NFT is moving from just being a tokenization tool for art pieces to the realm of social media platforms.
Non Fungible Tokens (NFTs) have become a breakthrough use case to come out of the crypto ecosystem this bull season which has got the attention of Floyd Mayweather, Paris Hilton, Eminem, and many more celebrities from the sports and art industry. The NFT mania is real and many see it as a disruption for the art industry. Many celebrated artists of our time are ditching the traditional way of auctioning their art prices and rare memorabilia in the form of an NFT. The highest-grossing digital art from a digital artist Beeple was sold as an NFT for $69 million.
Non-fungible tokens are a form of blockchain identification with unique IDs that makes the real world as well as digital valuables unique with a blockchain address. First founded in 2018, these NFTs were used as fan tokens for premier sports clubs and in-game rewards. However, the new potential has opened the gates for a new crypto industry itself just like Defi that has become a multi-billion dollar industry.
Most of the new use cases that gain mainstream attraction evolve in phases, and NFT is also moving from just being a tokenization tool for celebrity memorabilia and art pieces to the realm of social media platforms. We all know the power of social media and how influencers on these platforms are no less than main celebrities, a social media-based NFT marketplace could just be the next big evolution phase for the NFT mania. This is evident from the fact that Instagram, one of the top social media platforms with millions of users, is looking to work towards an NFT marketplace.
Social Media Marketplace Will Be Next Big NFT Move
Social media’s influence in today’s world is second to none, some of the top social media celebrities include David Dobrik whose merchandise go out of stock within hours of launch, Jake Paul another Youtuber whose fame helped him fight world champion boxer Floyd Mayweather which make no sense and still sounds unbelievable but only happened because of the growing social media influence. Thus, a marketplace made for social media composed of influencers and fans seems to be a perfect NFT idea. Nafter will be launching the world’s first and only NFT Social Network made for creators and fans, allowing them to buy and sell the content they create and collect.
Nafter could bring a new era of the NFT marketplace in the form of social media where influencers can launch a unique art or photo or anything that the fan is ready to pay for. To give an example of what fans are ready to buy of their favorite celebrity, people have bought chewed gums, socks, even used napkins. Thus Nafter can open up the gates for fans to get access to unique celebrity content authenticated via blockchain.
NFT Mania Led to Social Media Memes Fetching Hundreds of Thousands of Dollars
The NFT collectibles can come in every shape and form and some of the leading crypto entrepreneurs have either launched an NFT marketplace or are looking to do the same in near future. For example, Mike Novogratz, the CEO of the popular crypto asset management firm Galaxy Digital has also launched an NFT marketplace called Candy Digital focused on the sports field. He claimed unique things will always hold value. His company recently converted the popular speech of Major League Baseball team New York Giant’s Lou Gehrig’s “Luckiest Man” farewell speech as its first NFT. Novogratz even claimed that despite the hype around the NFT ecosystem, the NFT use case would continue to grow and evolve and hold great potential for the future.
As sports is one of the most collectible fields, social media is no different in today’s world and has the power to start various initiatives and movements through one post. Just like the legendary speech of Gehrig’s, a popular social media post such as the famous selfie of Ellen Degeneres along with multiple A-list celebrities broke the internet a few years ago, and in today’s NFT era it could potentially fetch a hefty sum during auctions. Famous memes are already being sold for hundreds of dollars the most recent one being “Charlie bit my finger” or the “doom’s day girl”. It is evident from these examples that content is the king and even modern era social media memes could fetch a significant amount.
Any iconic movement or trendsetter could potentially fetch hundreds of thousands of dollars in the NFT ecosystem just like unique playing cards from a few decades ago or the first edition of a comic book or even cinema tickets to iconic movies can bring money to owners. In a very similar way, NFTs ensure a digital unique copy of iconic items physical or digital attracts high value.