FinTech ecosystem over the past decade through Rise, its award-winning FinTech platform. With offices in London and New York, Rise has been at the forefront in building the future of FinTech.

By partnering with Rainmaking, Barclays intends to continue expanding the limits of corporate innovation and accelerate co-creation with key players across the ecosystem. Together they will also expand Barclays’ critical role of supporting the creation and scaling of early-stage Fintechs.

To apply for the academy, visit the RiseStartUpAcademy 

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Instagram launches test of subscriptions for content creators

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A food blogger livestreaming from her kitchen
The new Instagram subscriber initiative brings three new features aimed at helping creators to monetise on the platform

Instagram is testing subscriptions with a handful of USA-based creators, who now can set a monthly price of their choice and unlock a “subscribe” button on their profile. The program will let creators select from eight different price points, starting at 99 cents/month and ranging up to $99.99/month.

The feature aims to enable content creators to earn more money by offering benefits to their most engaged Instagram followers, with users being able to access subscriber-only content and receive alerts of exclusive broadcasts. Through these alerts, they will be able to engage more deeply with the creators as the viewing audience will be smaller. Subscriber badges, another feature part of the rollout, will help fans stand out in the comments of public content, as well as help them to be identified in creators’ message request folders in the inbox.

Sharing the news in a short video post uploaded to his personal account this week, Adam Mosseri, head of Instagram, explained what creators should expect of the new rollout:

“We want Instagram to be the best place for creators to make a living doing what they love.  Subscriptions allow creators to monetise and become closer to their most engaged followers, by offering exclusive content and experiences such as Subscriber Lives, Subscriber Stories, and Subscriber Badges. We hope to add more creators to this test in the coming months.”

Currently, the list of alpha creators includes actor and writer @alanchikinchow, who has over 9 million followers on Tik Tok, but is yet to reach 400k followers on Instagram; American basketball player @sedona._, who currently plays for the Oregon Ducks of the Pac-12 Conference; astrologer @alizakelly, who is the founder of an astrology-based dating app; dancer and actress @kelseylynncook; digital creator and producer @elliottnorris (another influencer performing better on a rival app, where he boasts a million followers, whereas his IG account has around 166k followers). Olympic silver medalist @jordanchiles is also part of the selected group testing the new feature. Other USA-based creators selected include Los Angeles-based gymnast and model @jackjerry; spiritual coach @bunnymichael; XR creator @donalleniii; and 26-year-old full-time comedy content creator @lonnieiiv.

Other influencers already used to monetise on social media welcomed the new tool.

“Personally, I am excited about this because it is another way of Instagram helping creators to monetize and make money on the platform. How much this subscription is and the amount of content they (subscribers) get, will be up to you.” – celebrates IG growth coach Brock Johnson.

However, the monetising model is already raising questions from regular content creators on the Meta-owned platform.

“I know it is just going to be a small sample size of creators who get subscriptions. But won’t everyone just subscribe to this first batch of content creators, early, and then be hesitant to subscribe to anyone else once the feature gets launched elsewhere? It will be like when you already have a Netflix subscription and so you are hesitant to get other streaming services because you already pay for one.” – questions Canadian content creator Lucas O’keefe, who has over 200k followers on Instagram.

For Solo Ceesay, Co-Founder and COO at open social marketplace Calaxy, the new feature may end up benefiting Instagram’s revenue more than creators themselves.

“The creator economy as a whole is undergoing an extensive renaissance. We are consistently seeing these Web 2.0 platforms implement new features for content creators to properly monetize their intellectual property, in addition to creating more intimate relationships within their existing communities.

The revenue that advertisers are paying to these big platforms dwarfs that of the value these creators are able to extract from their communities directly. Therefore, on the surface, it appears that content creators stand to benefit greatly from these trends and, while that’s true, let’s not forget that all large enterprises have a singular common goal – to be as profitable as possible – and they will always see out that truth.” – believes Ceesay.

The new Instagram subscriber initiative brings three new features:

Subscriber Lives: Where creators can broadcast exclusive Lives to their subscribers, allowing them to engage more deeply.

Subscriber Stories: Creators can create stories just for their subscribers, allowing influencers to share exclusive content and use interactive story stickers with their most engaged followers only.

Subscriber Badges: Creators will see a subscriber badge next to comments and messages so they can easily identify their subscribers.

Instagram is currently undergoing other tests, unrelated to the new subscribe tools. One of them is the possible return to its original chronological format as, since 2016, the social media platform has ranked content based on how interested its algorithm thinks people are in posts, as determined by a combination of the history of likes and comments.

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