Social media is used by billions of people around the world on a regular basis, becoming one of the most powerful tools for businesses and creators. The popularity of social media makes it a perfect place to implement NFTs and digital assets. Adoption of this new, revolutionary technology will largely depend on global mainstream companies like these.
Social Media Companies Exploring Web3
It seems all of the relevant social media platforms are diving head first into the digital asset space. Looking to take full advantage of the Web3 opportunities presented, these companies have certainly been making waves.
Reddit Diving Head First Into Digital Assets
Reddit has dove head first into Web3, testing a feature on its platform to allow users to set Ethereum NFTs as their profile pictures. After, Reddit released CryptoSnoos, a limited edition project based on its mascot, Snoo. Reddit partnered with the Ethereum layer two solutions, Polygon, to make this possible.
In more recent news, Reddit has announced the launch of an NFT marketplace. A digital asset-supporting wallet is not needed, and credit cards can be used for purchases. Releasing almost a hundred designs, the company’s limited edition NFTs come with licensing rights and the ability to build your own avatar.
Reddit reported having 430 million active users in 2020, with north of ten million members participating in digital asset-related groups. Reddit has a proven audience for Web3 and investing, and could become a serious competitor in the NFT marketplace space.
Meta Jumps Into Web3
Meta, formerly Facebook and renamed for metaverse ventures, has expressed interest in virtual reality, the metaverse and blockchain technology for years. Founder and CEO, Mark Zuckerburg, is a fan of Web3 and is moving both Instagram and Facebook towards Web3 adoption. At SXSW in March of 2022, he recently said “We’re working on bringing NFTs to Instagram in the near term… hopefully over time be able to mint things within that environment.”
Instagram has also forged a partnership with Dapper Labs and Coinbase, two undisputed leaders in the blockchain space. The Coinbase Wallet will integrate with Meta platforms as will the Dapper Wallet and Flow Blockchain. Instagram will also support Metamask, Rainbow Wallet and TrustWallet. The countries NFTs will be offered too was increased by over 100, and this news comes soon after Coinbases’ partnership with BlackRock to offer Bitcoin exposure to institutional clients.
After testing its metaverse platform, Horizon Worlds, the CEO announced the possibility of creators selling NFT fashion accessories and other virtual tools. Zuckerburg has come out strongly against Apple’s 30% fee to app developers recently and now announces that Meta would charge creators a total of 47.5% to utilize their platform. Zuckerburg has his eyes set on the metaverse and NFTs, and with billions of monthly active users globally, the platforms do represent an opportunity for mass adoption of the technology. Meta may be interested in Web3 but is a long way from earning the trust of the community. Twitter has done a slightly better job of this.
Twitters Foray Into NFTs
Around the same time Reddit first tested Ethereum-based NFTs on the platform, Twitter also went live with a similar feature. Twitter began allowing users of its paid version “Twitter Blue” to use verified NFTs as their profile picture. This meant that the NFT would appear as a diamond instead of the typical circle, to prove the authenticity of ownership.
Former CEO and founder of the company, Jack Dorsey, is dedicated wholeheartedly to blockchain technology. Talking about Bitcoin, Dorsey said, “I don’t think there’s anything more important in my life to work on and I don’t think there’s anything more enabling around the world.” After stepping down from Twitter to run Square full-time, he renamed the company Bloc to express their new focus. Bloc, owner of both Cashapp and Square, now focuses on developing tools for the Bitcoin network. First on the agenda, is a decentralized Bitcoin wallet that is simple and easy to use. It will be extremely interesting to see future partnerships between Twitter and Bloc, paving the way for decentralized technologies.
Snapchat & Tik Tok Integrate Digital Assets
Snapchat recently launched Snapchat Plus, and just last month declared its own entrance into Web3. The announcement included the plan to implement NFTs with Snap Filters. The company has claimed the feature would be free to use with their plan, including monetizing through third parties and creators, although that’s not exactly clear with the rollout of Snapchat plus.
Tik Tok was quick to jump on the NFT trend, launching Tik Tok Top Moments in the fall of 2021. TikTok NFTs allow creators to be recognized and rewarded for their work, as well as fans to claim ownership of a significant moment on TikTok. The NFTs live on the Ethereum blockchain and a layer two protocol is utilized. Tik Tok holds one of the largest audiences of the social media giants, making it a prime onboarding location for new Web3 users.
The average person spends a few hours on social media platforms daily and these companies truly demand the attention of more than half the entire world’s population on any given day. Each social media giant is putting time, effort, and resources into NFTs and integrating blockchain technology into its core business. With the number of users that include, mass adoption could be quicker than we think.
Web3 Is Innovating For Creators
NFTs provide the most benefit to artists and entrepreneurs. The smart contract technology lives on a blockchain and gives control and ownership back to the individual creator. Through NFTs, creators have the ability to build a stronger community around their brand and fight off fraud. With how simple the blockchain makes it to verify NFT authenticity, individual artists could finally have the upper hand against counterfeiting.
As individuals and creators alike explore NFTs to battle counterfeiting, checkout bots and general fraud, an additional benefit has emerged. Better control over the secondary markets. With NFTs, the issuer has the opportunity to include royalty fees, and generate revenue every time one of their tokens is traded. This could offer a sustainable revenue stream for brands long-term and better incentivize artists and entrepreneurs to utilize NFTs for future income.
The distribution of NFTs is much simpler than the typical distribution of any type of content. NFTs can be sent directly to specific individuals’ wallets as rewards and are extremely helpful for limited edition product drops. NFTs are providing opportunities, and plenty of reason to get involved, on the individual creator side and the corporation side.
Over the past few years, gated content has risen in popularity similar to limited edition product drops. Some of the biggest problems and inconveniences that entrepreneurs face are solved by these smart contracts, and they have the attention of some of the biggest names in the space. The social media companies are joined by Samsung, Netflix, the NFL and many more in the Web3 space.