In the years since the advent of X (Twitter) and Linkedln, the landscape of platforms for people-to-people communication has changed significantly. Today, social networks serve as centers for building virtual relationships, entertainment and information sharing. NFTs open new directions for the development of this space, offering benefits to all participants. They help platforms increase engagement, expand their consumer base and create additional revenue streams. Content creators can easily monetize their labor. Experts predict that the intersection of the two industries will facilitate the integration of digital tokens into ordinary life and will probably lead to even more interesting solutions.
Technical aspects of NFT implementation in social networks
The integration of non-fungible tokens into the Social Media segment involves several processes to ensure a seamless user experience. These include:
- Adding connectors for connecting cryptocurrency wallets. This is a basic option that allows users to securely buy, sell, store, and transfer NFTs. Users can create new wallets or integrate existing ones for easy interaction with digital assets on social platforms.
- Blockchain Verification. This is another important aspect of integrating NFTs into social media. With the help of blockchain technology, platforms can verify the ownership and authenticity of digital objects. The option provides trust and transparency in the marketplace. NFT creators and buyers can transact with confidence knowing that their assets are safe.
- Custom smart contracts also make it easier to buy, sell and manage NFTs on social networks. The protocols define the rules and terms of transactions. This ensures that ownership is transferred at a set price.
- Internal data synchronization ensures that information is always up-to-date across platforms and connected devices. Users have access to their assets in real time.
How NFT is changing social media
Technology offers Social Media platforms a unique way to monetize content, attract new users and reward them for their activity. NFTs validate ownership of digital creations – artwork, music, tweets, photos and more.
Integrating technology offers benefits for all parties involved. But there are several conditions to consider when implementing it:
- Platforms need to develop specific rules that ensure the community is using NFT appropriately and fairly. For example, you could restrict the sale of certain types of content or introduce moderation of digital objects before they are put up for sale.
- When selecting brands to partner with, it is important to ensure that they uphold values and provide products and services that are relevant to the community. This provides security for users while also providing an opportunity for additional revenue.
- It should be made as easy as possible to buy and sell NFTs – provide user-friendly interfaces, how-to guides, and video tutorials. These methods ensure easy reach of the target audience.
Advantages of technology for social media platforms
The first NFTs appeared on X (Twitter), YouTube, Linkedln in 2021. Today, they are used by platforms to create new revenue streams and improve user engagement. Social media companies offer users to monetize content and provide opportunities to buy and sell works digitally. This allows them to generate revenue from transaction fees.
Building their own infrastructure makes it easier to trade digital assets without the need for third-party exchanges. Users get more control over their creations. This significantly increases audience engagement.
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The feature also creates benefits for partner companies. By increasing the volume of advertising contracts, social platforms generate more revenue.
New opportunities for users
Integrating NFT into social media platforms gives content creators better control over their creations. Technology validates ownership in the digital space.
Authors become full owners of content, can showcase their work and build a personal brand.
There are other benefits for users. For example:
- Content monetization. Creators digitize content on social networks and receive royalties every time their NFTs are sold. This opens up revenue opportunities in previously unavailable ways.
- Visualize the connections between users and content. With interactive NFT profiles, authors can showcase digital collections, inviting audiences to explore and interact with them. This improves user experience and fosters community between creators and their fans. You can also customize the content feed according to personal preferences.
Opportunities for brands
For companies growing their business on social media, technology provides many ways to engage with audiences. By offering unique digital items, brands can strengthen bonds with fans through exclusivity and collectibles. This approach increases brand loyalty. Other opportunities for brands include:
- Retaining ownership of digital creations. On social media, anyone can share published content. NFT technology can establish ownership and maintain control of the work. Brand creators can also showcase collections and attract new followers.
- Monetization and promotion. With NFT technology, well-known digital artists and brands can sell their work. This provides a direct and more effective source of revenue, compared to traditional advertising and sponsorship. Brands can also use NFT to promote their products and engage with audiences. By doing limited launches, they generate more interest in the offerings, create excitement and increase customer loyalty.
