In recent times, the phenomenon of Non-Fungible Tokens (NFTs) has hit the world economy in a big way. There are a whopping 646,002 unique crypto collectibles with a huge monthly trading volume of $71.73 million according to data from Coinranking.com. Amidst the Covid-19 pandemic, social media platforms like Facebook, Instagram, and Twitter have witnessed a rapid surge in traffic and usage.
So, why not integrate the popularity of NFTs and the promising social media industry in the form of an NFT-based social network for content creators? Let us analyze this now.
The world of social media is a hub of different content (emojis, GIFs, memes, photos, posts, videos) generated by millions of users. However, the members of the social media platforms do not get paid for their own content and the big tech companies pocket millions through strategic advertising and monetization of user data.
NFTs can solve this issue by completely changing the equation. Users can sell their creative content in the form of digital collectibles and sell it to the highest bidders through well-organized auctions conducted on NFT marketplaces.
The content creators will retain the right of ownership of the content as the crypto collectibles are a mere version of their content and not the original itself. The content developers can also receive royalties if their content gets resold in other NFT marketplaces. In addition, their content is safeguarded from copyright infringement and duplication. Multiple measures are taken on the robust blockchain networks for the highest level of authenticity and transparency.
What is the current scenario in the market regarding the powerful combo of NFTs and social media?
Financial independence is ensured by Crypto collectibles – as they have made artists, designers, photographers, and video producers sell their work directly to the target audience. Middlemen like content distribution platforms, galleries, and streaming sites have been removed from the system.
The content creators can get a huge price for their work – if there is a high demand from investors on NFT marketplaces like GhostMarket, NBA Top Shot, OpenSea, Rarible, and SuperRare. This will lead to greater profits for them as the revenue made will overcome the costs incurred for developing the one-of-the-kind content.
Jukin Media, a popular entertainment company – has partnered with Night Media, a talent management agency for establishing a social media platform where content creators can sell their viral videos as NFTs.
Electronic artists like composers, DJs, and singers – are releasing their rare albums and tracks on NFT selling platforms like Nifty Gateway and fetching millions of dollars in sales. It acts as a good source of revenue for them in the absence of live performances and music tours.
Initiate the creation of an NFT-Focused Social Media Platform soon.
Nifty’s Inc, a tech company – located in Miami, has shared details of an NFT-focussed social media platform to bring famous brands and publishers together. The users of Nifty’s yet-to-be-launched NFT-based social media network can purchase digital artwork sold by different artists. It will utilize the decentralized MEME Protocol where the buyers can stake crypto tokens and get their desired digital collectibles.
ACE (Artist Crowdfund Exchange) – is utilizing NFTs for offering more revenue for sports professionals and workers in the entertainment industry. The content creators can utilize the limited supply of Access crypto tokens for publishing their work. The ACCESS tokens can be also sold for a profit depending on the demand in the market from fans and followers. The content developers also get a 5% royalty for every resale of the crypto token.
UHive is a unique decentralized social media network – where users can mint their pages and profiles into NFTs. UHive utilized advanced technologies like Artificial Intelligence (AI), blockchain, and Virtual Reality (VR). The members of the platform can purchase the UHive crypto token (HVE2) which is fully compatible with the ERC-20 token standard. The HVE2 crypto token can be purchased by using Bitcoin (BTC) on the PROBIT digital currency exchange or from the LATOKEN cryptocurrency exchange via Ethereum (ETH) or Tether (USDT) trading pairs.
How can Appdupe help in creating an NFT-based social network for content creators?
We offer feature-rich clone solutions of famous NFT marketplaces like Axie Infinity, CryptoKitties, Decentraland, GhostMarket, Gods Unchained, NBA Top Shot, OpenSea, Rarible, Solible, Sorare, The Sandbox, and Sorare.
Establishing tailor-made NFT marketplaces for various kinds of artists, designers, gamers, movie lovers, and sports fans by utilizing different tech stack. Our expertise in blockchain platforms comprises Binance Smart Chain (BSC), Cardano, EOS, Ethereum, Polkadot, Stellar, Stratis, and TRON.
Integration of different crypto-compatible wallets like Coinbase wallet, Fortmatic, MetaMask, MyEtherWallet, Portis, Torus, Trust Wallet, and WalletConnect.
NFT Smart contract development and smart contract auditing services to ensure the good working condition of the self-executing programs.
DApp integration with various crypto collectibles useful for industries like artwork, gaming, and gambling.
Creating both fungible and non-fungible tokens by complying with the token standards like ERC-20, ERC-721, and ERC-1155 of the Ethereum blockchain network.
Complying with different cryptocurrency regulations, financial laws, copyright protection, and intellectual protection to ensure a safe experience for all types of content creators.
What are the steps that content creators must follow while using the NFT-Focused social media platform developed by Appdupe?
Choose the kind of content to create (GIFs, images, memes, songs, tweets, and videos).
Decide an appropriate price of the NFT depending on the purchasing power of the target audience.
Finalize whether to release the crypto collectible as only one copy or a limited-edition collection with multiple copies of the same NFT.
Opt for the right NFT marketplace for selling the crypto collectible based on factors like ease of conducting auctions, listing fees, trading volume, and activity of interested investors.
Deposit some well-known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in compatible digital wallets.
Being aware of the data security and privacy rules in the NFT-based social network
Verifying if there are adequate safeguards taken by the NFT-focused social media platform for the protection of copyrights and intellectual property.
What is the budget to be allocated by entrepreneurs for NFT-based social network development?
The cost of creating a cutting-edge NFT-focused social media platform is dependent on multiple aspects like the type of features (basic and premium), the development duration, the choice of the frameworks and technologies, the hourly or monthly rate paid to developers for designing the front-end and back-end of the network, cross-platform compatibility, and the level of customization needed by the business firm.
An NFT-based social network can be utilized by an entrepreneur to disrupt the market successfully and move ahead in the intensely competitive digital world. It helps them to promote more equality without any economic or social discrimination by giving all powers right in the hands of the users.
Get started with lucrative NFT based social network development now
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