The Revolution in NFT — From Social Networks in Web2 To SocialFi in Web3
How can NFTs in SocialFi (with the application of Web3) stand out over those in social network channels (a form of Web2)? What will the revolution of NFT in SocialFi offer creators and influencers with better incentives? This article will scrutinize them!
Content Creators In Web2 Are Not Well-Paid
Most of the income goes to Web2 platforms, while content providers see little to no return on their effort. This harms the already unstable creative economy, with many content creators struggling to make ends meet. The market for influencers is crowded, shallow, and fragmented.
Indeed, if one decided to go for the influencer path, they have to compete with the crowded market until they gain substantial followers/audiences, or their work will go nowhere and no real-life values they can gain. Moreover, the price determinator is not the content creators, not the consumers but the platform or the brand instead. This centralization can easily fall apart as the effort from individuals may not be scored properly, even they can be oppressed in terms of price if they want to receive an endorsement from the brands.
However, Web3, specifically SocialFi is different in its NFT function. In this type of platform, everyone can potentially become an influencer and always receive a spot on assessment for their effort. The decentralization essence helps content creators in SocialFi can earn through social activities and receive incentives directly from their community, with no oppression, no devaluation. The more they stay active on the platform with their social behavior, the more social power they get, and the more valuable they shall become.
Items From Web2 Influencers Vs NFTs In Web3 — Level Up!
Web2 Influencers Items?
Let’s take the case of Binz — a top-notch Vietnamese singer who diversified his activities for his own fandom and so. He sold a leather-made jacket at the price of 100 million VND (~$4315) and got a huge backlash from the community. Acknowledging that amount of money is quite significant for a country like Vietnam and his young followers in general. Though the purpose of selling those jackets is for charity, it is still excessive in many ways. Now, let’s think of the values his fan receives when purchasing that item.
A jacket — Merely.
Probably with his song’s title on it, but thinking of the function, it’s just a jacket.
What’s more? This means the jacket itself or the idea of Binz did not turn out well in terms of building a strong connection with his community. Fans who buy that jacket were not promised to be able to talk and interact with Binz in real life, nothing really exclusive right here.
This model is quite prevalent for Web2 influencers in general. Most items from idols are physical assets/accessories, fans just simply buy and use them as normal assets so they do not have many connection values, while all influencers want to energize their fandom all the time. This is a huge weakness of not opting for NFTs in SocialFi of Web3.
NFTs In SocialFi Of Web3 — The Membership Access
Again, let’s take Binz as an example again. He applied it. NFT! He published his NFTs collection in 4 formats on the blockchain platform Tuniver: Platinum, Gold, Silver, and Bronze. In which, each format corresponds to a certain share of the digital copyright fee from the song “Don’t Break My Heart” and different privileges for fans. This has shown a huge progression in the Vietnam music market, but it might not be the most utilized option if these NFTs are not incorporated into another platform that can actually leverage buyers’ experience digitally.
Hence, SocialFi comes in as the best fit solution. SocialFi is a combination of social networking and finance, in which users can execute social activities to earn money. Being here, the influencers can showcase their social power by determining their NFT price. Those who obtain that NFT can have membership access to the influencers’ benefits offered directly. For example, joining the exclusive online music concert, talking to influencers, participating in exclusive events with high profile people, etc. That membership can be transferred, can be long-lasting, and most importantly, makes buyers feel a sense of belonging to the same-leveled/like-minded community. In this case, the NFT truly brings up the community values and connection sentiment for both influencers and their fans.
More Revolutions Drawn Upon!
This is not one way to do it. Influencers using NFTs to commercialize their product in a new digital way is just the surface. From that starting point, they can create more ways to maintain their community, growth-hack it, and expand their community by staying active on SocialFi platform to gain more fame and more social power, henceforth, more money.
What about those who have not become an influencer yet? Yes, this is a very lucrative space for them. In fact, tonnes of KOCs have to compete for their media coverage with other KOLs. KOLs themselves already gain a concrete fan base and receive various endorsements from brands, KOCs, instead, stay hard-working but hard to really stand out. SocialFi would be the answer. The mechanism of X2E (talk2earn, socialize2earn, and more) can literally help them earn accordingly to their ability, their work, the creation, and the community will gradually come to them to contribute to their success.
Now, we can clearly see the potential of NFTs in SocialFi of Web3, our future. Therefore, learning about these terms and being the trendsetter would be very advantageous. UMBΛLΛ MΞTΛVΞRSΞ is an NFT and SocialFi open Metaverse, in which users, especially artists and developers can accelerate their social power through the X2E and DAO2DAO models. We’re launching our first NFTs collection called UMBΛLΛ NFTs that pledge to be the next bomb in the field and our values will go to the moon soon!
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