How NFT marketplaces work on social media platforms
The digital landscape is evolving rapidly. In 2024, popular social networks are powered by NFT marketplaces that facilitate direct interaction between creators of digital items and their audiences. These platforms use blockchain to convert various forms of content into unique digital tokens. The feature allows creators to sell work directly to subscribers. With no middlemen involved, the process becomes more cost-effective.
Social NFT marketplaces are not only useful for content creators. Ordinary users can bid at auctions, buy unique digital works without extra effort and additional registrations.
Active participants receive rewards, which further increases the overall value of NFTs in the social media ecosystem. In the table, you can compare the pools of available options for different categories of NFT marketplace users.
| Content creators | Collectors |
|---|---|
| Direct monetization of paintings, music, text and other works. This is a new way to make money from your art without intermediaries. | Large selection of unique digital assets. Ownership of NFT is entered into a digital registry. |
| An additional level of lot security. The blockchain guarantees the uniqueness of each NFT by creating a digital certificate of ownership. This protects the creator’s rights and prevents unauthorized access or sharing. | Investment opportunities. Over time, the value of a digital object can increase. Collectors will profit from selling at higher prices. |
| High level of audience interaction. Authors can share their NFTs on social media, respond to comments, and communicate directly with fans. This helps to increase the recognizability of the works. | Direct communication with creators of digital artifacts. NFT owners can subscribe to creators, comment on their work, and send private messages. This enriches the collecting experience and gives the process a uniquely personalized touch. |
Examples of NFT implementation in social media
In 2024, X (Twitter), TikTok, and VKontakte are not just platforms for connecting and sharing moments. Social media is evolving into a multi-faceted marketplace for creating, showcasing, and trading digital assets. Many popular platforms have already integrated NFT and offer a unique experience for users.
X (Twitter).
This social network was the first to implement NFT. Former X (Twitter) CEO Jack Dorsey made headlines when he sold the first ever digitized tweet for a staggering $2.9 million. Since then, X has been testing different ways to use the technology.
For example, the social network has launched Super Follows, a feature that allows authors to offer subscribers exclusive content for a fee. The option is available for regular and digital content. Through partnerships with major NFT marketplaces OpenSea and Rarible, X allows users to buy, sell and showcase digital artifacts directly on the platform.
TikTok
A leading platform for creating short videos is actively exploring the integration of NFT technology. TikTok’s administration has partnered with major digital marketplaces – OpenSea and others. In 2024, users can create digital works directly on the social network and showcase them to a huge audience. For content creators, this serves as an additional source of income.
TikTok also plans to launch its own NFT collection in partnership with Ethereum Layer.
In parallel, work is underway to create its own digital marketplace within the network. Additionally, the company is considering using blockchain to improve content moderation and operational transparency.
YouTube
One of the world’s largest video creation and sharing platforms is also testing ways to implement NFT. In 2024, video creators could offer subscribers exclusive, limited-edition content.
The non-replaceable tokens serve as irrefutable proof of ownership. For fans, it’s a unique, verifiable way to demonstrate that they own digital content.
YouTube is keeping pace with its competitors and plans to launch its own NFT marketplace. The marketplace will integrate existing tools for creating digital material. Authors will be able to mint and sell tokens without leaving their accounts. The service plans to charge a small commission on each sale.
A large online community that combines the functions of a social network and forum is testing technology to incentivize user activity. Reddit executives have partnered with the Ethereum Foundation to run an app contest using non-replaceable tokens. In 2024, users can also earn points based on NFT and exchange them for rewards or unique section tokens – sabreddits.
“VKontakte”.
In the largest Russian social network, the ability to set digital avatars appeared at the end of 2022. “VKontakte” also launched a training course on working with non-interchangeable tokens.
VK NFT service allows you to link a cryptocurrency wallet to your profile. Users can transfer stored NFTs to their accounts, set them as an avatar. There are also plans to launch a full-fledged marketplace for trading digital items.
Conclusion
NFTs on social networks have ushered in a new era of digital ownership and monetization of content. Major platforms are actively testing ways to integrate the technology into their own business models. Many of them already offer to trade digital items without leaving their accounts. Others have gone further and are preparing to launch their own NFT marketplaces. Analysts predict that the intersection of two booming industries could lead to even more exciting solutions.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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