Overview
Non fungible tokens (NFTs) were anticipated to be the next big thing in the blockchain and cryptocurrency space. With the rise of NFTs and their marketplaces in terms of valuation and demand, there has been another important aspect that is being talked about recently. The whole ideation of the NFT marketplace is bits of digital content on the blockchain. On the traditional market side, digital content is placed on social media platforms but with more engagement methods through social features.
Social Media Going Nuts for NFTs
The narrative of bringing social features to NFT marketplace has gathered significant traction since the starting of year resulting developers to particularly target the offering. On the other hand, existing social media giants of traditional market are also finding ways to indulge NFTs within their ecosystem. During the starting of the year, Twitter launched a new feature that allows users set the NFTs they own as their profile picture. A few days later, Reddit was reported for testing NFT profile picture functionality. The classic example is the very first tweet by Twitter co-founder, Jack Dorsey, which was later linked to an NFT and auctioned for $2.9 million last year.
Why a Social NFT Marketplace?
The journey of NFTs till now is certainly astonishing with millions of dollars poured in terms of valuation. One may call it a fugazi to value pictures of monkey and pixelated photos at such levels, but cannot deny the fact of underlying physical utilities and opportunities for digital artists in the web3 segment. Adding social features on top of that might have the potential to connect and engage these digital artists on a similar platform. Just imagine a platform mix of Instagram and OpenSea. With social features in the form of likes, share, and comment, the promotional lengths of NFTs could also hit the mainstream media and audience. Yet, we don’t have any emerging project
Here comes Coinbase!
A major heads up was just given by Coinbase as they announced that their marketplace is now in beta phase and accessible to “a small set of bets testers who’ll be invited based on their position” on its waitlist.
Visual takeaways from the snapshots of the beta version simply suggests that users might get the expected mix of Instagram and OpenSea. With massive userbase, it could be considered as a first mover advantage for Coinbase white its rival Binance hasn’t included the functionality in its marketplace. In a blog post, the development team of Coinbase mentioned to build an NFT marketplace which could help creators and collectors build and engage their communities. Furthermore, team is planning to take the marketplace on multichain by opting to decentralized solutions rather than Coinbase tech.
New Social Money and Status
Certaintly, NFTs are on the right track to become a sort of social status as well as money. Additionally, Social NFTs are looking potential to fast track the adoption pace and hitting mainstream media. The rise of NFT communities has demonstrated that online conversation extends far and beyond transactional instants.
