The business of two-month-old Twitt(url)y is to track what URLs people are talking about as they talk about them on microblogging platform Twitter. It’s not the first startup to do it, and like its competitors/peers, it hasn’t a business model.

So said its founder, Joel Strellner, at the social networking blog Mashable, who yesterday commented that while he believes Twitter has the right to charge for the use of its API and he would gladly pay for that right, he’s also “quite happy that they don’t charge right now because Twitturly, like most Twitter-based applications, isn’t able to really make a profit yet. In time that may change, but like Twitter, right now is not the time to focus on monetizing it.

“We need to get a lot of things done to it before the service will be ready to be monetized.”

Sound familiar?