It’s been a while since we’re hearing the new acronym all over the internet. After all, the word LOL originally came into existence in 1989. We deserve a new one between JK, BRB, and WTF. The NFT era has arrived.
Non-fungible tokens (NFTs) are one-of-a-kind digital objects. Such as digital art, domain names, GIFs, audio, and multimedia. And even digital certificates packed with physical items. They’re essentially digital collectibles. Possessing an NFT versus ripping a GIF is like owning a reproduction of Van Gogh’s Starry Night. But only one person can own the original.
Blockchain ownership controls NFTs. They are typically bought and sold (or auctioned) using the cryptocurrency Ethereum. For some, another word for NFT is “crypto-collectibles”.
NFTs offer their blend of internet culture, high-end art, and investment opportunities. Because everyone wants in, NFTs are transforming the way brands operate on social media. People have referred to what’s going on as a gold rush era, says Ashley Ramos, a producer at Nifty Gateway.
The Social Media’s Role
Even if social media sites were to cease to exist, the sale of NFTs would not be affected technically. To assist the sale of NFTs, several online platforms and marketplaces have arisen. This includes SuperRare, MakersPlace, and WazirX in the United States.
But, without social media platforms, would it be the same? Certainly not. For example, digital art has grown and thrived on social media, and several artists have a sizable or at least sizable social media following. There is no better or faster way to reach out to the community and inform them about an NFT offering, set up an auction, or announce the sale than through social media.
Physical paintings in exhibitions have been supplanted by digital art NFTs displayed on social media. Furthermore, the artist is free to work around the exhibition, join a waitlist, or be “famous enough”. They can do it on their terms.
Social Media Embracing NFTs
NFT marketplaces also use social media to quote a price and promote a call to action with links to buy an NFT. The captions are intended to describe the artwork or to inform users about the artist’s work and biography. As well as to provide a visual reference that shows a preview of the artwork.
In the same way that social media connects a consumer to a brand. It acts as a common ground between a buyer, seller, or mediator for the sale of NFTs. While no actual elements to facilitate the sale exists. And purchases can only be completed after being sent to an external platform, the area is being investigated.
Facebook has announced that NFT-related features and goods are being investigated. While Instagram has been discovered to be testing a tool to aid in the sale of digital collectibles.
Most social networking platforms now include in-app Shops. This helps to support the social commerce environment. And the selling of NFTs would be no different, save for the fact that it would be done in cryptocurrency.
Despite having no practical utility or physical capabilities, the meme of little girl smirking widely shared. And spread in numerous themes. And it received a lot of engagement, which made it popular enough in internet culture for the monetary value to climb to that amount. Dorsey’s Tweet has been a hit for several years. It’s even possible to find it pinned on the profiles of social media nerds. Twitter calculated the pricing value.
Logan Paul sold almost 1,700 NFTs in the first hour after announcing the availability of 3000 NFTs and made more than USD 3.5 million in a single day. He rose to fame as a social media figure through the video-sharing software Vine and then YouTube.
The Opportunity For NFT Marketing
A variety of factors can ascribe Beeple’s success. One of the most crucial is his massive social media following-totals 2.5 million followers across many platforms.
“Just like anything else,” says Movement Strategy’s Creative Director Alex Krutchkoff. “Social media is a tool for creators, artists, and eventually brands to develop enthusiasm and demand for something.”
NFTs are a great illustration of how anyone with a social media audience can highlight an item’s unique qualities. Also creating buzz around something that is both a product and an experience. Combining the NFT’s rarity with thousands of flame and praise-hand emoji comments and high engagement, you get the recipe for success.
While the NFT movement has gained a lot of traction in sports, entertainment, and the arts. Corporations are still figuring out how they can benefit themselves. And, of course, their customers.
Some brands have already made their mark on the market. In 2019, Nike patented blockchain-compatible sneakers. “CryptoKicks” will give shoe owners a digital representation of their shoes. As well as a crypto-token that ties the shoes to the user.
The NFT universe is a form of social network in and of itself. But one that may be leveraged further over longer-standing social networks. It’s a little self-referential, but that’s the purpose.