The adoption of NFT by social media giants could be the start of a new reputation system to be used in an increasingly digital world.
The user's base performs experimental studies to allow users to use their NFTs as a profile photo of 185 million last year.
On Twitter, Senior Software Engineer Madada is Anglal, the microblog platform has worked on a new feature that allows users to transfer NFT collections from their wallets to Blockchain. The profile photographs together with the new feature will include the block block approval logo where NFT is created.
Twitter-approved NFTs could be the solution to a problem facing Crypto Twitter. After NFTs exploded in recent months and collectibles like CryptoPunks started being bought and sold for hundreds of thousands or even millions of dollars, they started being used as profile pictures as well.
While ownership can be easily verified on the blockchain, anyone on social media can copy and paste someone else's profile picture and use it on their own profile. The fact that this situation is also occurring with extremely expensive NFTs has angered collectors.
Digital artist Mike Winkelmann, known as Beeple, sold one of his NFT artworks for $ 69 million. The sales volume of the main NFT market, OpenSea, also reached $ 4 billion per month. There is a lot of money invested in the industry, and while some think NFT copy and paste will increase in value as they attract more attention, there are those who just want to own and use their digital properties.
In the absence of a verification process, NFTs belonging to others can be easily used on social networks. While users can link their wallets to verify ownership of their NFT, this also has the potential to damage their anonymity. NFT viewing and ownership verification could be part of a new internet reputation system.
The new reputation system of the digital world
Early cryptocurrency investors are respected as visionaries who saw what others did not see in a risky and illiquid market at the time. Owning expensive and rare NFTs can also be seen as a way to show that you are now a cryptocurrency enthusiast and proud to be a member of the community.
Speaking to Coinbynews, Alex Salnikov, co-founder and head of product at NFT Rarible Marketplace, said it's only a matter of time before NFTs reach Twitter.
Salnikov added that this feature could be part of a new reputation system in an increasingly digital world. "The importance of Twitter's new functionality does not come from the fact that it can verify that a particular NFT belongs to the owner of the profile," Also Salnikov said;
“The main thing here is that the feature offers access to the data. What is the origin of NFT, who are its previous owners and how much was purchased? This is a new reputation system for the digital world ”.
Jesse Johnson, co-founder of the DeFi bridge project and NFT Aavegotchi, told Coinbynews on Twitter that he is excited about the opportunities NFT verification can offer to showcase our digital identities. Johnson said that when our real-life identities are intertwined with the digital avatar, "'what you have in your pocket' will be as relevant as 'who you are' as a source of social identity."
Twitter, whose CEO Jack Dorsey is also a well-known Bitcoin (BTC) supporter, and sold its first post on the platform for $ 2.9 million in March, isn't the only social media giant to take the plunge. towards NFTs.
With the announcement made on September 28, TikTok; Lil Nas X has announced that she will release an NFT collection inspired by prominent creators such as Bella Poarch and Curtis Roach. The NFTs will be built on the Ethereum network and the Layer 2 NFT protocol will work with Immutable's new scaling solution, Immutable X.
The TikTok Top Moments collection is expected to feature six TikTok videos handpicked by the network's most influential creators and celebrate TikTok's influence in becoming one of the largest social media platforms in the world. Proceeds from NFT sales will go directly to content creators and NFT artists.
Commenting on TikTok's move, Salnikov said celebrities on the platform are looking for ways to make money from NFT, the leading exchange tool in the virtual world. Salnikov explained that this is great news for the entire market as it will increase the mass adoption that the cryptocurrency industry has been waiting for for more than a decade.
With over a billion users, TikTok is one of the largest social media platforms in the world. The use of blockchain technology in the platform will bring it one step closer to the mainstream
Earn money from intellectual property
Daniele Mensi, CEO of DigitalBits, said that NFTs have changed "the way we value ownership" and that the Tiktok movement "heralds a new era in creating value for consumers around the world".
Mensi said anything can be NFT, including TikTok videos. That's why the TikTok stars also sell their content as NFTs, "providing fans with the opportunity to own their work." Mensi added:
“This opens the way for everything to be NFT and makes it more acceptable. As the word NFT becomes more widely known among the general public, people will realize how valuable and even necessary NFTs are. "
Sasha Ivanov, founder of the Waves blockchain, said that "TikTok's ability to create viral moments, cultural trends and interconnected global communities" will play a pivotal role in the growth of the entire ecosystem.
TikTok has been integrating blockchain technology into its work for some time now. In August of this year, the platform partnered with blockchain streaming platform Audius for a new feature called TikTok Sounds. Thanks to the collaboration, Audius users will be able to bring their songs created on the protocol to TikTok.