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Coming into crypto’s 13th year of existence, the market for decentralized currency has already swallowed up large swaths of the creator economy, especially communities of digitally-native artists who have already been taking advantage of the ubiquitous creator-first platforms. The NFT, or non-fungible token, has made it possible to generate continuous profit from virtually all kinds of content. These blockchain-based tokens have allowed musicians, athletes, journalists, artists, filmmakers, and online content creators to grow their brand as well as their wealth while simultaneously giving their fans the opportunity to do the same. So what is the best NFT marketplace to get in on the action before it becomes the new staple of the creator economy?
What is an NFT?
If you’ve been following recent creator economy trends the word NFT has surely cropped up. While crypto technology has been around for more than a decade, it still hasn’t been served to the mainstream in a digestible way and so it continues to be somewhat of a fringe concept. This is partly the reason why so many social media platforms and content creators have been jumping on the wave.
The way an NFT functions is similar to cryptocurrency, meaning that it’s based on the blockchain and can be sold or traded. However, these cryptographic tokens are not mutually interchangeable (fungible). The name Non-Fungible Token explains that each NFT is a unique asset that has a different value from any other NFT. To be more specific, an NFT is a unit of distinctive data that is licensed for a specific purpose, and the ability to distribute, display, use, and own it is bought and sold on the digital market. This is an NFT marketplace.
The entire life-cycle of an NFT is publicly and permanently stored on the blockchain, which is the digital ledger that stores all cryptocurrencies. This means anyone can see who owns one along with the line of buyers and sellers that landed it inside of their ownership. Each transaction is authenticated with an irreversible digital signature, tracking the ownership and the price. An NFT marketplace offers buyers the opportunity to bid for all kinds of digital content including songs, albums, art pieces, posters, games, and even entire films. Artists are hence the main attraction and can make their art exclusive by controlling the supply and initial price, and they can even program royalties to be paid each time the NFT is moved from wallet to wallet. This new opportunity for consistent profit from art is why NFTs have become so popular.
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Upcoming NFT social media platforms
As per a job posting, Reddit is dipping its feet into the crypto economy, primarily with its new NFT marketplace. They are dedicating their proposed involvement to growing the sense of participation and belonging in their 430 million large community. They intend to create ”the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs.”
As Reddit is commonly touted as the “front page of the internet,” there is a lot of sharing, commenting, and content creation going on. Reddit believes that allowing fans to buy digital goods directly from their favorite influencers and creators will make them feel a stronger connection with them.
With the NFTs’ ability to be programmed for exclusivity, ease of distribution, and complete transparency, Reddit plans to create one of the best NFT marketplaces on the internet. This includes the opportunity to monetize memes, art pieces, and any other kinds of content that are shared within Reddit’s tight-knit communities. It is already one of the best places to discover other people who share your common interests, and it will now become one of the best places to profit from them.
Although the job posting doesn’t delve deep into what kinds of specific features would be worked on, you can already see how this can help content creators grow their brand more effectively. By monetizing their popular content, they will be able to make a controlled profit from their fans. However, given that the app itself is currently free, introducing the advent of NFT distribution might turn some people off. Having to pay for certain pieces of content when you could just save them to your camera roll otherwise is quite a leap away from Reddit’s standard usage, so this new venture might not be entirely one-sided. Only time will tell as the NFT market continues to grow by the quarter.
The ever-popular social media content platform TikTok is now joining the crypto craze and has the opportunity to create the best NFT marketplace of its own. Introducing the “TikTok Top Moments” feature, six culturally significant TikTok snippets would be selected to be bid upon by fans. This provides yet another avenue to generate profit for creators and allows fans to own the distribution and social status of a piece of popular internet culture.
These creators, presumably some of the most popular on the platform, would partner with NFT artists to develop unique NFTs of their most popular TikToks. The intention is to grow their value over time as they are sold and resold at higher prices. It is the first time you would be able to “invest” in a TikTok, and eventually, these investments could be displayed on your profile in similar ways to Twitter and Instagram. The drop site for these top moments is already here for all users to explore, with figures like Gary V and Lil Nas X already starting to drop NFTs.
With “TikTik Top Moments”, the creators are targeted to make the most profit. It is advertised as a continuation of TikTok’s “commitment to helping creators achieve their goals in the growing creator economy…” and so they would be the major benefactors. As most fans enjoy the freedom of scrolling endlessly through TikTok’s content, this new feature might only appeal to certain crypto enthusiasts with money to spend.
This isn’t a con so to say, but it may be a worthless addition to the majority of users. However, it’s just the first NFT-related feature on the platform, and as the NFT trend continues to grow, more inclusive features might be added in the future.
If you’d like to know which of your favorite influencers have already hopped on the NFT marketing wave, read about it here.
