Social Media and Web3: A perfect match? | 16/12/22
In the last year we have seen social media platforms add Web3 functionality to their sites. From Reddit’s ‘Avatars’ onboarding over 3 million NFT wallets, to Instagram’s ‘digital collectibles’, everyone’s at it. It does, however, beg the question, are these functionalities being added solely because of their market potential? What could Web3 really bring to social media?
Reddit, the platform known for forums and NSFW topics, has now become a large crypto-art marketplace. In August 2022, the community app airdropped free NFTs to its most loyal users. To buy, trade, and store NFTs, Reddit users were asked to set up Reddit Vault wallets. Already, Reddit has more users than OpenSea, one of the most established NFT platforms. In the bear market which we are currently in, this is certainly an impressive feat, and a perfect example of how NFTs can be used on these apps, especially with the social tokenisation of the avatars.
Facebook and Instagram users across the world can now connect their wallets and share their NFTs. These users also have the ability to cross-post their NFTs across both platforms.
For artists to be able to display their work on WEB2 ecosystems is infinitely beneficial – it can increase their reach even further, outside of the crypto bubble.
On the flip side of this, some people are less enthusiastic about this NFT x social media collaboration. Merav Ozair, a blockchain expert and fintech professor has his reservations when it comes to influencers and NFTs. ‘It gives a misconception of what they are. These influencers and all the hype and the gimmicks gives people the wrong impression. If they don’t understand the technology behind it and what it can offer, they won’t understand how important NFTs can be.’
This certainly is a reasonable worry; once released out into the world, NFTs may be misunderstood and misused.
Do the functionalities outweigh this potential dilemma? From being able to use NFT music in your future TikTok’s, to being able to use a dynamic avatar to represent yourself online, social media and Web3 arguably are a perfect match.
When it comes to marketing your NFT projects on social media, ITMV are your people. Social media can allow digital communities to engage, flourish and grow together. We can assist or fully manage the following apps as well as show advanced analytics to show areas of improvement.
With mapping, custom bots, security, staffing and management
Along with content writing, scheduling, outreach and hosting services (spaces)
Meta is taking great strides into Web3 with Instagram integration and has a large user base
Important for projects and brands to showcase news and updates
Want to know more about what we can do for your Web3 project? Shoot us an email hello@itmv.io
