X is set to launch a handle marketplace, allowing users to purchase popular usernames for a hefty sum of up to $50,000.
Reports tell us that this move has been in the rumor mill for the past year and now seems to be taking shape, with emails being sent to potential buyers.
This photo illustration shows the X logo (formerly Twitter) on a smartphone screen in Los Angeles, California, on July 31, 2023. San Francisco sent the company formerly known as Twitter a warning on July 31, 2023, that it needed proper permits for the giant, flashing new X sign atop its headquarters, after the tech firm twice refused to let building inspectors check it. (Photo by Chris Delmas / AFP)
X's Handle Marketplace
Forbes reports that a dedicated team within X, known as the "@Handle Team," has been actively working on creating a platform where disused usernames can be bought.
In emails seen by Forbes, sent to potential buyers, X reportedly solicited a flat fee of $50,000 to secure the purchase of these disused account names.
The emails came from X employees and mentioned recent updates to the guidelines, processes, and fees for acquiring handles.
Musk first hinted at this initiative in November 2022 when he announced plans to "free up" a significant number of registered handles but not in active use.
A user even suggested the idea of a "Handle Marketplace," where accounts could be sold, with X taking a commission.
By January, X employees were already discussing the sale of usernames, with Musk stating his intention to free up as many as 1.5 billion. In May, X began purging defunct accounts from its platform.
Current Policy and Future Possibilities
As of the most recent update, X's official username registration policy still reads, "unfortunately, we cannot release inactive usernames at this time." The "inactive account policy" advises users to log in every 30 days to avoid being categorized as inactive while still noting that inactive usernames are not currently being released.
Desperation for Positive Cash Flow
PhoneArena notes in a report that these recent developments might stem from Musk's desire to boost X's cash flow.
While he has big plans for X, such as transforming it into a super app or even a job search app, Musk appears eager to find revenue streams for his purchase. Since acquiring Twitter over a year ago, Musk has been actively seeking ways to raise cash.
One of the strategies employed by Musk was the introduction of "X Premium." Subscribers to this service enjoy several benefits, including the ability to post up to 25,000 characters, extended editing time, and the capacity to post longer videos.
The service offers three tiers with varying levels of ad-free experience and costs: Basic at $3 per month or $32 per year, Premium at $8 per month or $84 per year, and Premium+ at $16 per month or $168 per year.
However, the revenue generated from subscriptions might not be sufficient for Musk's ambitious plans, leading to selling old Twitter handles to raise additional funds.
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The Future of X's Handle Marketplace
The idea of selling inactive handles on a marketplace is still in its infancy, with no official release date announced yet. The fact that X has been soliciting potential buyers via email suggests that the platform is actively working towards this goal.
For those who have received such solicitations, the offer to purchase a handle for $50,000 is certainly a tempting proposition.
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