The Role That Social Media Plays In The NFTs Market
The creation of the World Wide Web in 1989 revolutionized the history of communications and changed the world in a way never seen since the Industrial Revolution.
The WWW opened up the internet to everyone, not just scientists. It connected the world in a way that made it much easier for people to access information, share, and communicate.
Then we had Social Media, the biggest ever disruption for society.
Most people have wondered what would be the next thing, what could be created that will change the core of how we do things online. What would be the next most disruptive technology since the internet was created.
What is exactly Disruptive Innovation
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| Source: the-waves.org |
Blockchain, the technology behind Bitcoin is the most disruptive tech in decades.
The applications of blockchain are virtually limitless. As data shows, the technology can revolutionize lending, security, consumerism, business models and digital property. And this is just the tip of the iceberg of its wider capabilities.
But in this article, we want to focus on how Blockchain has revolutionized Digital Properties specifically.
That’s where NFTs (non-fungible tokens) come in as distinguishable digital possessions that identify ownership through a blockchain ledger. From digital designs, digital art, video clips to tattoos, and even tweets, NFTs are radically transforming the world of digital ownership and trading. It’s what’s making the NFT marketplace something of future-oriented collectors and content creators’ paradise, with digital assets being valued in multimillion-dollar deals.
NFTs exploded in popularity during the first two years of the pandemic, and it doesn't look like they're going away anytime soon. One of many industries jumping to it is the press industry. Press organizations are starting to sell photojournalism as NFTs.
According to Emergen Research, the global Non-Fungible Token (NFT) market size is expected to cross USD 3,50,000 million in 2030. Pak’s NFT artwork fetched a whopping USD 91.8 million: The Merge was sold in 266,445 units known as ‘mass’. Earlier, digital artist Mike Winklemann, also known as Beeple, sold his artwork, ‘Everydays - The First 5000 Days’, for USD 69.3 million.
25 Most Expensive NFTs Sold Around the World
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| Source: cryptotimes.io |
But what about NFTs on Social Media and the Metaverse
First, we need to understand the basics of NFTs.
An NFT is a digital asset that represents art, music, in-game items, videos and many other things like even tweets. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
You can copy a digital file as many times as you want, including the art that’s included with an NFT. But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork).
To put it in terms of physical art collecting: anyone can buy a Van Gogh print, but only one person can own the original. If we talk about copyright, the content creator who posted the artwork, photo, or music on social media will remain the legal owner and retain sole control over the work’s usage. Users who upload any type of material on social media can protect their own work by giving it an NFT value and so making it one-of-a-kind, with the uniqueness of the piece confirmed by the NFT source code.
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Social Media has helped the growth and flourishing of several artists. They are able to grow a considerable following and there is no better or faster way to inform them about an NFT offering, an auction, or announce the sale. Social media are the common ground between a buyer, seller, or mediator for the sale of NFTs.
At the moment TikTok is the one social network that supports the sale and purchase of an NFT.
Despite all the delays and confusion while planning to release the first collection of NFTs, TikTok’s first NFT auction finally went live on October 15th, 2021. But soon the other social networks will be following the same path.
Earlier this year, Meta CEO Mark Zuckerberg revealed the company is considering the idea of bringing NFTs to its social-media platform Instagram, but he declined to comment on exactly how and when users could expect the rollout. But he has confirmed that the time is now: This week, Instagram will start testing a way for users to display non-fungible tokens on their profiles in the United States. Users won't have to pay a fee to post or share a digital collectible on Instagram.
"We're starting building for NFTs, not just in our metaverse and Reality Labs work, but also across our family of apps," Zuckerberg said in a post on Facebook. "We're starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs."
Twitter says it plans to add support for NFT. Users will be able to track NFTs and show tokens owned by others. Twitter’s senior software engineer, Mada Aflak, has also recently announced that Twitter will allow users to connect a cryptocurrency wallet to their account and import non-fungible tokens (NFTs) to use as a profile picture. According to Aflak, NFTs will be marked on the profile image with a special icon that will confirm the authenticity of the token.
YouTube has been distributing personalized NFTs to the influencers on the platform. Additionally, Reddit has launched a first test for changing profile pictures with an NFT.
Social media platforms are shaping the future of NFTs, tech giants believe NFTs will assume the trajectory of cryptocurrency– a slow start, followed by an explosion.
Are you already investing in the stock market or in cryptocurrency? Maybe you should have a look into NFTs, remember that it is better to be at the beginning of it than when everybody is in it. Maybe you can be at the right place and the right time this time.
Mili Ponce
Former Computer Engineer, Tech, EdTech and eCommerce Entrepreneur, Keynote Speaker on Digital Marketing and Entrepreneurship, Social Media Strategist, eCommerce Business Mentor, Trainer, Writer, Blogger, Mother, Daughter, Dreamer. Socialsongbird.com
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The Role That Social Media Plays In The NFTs Market
Reviewed by Mili Ponce
on
Wednesday, May 11, 2022
Rating:
Reviewed by Mili Ponce
on
Wednesday, May 11, 2022
Rating:
Mili Ponce
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