A decentralized social media platform is truly the next step in the creator economy’s fast evolution. Weentar is an upcoming blockchain-based social media platform for celebrities, influencers, and creators to use the full breadth of crypto technology to grow their brand. Weentar provides creators with the ability to develop their own social token which is to be bought and held by fans in order for them to remain an active part of their community and access exclusive content.
#Weentar is excited to officially announce that we have engaged with @antho1404 and the team at Liteflow in a long-term deal for the design and ongoing development of our blockchain-powered social media platform! #NFTs and more,
coming soon! pic.twitter.com/ruX1MwJadi
— Weentar (@WEENTARcom) November 5, 2021
The decentralized platform will allow fans to invest in creators and as they grow, so will their shares of them. The creators’ content would be developed as NFTs to be distributed throughout their own digital ecosystem complete with their own currency. This gives the creator total control over all of their brand rather than them having to rely on advertisers and marketers for profit.
This ambitious project is set to be released very soon, hoping to tap into the vast creator economy and provide them with a great NFT marketplace. The entire network runs on the Weentar Token ($WNTR) with plans to be launched on their own custom blockchain. These tokens will be used to develop personalized social tokens used for membership. As Weentar is starting up, they are offering free tokens for a limited time to creators with a strong following on social media.
As your content will be fully distributed as NFTs, the platform will require fans to purchase their social tokens in order to participate or become a member. This may turn some users off as they are looking for a free social media platform, however, with the advent of decentralized social media, this means there are zero advertisements and all currency is circulated between the creator and the fan. As the NFT market grows, look out for Weentar to take full control of your profits, IP, and brand.
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4. SOCIAL NFT
When discussing the best NFT marketplace, SOCIAL NFT fits right into the conversation. It was designed for the sole purpose of social media personalities to create digital tokens based on their content and for anyone to access them through the SOCIAL NFT media platform. It went live in early September of this year and has already gained about 30k followers on Twitter, Instagram, and Facebook.
The platform is meant for those with considerable social media followings to create, mint, and issue NFTs. It allows creators to skip the programming part and go right to the selling and distribution. There is even a royalty program that allows you to receive a percentage of the sales whenever a translation occurs. It uses the BNB coin or the SNFT token for transitions, which are both based on the Binance Smart chain.
As a user, it is as easy as creating your wallet and collecting as many NFTs from your favorite creators as you want with added benefits based on your active status. The user-friendly application is entirely reliant on the popularity of NFTs, and so its future is yet to be decided.
5. Twitter and Instagram
Both of your favorite social media platforms are planning to integrate the same feature of displaying your NFT purchases directly onto your profile. On Twitter, the process would begin with connecting your digital wallet and choosing from your already purchased NFTs to display as your profile picture. You would be provided an “Ethereum checkmark” on your profile picture as a sign of ownership and authenticity. Furthermore, you would be able to showcase your entire collection under a new “Collectible” tab, where you can see how adept someone is with their crypto purchases.
This “Collectible” tab is also being planned for Instagram, except you can actually place NFTs up for auction for the billions of users to bid for. This would increase the buying behavior inside the app while allowing digital artists to spread their awareness to a massive base at the same time.
While this new integration may seem like a win for content creators, it can appeal to anyone interested in joining the NFT market. And it would mean that there would be yet another paid option on an otherwise free app. With the decentralized currency wave sweeping over a good amount of social media platforms, your average usage of these apps will evolve into an opportunity to surf for the best NFT marketplace and make some profit. Where you once scrolled through to look at celebrity photos, memes, art, or any other digital content, you would now be window shopping for the newest NFTs, created and distributed directly by your favorite content creators. This looks to bridge the gap even further between influencers and their fans and grow the creator economy like ever before.
The future of NFTs and crypto
With the surge of NFT social media platforms, influencers will have the opportunity to take full control over their profits without having to rely on sponsorships and ads while connecting to their fans the way they’ve always intended. The advent of cryptocurrency and blockchain technology allows fans to invest directly into their content and serve as their distributors across the entire digital market.
Look beyond NFTs and into the world of cryptocurrency! Read about the top crypto influencers here!
The transparency of the transactions as provided by the blockchain would allow you to track your content as it floats around the internet for your fans to enjoy as well as see the price change. With the ability to program royalties, set the quantity, and choose what aspects of your art can be bought and sold you can foster a dedicated fanbase that is willing to directly contribute to your growth. With crypto, you cut out the middleman and reap the benefits of producing independent content without any strings attached.
As technology itself is evolving alongside this surge in NFT and crypto popularity, more opportunity to share, grow, and profit from unique content arises in ways you can only imagine for the time being. With Facebook’s venture into the Metaverse, the entire internet will become your marketplace, and profit can be gained at every corner. You would be able to own the rights to some of the most popular pieces of culture as they were conceived, building an arsenal of valuable assets that would only accrue in value over time. The time of the creator economy is soon to be upon us, so don’t miss out on new platforms like DeFine and Meta. As long as the crypto craze holds, the future is bright for the creator economy.