Social Media Platforms craze for NFTs
The craze surrounding the NFT or non-fungible tokens continues. It seems like proving the authenticity and originality of a digital asset is quite valuable and important to people. For example, an image on the internet is duplicated millions of times, so If you tried to prove you own the original file, how could you?
Just a couple of years ago, before the emerging of NFT, it was impossible to place a monetary value on digital content. Take for example the popular Nyan Cat. How much is it worth? Well as it turns out the popular flying Pop Tart meme sells for nearly $600,000 as a one-of-a-kind crypto art.
Well there you have it. NFTs are currently all the rage as investments, and they are here to stay. And to top it all off, more and more social media platforms are doing everything they can to adopt this exciting new technology.
Before we continue with this post, let’s back up a little bit.
Quick Intro to NFTs
An NFT is a non-interchangeable unit of data stored on a blockchain that can be sold and traded. These types of NFT data units may be associated with digital files such as photos, videos and audio. It’s basically a digital asset.
What’s so special about these NFT tokens?
Well they are considered as a highly prized collectible items. Whether it’s a colorful photograph, a piece of writing, or a virtual parcel of land in a video game, it doesn’t matter. People collect NFTs for various reasons because NFTs exist for various reasons. Just as art collector would want their prized possession displayed, the same goes for NFT aficionados.
Why are social media companies nuts for NFTs?
At the moment, big social media platforms are doing everything they can to allow their users show off their digital bling. Now, why would someone want to do that, you ask? Think of it as a display of status. At least for now. Users do want to display their NFT collectibles on their social media profiles. It’s as simple as that.
Social Media with NFT feature
YouTube is officially in the NFT market. Now youtubers can sell their video content as NFTs. This doesn’t come as a surprise since the YouTube chief product officer Neal Mohan said that there’s incredible potential in this relatively new market.
Susan Wojcicki says the company is looking to help creators capitalize on emerging technologies. This is just a way to branch into NFTs as another source of revenue for creators.
Creators of a few viral YouTube videos have already made them into NFTs and sold them on their own. The “Charlie Bit Me” NFT was auctioned off las year for $761,000. “David After Dentist” video was also sold for over $11,000.
I guess it was just a matter of time before creators start selling their videos. This is good news for everybody. Since now, you as a creator can utilize NFT tech to tokenize videos, photos, art and experiences. It’s a good way to create additional revenue streams.
But YouTube is not the only company implementing this new technology. Twitter already added a brand new NFT feature to their platform. Now you can customize your Twitter profile so you can show off the NFTs you own in a hex-shaped profile picture.
So if you ever find yourself scrolling through Twitter, and you see the profile picture of a certain user is a “soft hexagon”, now you know what they are into.
At the time of launching this feature, Twitter implemented support for the following crypto wallets:
- Coinbase Wallet
- Ledger Live
- Trust Wallet
If you do own NFTs and you want to show them off on Twitter, You can follow this guide to make that happen:
Facebook and Instagram
Meta is also looking for a way to implement NFTs. The social media group that consists of Facebook and Instagram, also plans to enter the $40 billion market. The company plans to allow users to create and sell non-fungible tokens.
Currently Facebook and Instagram teams are working on the feature that will allow users to display their NFTs on their profiles. But they are also prototyping a tool to help users create or mint the collectible tokens as well.
Another ongoing rumor is that Meta is interested in launching a marketplace for users to buy and sell NFTs. As per the company representatives, the main goal is to help artists monetize their digital art. And then help buyers display their highly prized collections on their profile pages. Thus signaling their stature online.
The move comes after Meta chief executive Mark Zuckerberg is struggling with scandals over moderation and privacy issues. The popularity of Facebook and even Instagram is in a downfall, threating its $85 billion a year ad-based business model.
Facebook already invested heavily into the creation of their digital currency wallet Novi. It was launched as a pilot in October of last year. This just might turn around things for Meta, since this digital wallet is vital component to their NFT game.
OnlyFans is another subscription-based social media platform (known for adult content) that will enable creators to make nonfungible token or NFT profile pictures.
— Reuters (@Reuters) February 10, 2022
In a statement for Reuters Amrapali Gan the OnlyFans CEO commented:
“Our mission is to empower creators to own their full potential. This feature is the first step in exploring the role that NFTs can play on our platform.”
OnlyFans introduced this feature in December when the newly appointed CEO took over. The platform will support NFTs minted on the Etherium Blockchain. As a result, an Etherium icon will be placed next to the profile picture to signal authenticity.
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Reddit is also reportedly testing an NFT profile picture. It seems like the popular social news web site and forum will be following Twitters footsteps to join the NFT bandwagon, as it explores ways to implement it onto their platform. It is very likely that Reddit could be the next big company, that will allow its users to set their own nonfungible tokens as a profile picture.
We know this for sure, because an app developer already posted a banner from Reddit promoting this new feature. This could only mean that the company is deep into testing phase.
But the story doesn’t end here. The company took this one step further. The reports coming in states that, Reddit has been trying out NFTs with its own dedicated page that lists tokens for sale. And they are called CryptoSnoos. CryptoSnoos are a collection of NFTs from reddit, featuring the alien mascot Snoo reimagined in the context of different moments and movements in art history.
“Take advantage of this rare opportunity to own a piece of Reddit history—snag a CryptoSnoo NFT built on the Ethereum blockchain and start your collection,” – Reddit’s NFT page.
These NFT tokens currently listed for sale were minted on June 17. And somehow they are already worth thousands. It seems like the nonfungible token craze is far from over. If you want to snag a Reddit history you can do that on the OpenSea Platform.
And there you have it. Social media platforms are going crazy over the NFTs. They are all after implementing it as soon as possible, thus allowing their users to show off their digital bling.
In some of the next posts, we will talk about the Nafter project. It is a really cool, new platform that will allow you to mint, buy and sell non-fungible tokens in a social media settings. This only means that the NFT craze is here to stay. But, there are downsides to this as well. We will however, explore them further.
What do you think about it? Do you see your self investing into NFTs? Share your thoughts in the comment section bellow.