Non-Fungible Tokens And Their Invasion Of Social Media Platforms
The World Of Social Media And The Position Of NFTs In It!
We all know the fact that NFTs boomed in 2021, invading every industry possible. Now, everything that needs to be unique can have NFTs replacing any digital file that has been in use traditionally. The NFT trading platforms have been active with a constant demand for NFTs with a whopping trading volume. The overall NFT sales in 2021 amounted to 40 billion dollars. But the year 2022 saw a great deal of demand for NFTs despite the crypto crash. The first two quarters of 2022 recorded around 42 billion dollars. In the list of sectors that are into blockchain and NFTs, Social media is also joining the club.
Social Media and NFTs!
The saga of social media and NFTs started with Twitter. It all began when Twitter announced people could display their NFTs as profile pictures. Following that, Meta announced that users could create their own 3D avatars on Facebook, Messenger, and Instagram in certain countries. Though this was a start for the metaverse project, it did make people get to know more about metaverse and NFTs. On the other hand, Youtube announced that it would take up NFTs for the creator community. It also came forward and distributed personalized NFTs to the popular influencers on the platform. Social media platforms are an active stage for artists to showcase their works, helping them to get into NFT trading platforms to monetize them.
As a recent addition, Reddit is also into Non-Fungible Tokens. Reddit has recently announced that it will be airdropping digital art NFTs of independent artists to Reddit community members. This airdrop for the community members is a reward for their contribution and their support of the platform. Not just that, these NFTs can also be showcased as their profile pictures on Reddit.
Though it is not possible to buy and sell NFTs on these social media platforms, they are a platform that contributed a lot to the NFT boom. There are indeed plans quoted by popular social media like Instagram and Youtube that will enable the creators to take the next step in the creator’s economy with NFTs. That is, they will help digital content creators to make their creations into NFTs and effectively monetize like never before.