As more and more companies, artists, producers, and customers connect with it, the growth of the NFT industry accelerates. In this article, we examine what NFT stands for in today's digital world, as well as the role that social media plays in the exchange of NFTs.
Monetization and Communication of Digital Content
Brands, marketers, influencers and any social media user might benefit from using NFTs, as tehy allow content creators to monetize and sell their content. Digital content in the form of a photo or artwork on social meda is easily accessible for everyone, it does not hold any tangible value despite the efforts, time and resources the artmakers put into it. Artmakers can transfrom their art into NFTs, by tying the art to a crypto-based token, which will enable content creators to stand out of the crowd and sell unique products. Current social media paltforms must stay up to date with the popularity of NFTs and act as the common ground between a buyer, seller, or mediator for the sale of NFTs while connecting a consumer to a brand. So, even if social media does not enable the direct sale of NFTs, it helps to build a bridge between buyers and sellers and determeines its monetary value.
Protection of Ownership
From a copyright standpoint, the content creator who posted the photo on social media will remain the lawful owner and retain sole control over the work's usage. Users who upload any type of material on social media, from digital art to pictures and music, may "mint" their own work by giving it and NFt value and so making it one-of-a-kind, with the uniquenness of the piece confirmed by the NFT source code. This is a soultion to a situation where content providers on existing oscial networks are losing moeny because of streaming and digital reporcutive commodification.
How NFTs Benefit from Social Meda
NFTs would not be the same without social media! Even if social media platforms were to disappear entirely, the sale of NFTs would not be impeded technically. To support the selling of NFTs, several online platfomrs and marketplaces were developed, including SuperRare, MakersPlace, and WazirX in the United States. But would it be the same without social media platform? Definitely not. For instance, digital art has grown and flourished on social media, several artists have a substantial or at least considereable following on social media, and 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. Social media platforms act as the common ground between a buyer, seller, or mediator for the slae of NFTs, in the same way, it connects a consumer to a brand. While there are no concrete features to support the sale and purchase can only be completed after being redirected to an external platfrom, the area is being explored.
What are the Social Media giants doing?
The head of F2, or Facebook Financial, David Markus, in an interview with Bloomberg, stated that the company is exploring the possibility of creating products and services related to NFTs, but has doubts about using bitcoin for transactions. Marus did not elborate on what NFt products Facebook could create. According to him, support for such assets is planned to be added to the Novi digital wallet. Regarding speicific functions, Markus noted that users need to create, store, rent and sell tokens. So more likely we could exect such functionalities on FB in the future.
As for Instagram, it has yet to announce its intention to bring NFT functionality to the app, however, the platform's CEO Adam Mosseri previously mentioned technologies that could allows creators to make a living using their service. Also, developers Alessandro Paluzzi assures that the platform ahs been working on integrating NFT funtionality for soem time. According to his research, messages containing NFTs will be marked as collectible by the system, letting users know that there is a non-fungible token inside.
Twitter Inc will allow users to contibute to content in Bitcoin, as well as create the ability to publish and track NFT. This was reported by Reuters, citing company data. For hosts who hold regular meetings at Spaces (audio rooms from Twitter), the company will create a separte fund. They will receive payment form the company for the content. Furthermore, iOS Twitter users can now send and receive digital payments for content. PReviously this feature was in test mode. Twitters says it plans to add supoort for NFT. With the update, users will be able to track NFTs and show tokens owned by others. Twitter's senior software engineer, Mada Aflack, has also recently announced that Twitter will allow users to connect a cryptocurrency wallet to their account and import non-fungible tokens to use as a profile picture. According to Aflack, NFTs wil lbe marked on the profile image with a speical icon that will confir the authenticity of the token.
TicTok will release a collection of NFTs. It will include six videos from the most popular TikTokers in the world that are considered culturally significant. NFTs in the from of videos will be based on the Ethereum blockchain and will become art objects. From October 1 to Novmeber 5, six videos will be on display at the Museum of the Moving Image in NY, and the tokens will be released on November 6. The proceeds will be distributed between authors and artists.
This post is from here, https://medium.com/@blockdotco/nfts-and-social-media-604e8d12ea4a
'Career > Blockchain&NFT' 카테고리의 다른 글
| Social Media 2.0 Will Be Ruled by Creators Who Issue Their Own Coins (0) | 2022.03.14 |
|---|---|
| NFTs in Ticket Industry (0) | 2022.03.14 |
| 3 NFT Business Models That Work (0) | 2022.03.13 |
| 4 Reasons why you should fear Twitter's new NFT feature (0) | 2022.03.13 |
| Don't Sell Your NFTs; Do These Five Things Instead (0) | 2022.03.12 |