There’s been a strong resurgence in crypto-assets recently, primarily within the gaming domain. If you’re familiar with the term Blockchain, then you’ll be familiar with NFT. Out of all the platforms that could look into the potential of integrating NFT into their systems, surprisingly Twitter makes a bold statement to decide to headline such an announcement in recent news.
NFT stands for Non-Fungible Token and is, in most part and at the highest levels, part of the Ethereum Blockchain. The term ‘non-fungible’ is used to refer to assets that are unique and literally one-of-a-kind. They cannot be replaced, and no one other than the creators has the right to “own” them. Not even the developers of games that integrate NFT have access or control over the assets that players can obtain.
Ethereum, on the other hand, is a type of cryptocurrency, meaning that it can be traded and has the potential to appreciate. A Blockchain is essentially a specific type of database or record. Put all three together, and you virtually have a billion-dollar industry. Boom, there you go, that’s a crypto crash course right there.
Making A Statement
While the other platforms are surely looking into NFT integration in their channels, (Facebook, with its broader Metaverse concept, and Instagram, with its concept or profile showcase) Twitter is the one to have successfully rolled out a “beta-test” if you will.
If you check out Justin Taylor’s Twitter account, she happens to be Twitter’s Head of Consumer Marketing, you’ll see a sneak peek of their NFT profile verification. What this allows users to do is basically connect with their digital wallet, which then directly links them to their NFT purchase. This allows Twitter to provide a mark of authenticity or ownership on all NFTs displayed, signifying that these are assets owned solely by the account holder.
NFTs have always had this air of exclusivity. The reason why NFTs are so lucrative is that each asset gives that much more sense of value for those who can purchase them. Each NFT is considered a one-off, and each one present in a person’s collection adds more value to it. Note in the sneak peek the ‘Collectibles’ tab? It’s meant to serve as a personal showcase for anybody wanting to flaunt their NFTs.
The Wrap
If you’ve recently seen some unique-looking and animated avatars on Twitter, chances are those are NFTs. The concept and mechanics behind cryptocurrency lie in totally different fields compared to how traditional monetary models make up most of the various social media platforms’ revenue systems. At most, there’s a “potential to establish connection” with regards to NFT integration within social media systems. However, with time and continued effort, it can open a lot of doors.
In a way, NFTs function as sort of verified checkmarks, potentially increasing reach, audience engagement, brand perception, and awareness, while simultaneously supplying owners with the feeling of exclusivity, validity, and just plain bragging rights. As things stand, crypto has a say when it comes to the next significant digital shift. It’s exploratory waters at best for now, but you should explore NFTs as considerations for your strategies.
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