Instagram is the Next Big NFT Platform
NFTs have been around since 2012, but it wasn’t until recently that NFTs have become a household name. Massive sales from digital artists like Beeple and the growth of platforms like SuperRare and OpenSea have launched NFTs into the public conversation within the last couple years.
Now that digital art has been a first mover in the space, NFTs are ready for massive growth.
The question is what will be the next phenomena? The answer is Influencers…
Instagram as an NFT Marketplace
Instagram is the world mecca for showing up aesthetic and impressive images and videos, yet most influencers have struggled to monetize their content and even those with millions of followers often work a side job for income.
The problem was until now, there hasn’t been a way to monetize digital content.
Instagram’s CEO Adam Mosseri recently stated that the company is exploring various models that would allow users to monetize their content.
One of the models which Instagram is considering is an NFT marketplace, specifically aimed “to help millions of creators, over the next five to ten years, to make a living.”
If Instagram does decide to encode NFTs into their platform, then creators would easily be able to sell their work (art, videos and gifs) and users could display their purchased NFT on their profiles.
Such as the like button catalyzed social adoption, the value of a user’s NFTs overtime could be a new form of social currency driving massive growth and adoption across Instagram’s network.
Imagine if Kim Kardashian was able to post a limited supply of her most recent photo as an NFT? Then users could trade and swap collectibles overtime all while Kim collects a creator royalty from each sale.
Social Tokens Beyond Instagram
NFT market cap = the internet’s market cap
While Instagram stands as a ripe first mover in the creator NFT market, other platforms like YouTube and TikTok could easily adopt their own social tokens to reward creators.
A social token is direct investment into the creator themselves. If you invested in someone when they had 100 subscribers and held the token until they surpassed 1 millions of followers, you could share in the success with the creator.
Creators could then create select social groups and content releases only allowed for token holders, thus driving up demand even more.
Aside from NFTs on Instagram, it’s also worth looking into social tokens which allow individual fanbases to directly invest in their favorite influencers.
The social token could 10x in price just like we’ve seen with other cryptocurrencies.
Photography and video NFTs are along with social tokens are the next big movers in crypto.
Through these projects, artists and creators will be able to monetize themselves while also giving back to their communities.
The big drawback with Instagram as an NFT platform is it’s not really decentralized. They’re definitely going to cut out large fees from artists, plus Facebook is known for using user data inappropriately.
Platforms like Ownchain intend to solve this problem by offer creator tools build on the blockchain so that you can build and host your own NFT store and assets.
We’ve seen sales into the tens of millions for digital artworks from unknown creators, just imagine when TikTok influencers get a hold of NFTs…
Investing in social tokens and social NFTs is going to fundamentally change how we interact with the blockchain.