It was almost one year ago that social media platforms such as Twitter began supporting non-fungible tokens (NFTs). NFTs are unique cryptographic tokens that cannot be replicated. They essentially show ownership of a certain digital item, like an image. Twitter, along with other platforms like Facebook and Instagram, have been working toward allowing their users to display NFTs as profile information. If you were to click on this information, you would be taken to a place where additional information is offered. This is very much a digital status representation that allows people to show off their membership or digital identity.
Reddit is the latest social media platform to embrace NFTs, with avatars available for purchase using fiat currency. Reddit requires a five percent portion of each transaction. However, Reddit refuses to acknowledge these NFTs for what they are. While they are part of the Polygon blockchain, they will be referred to as collectible avatars moving forward on this platform. Reddit has expressed that they view blockchain as a method of empowering and creating a more independent community on their site.
Facebook had begun allowing certain creators to showcase their NFTs in the summer of 2022 as well. This information is included on a digital collectibles tab in a user’s profile. This was shortly after Instagram (run by the same company) enabled NFTs to be shared, a surprising move given the fact that crypto products recently saw a decline in popularity. They had their worst performance ever in June 2022, when NFT sales only reached just over $1 billion.
In addition to social media platforms, there are many brands that are embracing NFTs, such as Gucci, Adidas, Nike and Bose. This is a very different concept, as awareness is made through different postings within channels, not with the use of ads.
In the future, we might see a shift away from branding as community becomes more important. Content is still very relevant, but there will also be more conversation between communities and within communities. Transparency will be necessary as a learning curve develops for people who are just embracing NFTs. Unless you know some elite creators and collectors, you may not have even noticed NFTs making their way onto these platforms, but you may start to see more and more of them popping up over time.
We’re at a point where people want to have ways of showing off their status to others. NFTs are just one new method of doing so. This is a way to display membership and status within different identity groups. The specific social media platform that you’re talking about utilizes NFTs in different ways.
On Instagram, status may be achieved by way of fashion or photo skills. Twitter is all about making a big statement using a small number of words. Your wit and your knowledge are important. TikTok focuses on video, music and performing. On a positive note, social media platforms’ continuing embrace of NFTs may encourage a lot more authenticity than we’ve seen recently. Instead of just posting photos that attempt to generate a certain status for oneself, there is a lot more proof that comes from the investment of NFTs.