As more and more companies, artists, producers, and customers connect with it, the growth of the NFT industry accelerates. In this article, we examine what NFT stands for in today’s digital world, as well as the role that social media plays in the exchange of NFTs.
Monetization and Commodification of Digital Content
Brands, marketers, influencers and any social media user might benefit from using NFTs, as they allow content creators to monetize and sell their content. Digital content in the form of a photo or artwork on social media is easily accessible for everyone, it does not hold any tangible value despite the efforts, time and resources the artmakers put into it. Artmakers can transform their art into NFTs, by tying the art to a crypto-based token, which will enable content creators to stand out of the crowd and sell unique products. Current social media platforms must stay up to date with the popularity of NFTs and act as the common ground between a buyer, seller, or mediator for the sale of NFTs while connecting a consumer to a brand. So, even if social media does not enable the direct sale of NFTs, it helps to build a bridge between buyers and sellers and determines its monetary value.
Protection of Ownership
From a copyright standpoint, the content creator who posted the photo on social media will remain the lawful owner and retain sole control over the work’s usage. Users who upload any type of material on social media, from digital art to pictures and music, may “mint” their own work by giving it an NFT value and so making it one-of-a-kind, with the uniqueness of the piece confirmed by the NFT source code. This is a solution to a situation where content providers on existing social networks are losing money because of streaming and digital reproductive commodification.
How NFTs Benefit from Social Media
NFTs would not be the same without social media! Even if social media platforms were to disappear entirely, the sale of NFTs would not be impeded technically. To support the selling of NFTs, several online platforms and marketplaces were developed, including SuperRare, MakersPlace, and WazirX in the United States. But would it be the same without social media platforms? Definitely not. For instance, digital art has grown and flourished on social media, several artists have a substantial or at least considerable following on social media, and there is no better or faster way to reach out to the community and inform them about an NFT offering, set up an auction, or announce the sale. Social media platforms act as the common ground between a buyer, seller, or mediator for the sale of NFTs, in the same way, it connects a consumer to a brand. While there are no concrete features to support the sale and purchase can only be completed after being redirected to an external platform, the area is being explored.
Social Media Use Strengthens Bonds Between Football Fans And Their Teams
More than 35% of UK football supporters on Twitter now follow their team, athletes or media more closely than before they joined a social media network, and feel more closely bonded to that team. This trend is even stronger amongst 16-29 year olds, with 40% of them using social media to follow their team or sport more closely than before. It is the ever increasing importance that social media plays in the daily lifestyle of a football fan that is the key focus of a study undertaken and just released by IMG Consulting.
However, this younger age group are also far more likely to use social media sites to engage with sports brands. 63% were found to have liked a brand on Facebook with 44% following on Twitter, emphasising both the importance of the medium as well as the opportunity for brands to connect with consumers.
“Digital communication with the athletes, teams, brands and journalists breaks down these barriers, especially for supporters at the younger end of the spectrum and the opportunity for brands to facilitate and be part of that connection is huge”.
The study also highlighted the importance of social media on match day. UK fans check Twitter more than any other social media network on the day their team is playing, looking at their timeline on average 8.4 times per day for sports related content, whilst more than 40% of fans with social media accounts use them to follow scores and statistics during the game. So brands need to consider channel usage within their campaigns to ensure they connect with fans through the most appropriate channel. “Social media evolves rapidly so that strategic planning can be challenging, but there are clear trends and nuances and our study aims to identify or confirm some of them. Our clients, both brands and rights-owners, are welcoming the additional insights we can bring in this arena which we are adding to our unparalleled ability to create and produce great content with the resources of IMG Media behind us”, Rob Mason, Senior Vice President at IMG, commented.
