How NFTs Are Changing The Perspective Of Social Media In This Crypto Age?
Social media has become part and parcel of our lives. Every aspect of our lives has been moved to depend on some form of social media or another. From news, messaging, virtual interaction, emergency, escapism, and booking, and service has been moved to the mobile. NFTs are the one entity that has found unparalleled success in the economy in recent times. They raked in $41 billion in 2021, considering they have been active only a few years. These numbers show their dominance in the path to being one of the global superpowers like never before.
Both social media and crypto are digital native products, and they are easily integrated, producing the best of both worlds. Social media is already a huge platform that is a global superpower on the economic and consumption front. Pair that with the developing and monetary-rich NFT platform and introduce trading and investment elements into it. Anyone with a good monetizable-worthy idea can make money from that by just developing their existing content on the blockchain. All these achieved the cryptos to develop the largest NFT marketplace that hosts a plethora of talent and newer markets, including the NFT marketplace for influencers and the NFT marketplace for celebrities, which are two of the biggest emerging platforms on the rise after arts.
What are NFTs?
NFTs are non-fungible tokens that are physical or digital elements that are tokenized and sold as digital assets. These assets are attributed ownership and a stamp of authentication on the blockchain. Essentially, any asset in the crypto realm that is created is an extension of blockchain technology. The assets hold a unique aspect of posing as the rarest object in existence that only one person can hold at any given moment. The bragging rights to own the unique asset is an adult equivalent version of trading cards. This was the initial pull-in for people and investors who blew the sector out of proportion.
There is no NFT without blockchain. The cryptos are backed by the blockchain, and NFTs are a beneficial by-product of the industry, which eventually panned into its industry. The blockchain is an online ledger that spans various instances spread throughout a network of regions. The ledger is also public, and this makes the sector decentralized and highly transparent. One other advantage of a decentralized platform is that no intermediaries or third-party interference can be implemented. These assets are then listed on the largest NFT marketplace for exposure and trading.
Social media in the NFT sector
● Benefits in the sector for the brands
Social media runs on the idea of a “brand implemented platform” for the better part of its work. Businesses and brands that want to take advantage of the sector’s use cases can monetize this aspect in the crypto realm. Brands can monetize aspects of their brand, like services and products, by developing certain of them on the blockchain. Major elements of the application itself can be integrated into the NFT realm with ease as the technology develops. Brands usually have the marketing of their products down since it is mostly their domain. They can cater to the NFT marketplace for influencers and the NFT marketplace for celebrities. These two are their major source of revenue.
- Benefits in the sector for influencers and celebrities
The other flip side of this is the users who use social media platforms. As a result, they can generate revenue by selling their content as NFTs in the relevant NFT marketplace for influencers. Influencer content includes but is not limited to augmented reality, accessories, avatars, games, etc. One prominent marketplace that hosts a plethora of talent and a varied mix of artists is Warix in India. The socials are also highly infested with celebrities that are in the mix. Both of them are actively trying to expose digital advancements as well as take advantage of the platform. The celebrities can use the marketplaces dedicated to their craft in the NFT marketplace for celebrities. One of India’s largest NFT marketplace in existence is Beyondlife.club and Bollycoin.
Why people should invest in NFTs based on social media platforms
The projects attached to big names are automatically best-sellers in the largest NFT marketplaces available out there. And it is wise to invest in them. The influencer and celebrity-endorsed NFTs are the most sought-after art sector in the secondary marketplaces.