Social media has a vital role in determining the popularity of assets and the NFT market is replete with examples of projects that were (and still are) highly successful based both on the art and the social media strategy used to promote the project.
Social Media and the NFT Market
Social media has the potential to further polarize opinion. NFTs have been embraced by several prominent figures on Twitter, including Reese Witherspoon, the American actress, and Ozzy Osbourne, the English hard-rock singer. In addition, Reddit has launched a test of changing profile pictures to incorporate NFTs.
As a result, many retailers are beginning to leverage social media platforms to drive NFT sales. The concept of NFTs is relatively new to the public, but the concept has gained widespread adoption with brands and consumers alike. With social media platforms now embracing this new medium, the possibilities are endless.
The role of social media in the sale of new currency tokens has benefited the NFT industry by creating a common ground for buyers and sellers to connect. Through social media, buyers can find NFTs by browsing through different categories and choosing their preferred currency. This allows sellers to sell their NFTs on an external platform. In addition to providing a common ground, social media platforms also act as gateways for mediators.
Another example is Twitter, where users can now display their NFTs as their profile pictures. Since Twitter is connected to crypto wallets, users can also view NFT profile pictures and see other NFT-related content.
However, it’s important to note that NFTs on social media platforms will not necessarily translate to success. The NFT status differs from social platform status. If you’ve gained a following on Twitter because of your dry humor or political commentary, it is unlikely that your followers will put any value in your NFT badge.
While Meta (and Instagram) are not yet offering direct sales, they’re already exploring features related to NFTs and cryptocurrencies. Instagram is also testing out a feature that will facilitate the sale of digital collectibles.
Meta isn’t yet fully suited for this, it does support the social commerce ecosystem and features, including in-app shops. If the new technology works, it could eventually allow social media to directly sell NFTs and Meta is already experimenting with direct NFT sales.
One of the most important benefits of social media is that it fosters relationships. Building ties within the NFT community is arguably the best way to promote a project. Across multiple social media sites, NFT sellers can connect with these communities and discuss new product launches and marketing strategies.
It’s a win-win situation. However, to make the most of the role of social media in the sale of NFTs, users must first understand how to harness social media’s power for maximum benefit.
Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.