In a recent update, Donald Trump’s Truth Social has announced plans to launch a utility token that will reward users for their activity on the platform.
“In the near future, based on their level of engagement with the platform, 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+.”
Truth Social will also allow users to decide on gem designs through a poll, enabling them to vote on their preferred design. The platform’s latest move is likely part of its strategy to boost user engagement and retention in a highly competitive social media landscape.
Trump Media Patriot Package
The announcement came right after Truth Social revealed that its parent company, Trump Media and Technology Group (TMGT), has initiated public beta testing for its new subscription service, the Patriot Package.
According to the platform, the new TV streaming package will include a range of features like fast streaming of premium news channels with a conservative perspective, an expanded video-on-demand library, enhanced commenting features on Trump Media’s social platform, and exclusive badges for subscribers. The now available public beta testing comes with a monthly subscription fee of $9.99.
The upcoming utility token will be used to incentivize Patriot Package subscribers who have amassed gems on their Truth Social accounts by streaming videos, posting, commenting, and sharing content. The tokens can also unlock premium features, exclusive content, or other benefits.
Trump Media’s Crypto Ambitions
Truth Social and its parent company, Trump Media, have been actively exploring the crypto space through various initiatives. Last month, Truth Social submitted a Form 19b-4 document to the U.S. Securities and Exchange Commission (SEC) seeking to list a new Bitcoin ETF on the NYSE Arca.
Meanwhile, in May, Trump Media announced its plan to raise $3 billion to invest in cryptocurrencies. Recently, the platform filed an S-1 registration form with the SEC seeking to launch a Truth Social Crypto Blue Chip ETF. The pioneering ETF will directly hold the five largest crypto assets by market cap: Bitcoin, Ether, Solana (SOL), Cronos (CRO), and Ripple (XRP).
