The age of non-fungible tokens aka NFTs is upon us as the market is heating up with the competition. There are hundreds of new NFT projects looking to gain acceptance as it became one of the most popular use cases this bull season. What began as a mere fan engagement participation token for sports clubs and in-game memorabilia has now turned into a multi-billion dollar industry on its own. Today NFTs have made their way into the art, finance, music, travel, and social media industry with many more use cases on the way.
NFTs allow for the tokenization of real-world items, memories, and even voice. Some of the most popular forms of NFTs sold include digital paintings, music stars selling their most form of music in NFT form, the source code to the world-wide-web and a legendary speech by NFL legend. NFTs simply give any piece a unique identification and it has caught mainstream attention, the reason why every big known personality and brand is turning to the crypto use case.
The NFT marketplace saw sales worth $2.5 billion in the first two quarters of 2021 with digital artist Beeple taking the lead with a sale of $69 million in digital art. Apart from digital artists, famous sports celebrities like boxer Mike Tyson, Floyd Mayweather and Tyson Fury, NFL star Tom Brady, musicians such as Eminem and DJ Khaled and many other celebrities have already launched or are in the process of launching their own NFT.
NFT use cases are on the rise, and social media seems to be the next big battleground for the NFT market as several social media platforms are reportedly working to launch their own NFT marketplace. Instagram, which started as a photo-sharing platform, is reportedly in talks to launch an NFT platform as well.
Among a huge number of NFT projects making their market debut, marketplaces, the first-ever NFT Social network Nafter has stood out from the rest. Nafter had already beaten the big wigs in the game to launch the world's first social media NFT platform that allows for social media influencers to launch content NFT.
Nafter Reveals First Glimpse of its Marvel App
Nafter, the world's first social media NFT platform has taken a major step towards building its social media NFT ecosystem and gave a sneak-peek into the design of their upcoming platform via the Marvel app. Nafter has prepared separate design demo apps for both desktop & mobile. The demo version showcased how the upcoming platform would look and might function. It revealed the platform would have a direct bidding option on each post where the highest bid would be revealed along with the post. The concept looks quite refreshing and might work quite similarly to how online tipping works. Users can simply browse through the platform and bet on their favorite influencers' posts to make them their own.
A recent report suggested that the photo-sharing application Instagram is set to focus more on its short video features and brand promotion than traditional posts. The artists have raised concerns about the platform's decision which highlights how centralized social media platforms can hamper the progress of its community for quick money. Nafter is here to resolve that problem by becoming a direct point of interaction for influencers and artists with their fans. The platform would not only help them showcase their art but also an auction and sell it to make profits.
The social media NFT marketplace cuts the middlemen between influencers and fans and directly offers the product in the NFT form to the highest bidder. The best part, fans decide the value of the photo, video, or art posted by their respective social media influencers. The platform has been created keeping the growing influence of social media in today's world where social media influencers are no less than a celebrity themselves. Earlier, the only thing to look forward to for fans was merchandise launch, but with the social media NFT marketplace, they can own a unique piece from the life of their respective favorite influencers.
Social Media NFT Marketplace, the Big Move in the NFT Arena
After sports and music, social media is going to see the biggest inflow in the NFT market that could potentially bring the next billion dollars to the industry. Unlike the sports and music industry, social media influencers have a bigger reach and influence in today's world. Nafter is banking on the popularity of social media to bring the next big use case in the NFT marketplace. What makes social media the most powerful tool to become the next big factor in the NFT game is that it is an amalgam of all the other industries as it attracts celebrities and influencers from all sections of society, be it musicians, sports stars, artists, or anyone else. The platform combines the best of three worlds i.e Social media, NFTs, and Finance.
Influencers can turn any of their photos, life moments or any other content be it a piece of exclusive art or music that could be turned into an NFT and sold to their fans. The influencers can monetize their content while fans and users can build an NFT portfolio which they can re-sale for profits as well. Users can also stake tokens to gain access to exclusive content as well as earn via staking, So, it's not just influencers that would be making money on the platform, the fans have an equal opportunity to do so.