In the world of marketing and social media, everything is constantly changing, and what once was a tendency is no longer relevant. Therefore it is important to know what tendencies are rising, especially as a new year is about to start.
You may be wondering what is next in the Social Media world; co-founder of Solana, Anatoly Yakovenko is convinced that non-fungible tokens (NFTs) are the early foundations of the social networks of the future. But first, we need to talk about what NFTs are.
What are NTFs?
“Non-fungible” means that it´s unique and cannot be replaced with something else. NFTs are products that operate as digital assets. They are different from cryptocurrencies, since these are fungible, meaning that you can trade one for another of the same cryptocurrency, and you´ll have the exact same thing. Like trading a $1 for another.
NFTs can be almost anything digital, the most popular items being art and music. One less common example is the founder of Twitter selling a tweet for almost $3 million.
A lot of the NFT conversation revolves around it being the evolution of fine art collecting with digital art.
It is true that people can copy a digital file as many times as they want, including the art of an NFT. However, NFTs are designed to give something that cannot be copied: the ownership of the work.
How are NFTs the foundation of the social networks of the future?
Non-fungible tokens often come as part of a play-to-earn gaming platform or are sold as part of a collection. This gives the opportunity to build a community that does not require external involvement. A community is a group of people that comes together (in this case, virtually) for a specific reason.
Essentially, people can build long communities based on things they own. These kinds of communities do not rely on ads for monetization, so they don´t rely on Google or Facebook to function. “They are purely these digital communities that can monetize/self monetize from their own content without the need of any of these external poison marketplaces,” Yakovenko said.
At the beginning of December, $275.5 million worth of NFTs sold, according to Non Fungible data.
NFTs can be especially appealing to communities such as celebrity fan bases, and fashion houses, but that doesn´t mean that ordinary people, artists and brands can´t dive into the NFT world and be a part of a community, or build one.
The possibilities seem to be infinite when it comes to non-fungible items. Would you consider selling or buying an NFT?
Let´s continue the conversation at our social media channels. If you need help with your digital marketing strategy, our team at Miss Ink is ready to help. Please give us a call at (305) 537-6465 or contact us here.
