Instagram’s Search for an NFT Marketplace Indicate the Era of Social Media Based NFT Platforms is Around the Corner
Non Fungible Tokens (NFT) has become the talk of the crypto town this bull season after it attracted the attention of several mainstream celebrities. This bull season has given rise to several crypto phenomena, the most prominent being community-driven meme tokens and the craze around non-fungible tokens (NFT). The NFT mania this bull season is not just limited to crypto enthusiasts and has gained mainstream momentum with the likes of top athletes and celebrity artists auctioning their rare memorabilia and art using blockchain. The highest-grossing NFT artwork sold by an artist named Beeple was sold for $69 million.
Nafter is a unique take on the NFT mania that could potentially open up the gates for social media influencers to sell their posts in the form of NFT. It is an online marketplace for creators and fans to buy, sell, mint & collect content NFTs all in one web app. The platform could prove to be a game-changer for creators and influencers. It provides a way to monetize moments and unlock more value from every photo shoot. For fans, meanwhile, it’s an opportunity to own the compositions of your favorite creators and build your collection of must-have images, each represented as an NFT. NFTs are changing the way artists and fans interact. Now, thanks to Nafter, tapping into the growing demand for digital collectibles couldn’t be easier.
While NFTs are not a new use case in crypto and first came into existence back in 2018, it for sure has gained widespread momentum this bull season making it one of the go-to use cases for celebrities and artists to auction their high-value collections. Nafter promises to bring NFT to the masses with its marketplace that would allow minting and auctioning NFTs as simple as taking a photo and uploading it on social media.
Nafter Beats Instagram to Launch World’s First NFT Social Network
Instagram is one of the most popular social media and photo-sharing apps and as per the latest insider reports, the platform is looking to introduce a subscription and marketplace for NFTs. Instagram’s interest in the NFT marketplace indicates that social media-centered NFT use cases could be the next big thing in the crypto space. While Instagram is looking to dwell on the NFT arena, Nafter has already launched the world’s first and only NFT Social Network made for creators and fans, allowing them to buy and sell the content they create and collect. Nafter’s main goal is to build a strong community of supporters and to facilitate the use of the Nafter App.
Nafter has introduced three staking tiers for different types of users and content creators namely Fanboy, Influencer, and Celebrity, these levels will help to identify unique user-profiles and determine pool weights for staking rewards. There will be no lockups for staking. All stakers can stake and unstake without delay or waiting period. Additionally, there will not be an auto-compound function.
These staking Pools will be available for staking until the web app becomes available to the public. Once the web app is launched, it will transition to Creator Pool staking, where users and fans can stake on their favorite creator’s profiles in a “Popularity Contest” fashion, where the more popular the staked creator becomes, the more $NAFT a user will receive as an early staker!
Jonathan Sulay, Nafter CEO said,
“While the community waits for the highly anticipated Nafter App Launch, we want to introduce a nice incentive to all our holders in the meantime. Nafter Pools offers a safe place to stake your $NAFT and receive more $NAFT for simply staking in the pools.”
One of the beautiful things about NFTs is that no two are the same: that’s what makes them highly collectible. And because blockchain provides provable ownership of tokenized assets, there are no disputes over who owns a particular NFT: if it’s in your wallet, it’s yours and no one else’s. These tradable NFT’s give users a chance to gain notoriety and offer the highest return rate for $NAFT stakers.
Social Media Platforms Could Bring the Next Big Use Case for NFTs
NFTs first gained momentum through their use as fan tokens for major sports leagues are it premiere football clubs such as Barcelone and PSG or major basketball leagues. These NFT fan tokens allowed fans to participate in various off-field activities and also allowed them to win memorabilia from the respective clubs. In the initial stages after its popularity among celebrities, NFTs became a popular way for artists to launch and auction rare artworks. Now it seems social media could potentially become the next big use case for NFTs
The popularity of NFTs has led to many new platforms rising to offer minting services that help people convert their favorite or valuable art in the form of an NFT, but to gain real value these NFTs are required to be auctioned. Social media platforms could use NFTs for popular posts from celebrity influencers quite similar to meme tokens that have fetched millions in the auction.
Image by USA-Reiseblogger from Pixabay