Trump Media’s Truth Social hints at plans to launch a utility token that will be tied to user social media accounts as a means to accumulate rewards through the modified platform.
In a recent post shared on the Trump-backed social media’s official account, the platform indicated that it plans to launch a utility token “in the near future.” Based on the post, Trump Media is in the beta phase of testing its new Truth+ subscription plan called the Patriot Package.
Users who subscribe to the Patriot Package will be able to accumulate rewards through their social media account that will be tied to the utility token.
“Based on their level of engagement with the platforms, Patriot Package subscribers will accumulate gems on their Truth Social accounts. These will eventually be tied to a utility token on both Truth Social and Truth+,” wrote the platform in its post.
The Patriot Package consists of a TV streaming plan with 12 “premium, non-woke news channels” as well as what it claims to be a wide selection of video-on-demand services. The subscription plan also extends beyond Truth+ and into Truth Social with red-check verified accounts, boosted comments and an exclusive Truth+ account.
At the moment, the social media platform is offering users a free trial of the Patriot Package on its beta test link. In addition, the platform is also asking users for feedback on gem designs for the rewards program. The gems will be linked to the utility token, which has yet to be revealed.
Earlier in April, the Trump Media & Technology Group first brought up the concept of introducing utility tokens in a letter written for shareholders. In the document, CEO and Chairman of Trump Media Devin Nunes revealed that the company was exploring the addition of a utility token and digital wallet for its streaming platform, Truth+.
The token is meant to be used to pay for Truth+ subscription costs and later on, its utility will extend towards a suite of other products and services under the Trump Media umbrella. Aside from Truth Social, the token’s could possibly apply to the company’s financial technology and financial services branch Truth.Fi.
Most recently, the U.S. SEC accepted Trump Media’s application to list and trade shares of its Truth Social Bitcoin (BTC) and Ethereum (ETH) ETF. The S-1 form for the dual-crypto ETF is currently being reviewed almost a month since it was first lodged.
