Besides providing endless hours of entertainment and a platform to share dance moves, TikTok allows content creators to make money through virtual gifts.
Creators can join the TikTok Live Stream Program so they can live stream and earn gifts from their followers.
Here’s all you need to know about coins, gifts, and diamonds on TikTok.
What to Know About the TikTok Live Stream Program
The TikTok Live Stream Program isn’t open to everyone.
The program is only open to users who are aged 16 or older and they are selected at the discretion of the platform.
Creators are chosen based on their number of followers or the quality of the content they produce. Once you’re in, you can start streaming live and earning gifts from fans.
What Are TikTok Coins?
Here’s how payments in TikTok works:
Coins = TikTok currency.
Fans buy Gifts with Coins.
Fans give gifts to creators.
Received Gifts become Diamonds in a creator’s ledger.
Creators can withdraw Diamonds into USD in a PayPal account pic.twitter.com/MdYzAeailr
— Don Richard (@DonaldRichard) March 2, 2020
Now if you have a favorite content creator you want to support, you can send gifts as a sort of tip. But you can only buy gifts using coins, which is TikTok’s in-app currency.
To buy coins you need to go to your TikTok profile and then click the three dots on the top right corner of your screen. Scroll down and select Balance. In the balance section, you’ll see your coins balance.
If you have never bought coins before you’ll have zero and a button that says Recharge.
Tap Recharge and you’ll see how much coins are worth. For example, for $ 1.29 you can get 70 coins, $ 6.49 can get you 350 coins and if you need more, you can even buy 7000 coins for $ 129.99.
Prices of these coin bundles may vary depending on exchange rates. So these prices will be different for someone in Europe versus someone in the US, for example.
To purchase coins, select the number you want to buy. You then pay using your AppleID or Google Account. Once you have enough coins, you can start buying gifts.
What Are TikTok Gifts?
When a creator is hosting a live stream, followers will see a small gift box icon at the bottom right section of the screen. Clicking the gift box will take you to a sort of gift shop where you can choose which gift you want to purchase and send to the content creator.
Some gifts are more expensive than others. The panda, for example, costs 5 coins. Meanwhile, the rainbow puke costs 100 coins.
That’s why sometimes you’ll hear creators talking about certain gifts like the “I’m Very Rich” gift, which is worth 1000 coins. Some content creators will give their fans a quick “thank you” live after a fan sends them a gift.
Others will offer a TikTok duet with followers who send them certain, more expensive, virtual gifts like the “Drama Queen”, which is worth 5000 coins.
What Are TikTok Diamonds?
Content creators collect these gifts like tips at the end of the live session. These gifts automatically turn into virtual credits called diamonds in the creator’s balance or wallet.
If you’re a content creator, you can check your diamonds by going to your profile then clicking the three dots on the top right part of your screen.
Click Balance then go to LIVE Gifts. Inside Live Gifts, you’ll see your balance in dollars.
Diamonds are converted to US dollars, which you can then withdraw into your bank account. A diamond is equivalent to around $ 0.05 USD.
It is important to note that based on TikTok’s updated gifting policy, only users aged 18 and above can purchase coins and gifts. Furthermore, only content creators aged 18 and above are allowed to receive gifts and earn diamonds.
Supporting Your Favorite Creators
TikTok isn’t just your usual platform for self-expression, but is also a means for many creators and talented artists to make money online.
It gives followers a chance to support the artists and creators they love while providing a way for creators to earn real money from their live performances.