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November 30, 2021

Are NFTs a new type of social network?

NFTs (Nonfungible tokens) are new on the scene but provide promising possibilities social projects. The social aspect of NFTs is undeniable. The fact that they are emerging into the mainstream is easy to see. Art enthusiasts, enamored with the diversity of NFT art enjoying the new technology.

All of this makes some commentators feel that nonfungible tokens may become a new form of social media. The thinking is that this would be based on creativity, ownership, and contribution.

NFT Project groups are the social Hubs

Weekly, groups are set up on Discord and Telegraph created to facilitate the running of NFT projects. They become the home of these projects and assist people to acquire knowledge about NFTs, work together and coordinate themselves. On mainstream social media platforms like Twitter, there is a lot of discussion around NFTs. Seemingly, people from all walks of life are joining the conversation. Some are people with extensive experience with NFTs. Other people just stumbled on NFTs and are learning about them. All in all these spaces allow novice NFT users easy access to acquire knowledge.

If you take a look at these types of groups, you soon learn that they are groups of people that share the same interests in trying to express themselves digitally. Members seem to also have a mutual desire to connect with similar-minded individuals. On this basis, often you find that values sprout in these groups and gain consensus. These core beliefs and values often are around the quality of the art, how rare the concept is, and ideas that work well with the rest of the aspects of the group. Soon enough, these groups identify leaders that are willing to take the helm in their gatherings. As a result, these groups tend to have means of coordinating themselves and progressing towards common goals.

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Groups establish roles, values, and acceptable conduct. It resembles that of animal traits or concepts in the nonfungible token artwork. Groups have their own “culture” but across groups, there is some shared vocabulary for those familiar with it. For example, in almost all groups, members greet themselves with “gm”, shorthand for “good morning”. A shorthand made popular by CryptoTwitter.

The Next Big Phase

So much is going on in the crypto-world with advances and innovating solutions to problems. At the same time, the world’s most popular social media platforms have reached something of a plateau, in terms of user acquisition. Regulations around the world about digital privacy are causing people to wonder what the future will look like. It looks like the world will enter into a new era soon, in terms of social media usage. This new era or place thereof has been dubbed the “metaverse”. People want to be able to interact without feeling like their online privacy is at stake.

The Metaverse and what it may offer

Some think that the Metaverse is one of the most promising aspects of the next era of social media. Recently, the social media giant – Twitter, announced an NFT collection. This collection is creator-led. In addition, it is encapsulating NFT verification for user profiles. Another company making contributions in the NFT space is Coinbase. Coinbase has announced its intention to start a marketplace for NFTs. With these growing advancements in the NFT space, one can easily see that progress towards mainstream acceptance of NFTs is underway.

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Governance with NFTs

Decentralized Autonomous Organizations or DAOs have sprouted up with the intention of groups to self-govern using these vehicles and benefit from collective efforts. With DAOs that collectively own NFTs, you have an excellent example of members being rewarded for their efforts and ownership rights.