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The Next Wave of NFTs Is Here: They’re Called Social NFTs

And this platform is set to dominate the space.

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Non-Fungible Tokens, or NFTs, are everywhere. Though they’ve been around since 2012, earlier this year a huge surge in demand sent the NFT market into space — along with its most prized items, sold for millions of dollars.

What began as an art-centric market is now evolving into many other areas, including the creator economy.

Social NFTs are the next big thing in the NFT space. Here’s why, and which project to watch out for.

Quick Recap: What Are NFTs?

Simply put, NFTs are digital assets you can buy and sell on a blockchain, the open ledger that records each and every transaction on a network. That’s how Paris Hilton defined them a few days ago on the Tonight Show.

Of course, there’s more to unpack.

First, blockchain technology hard-codes the ownership and provenance of NFTs. It’s like a permanent audit trail that can’t be tampered with: one peek into the blockchain is enough to tell frauds from original assets.

Second, NFTs empower creators to cap the supply of their artwork. Limited supply, such as one-of-one editions, are rarer and thus perceived as more valuable.

Third, through what’s called “smart contracts”, NFTs can unlock unique rewards for fans.

When Kings of Leon released the world’s first NFT album, fans received an animated album cover along with a physical, limited-edition vinyl upon purchase.

Finally, once the NFTs are sold out, an entire secondary market opens up where holders can sell their NFTs for profit. A fan who bought the Kings of Leon NFT album when it launched, can now pocket a decent profit by re-selling it on a marketplace like OpenSea.

When they do so, a percentage of royalty will go back to the band; and for every sale that ever happens after that.

NFTs align incentives between creators and supporters like never before — which is why it’s such a revolutionary concept that attracted the attention of brands and celebrities around the world.

“I see NFTs, or non-fungible tokens, as the future of the creator economy. They use blockchain technology to help creators increase the value of their work and share it with fans in real-time. And blockchain technology will allow artists to get paid on secondary sales as well. That’s never happened before and it is mindblowing how much that can change things [for creators].” — Paris Hilton

Recently, the demand and trading volumes for NFTs shot through the roof:

  • ️NFT marketplace Rarible raised another $14 million.
  • OpenSea processed $1.06 billion in NFT sales over the past month alone, a 76,240% growth compared to the same time last year. Recently, daily volumes surpassed their 2020 yearly total.
  • Shopify, one of the largest e-commerce companies in the world, announced it’ll allow merchants to sell NFTs right on their storefronts.

These numbers show a growing interest in NFTs.

And this isn’t limited to virtual art, either. There’s a lot of potential for creators to enter the NFT game too.

This is where the concept of social NFTs comes in.

Enter Social NFTs

Social NFTs are the new way for creators and fans to connect. Let me explain.

A social media influencer with a large audience might decide to turn their content into NFTs. Why would they do that?

Simple:

  • Monetize their existing content and reputation over and over again: a piece of content could be sold exclusively or in multiple editions, and the creator earns a royalty every time someone re-sells their NFTs.
  • Build deeper connections with fans and reward them in unique ways: for instance, when a fan purchases their NFT, they could have access to a monthly call, a private community, or discounts on the creator’s merchandise.

People love to collect items that are rare and valuable. NFTs, let your fans own your most iconic moments in exclusive or limited editions. And, on top of that, they can unlock extra benefits.

The combination of virality and scarcity is what makes social NFTs so attractive.

An influencer can choose to “mint” their most viral TikTok video. The fact the video is viral shows there’s demand for it.

The asset becomes extra rare once turned into an NFT: by the fact it’s viral (scarce content), and by virtue of its limited supply in NFT form (even scarcer).

NFTs takes assets that have been viewed millions of time and make them scarce by giving them a unique ID on the blockchain.

That’s rarer than rare. Social NFTs combine the scarcity of NFTs with the virality of social media. It’s like a match made in heaven.

Viral content + limited supply = hyper valuable assets

As a creator, you could select your most viewed, relevant, and iconic moments captured across social platforms. You could then let your fans buy and sell those exclusive NFTs, unlock unique rewards, and unleash the full power of NFTs.

Sounds good, right? But where do you even begin?

Getting Started With Social NFTs

Social NFTs are a brand new category within the NFT market.

As such, the huge existing platforms like OpenSea and Rarible aren’t suited for influencers and their fans.

They’re overwhelming and aren’t made for social content. Plus, they’re expensive: you have to pay “gas fees” just to list or sell an item because these platforms use the Ethereum blockchain.

Luckily, there’s an alternative to the chaos.

Enter Melon.ooo — the NFT platform for creators and fans.

What’s Melon, you ask?

  • A place to browse your favorite creators’ NFTs.
  • A marketplace to trade creator NFTs and redeem exclusive rewards.
  • The simplest way for creators and fans to enter the world of NFTs.

A place to browse your favorite creators’ NFTs

To start with, Melon makes it super easy to discover NFTs from top creators.

The site has a “Featured Creators” and “Featured NFT Items” section, so you can search for your favorite influencers or scan through what’s on offer:

You can also use the “Explore” feature to filter what type of social NFTs you’re looking for — such as Art, Fashion, or Gaming.

Or choose specific platforms like YouTube or TikTok, and you’ll see social content from these platforms in NFT form:

On top of that, each creator on Melon has their own custom collection page which they can easily share across socials. Every creator on Melon is personally onboarded; this ensures the content they choose to turn into NFTs is authentic and they have the rights to it.

Melon then takes a copy of that content, so that it lives on forever even if it’s removed from its original platform (or the platform itself shuts down as Vine did).

Likewise, fans have their own page where they can show off their NFT collection.

A marketplace to trade creator NFTs and redeem exclusive rewards

Once you see an NFT you like, you can purchase it right from the site with various cryptocurrencies at a very low fee (2.5% only) and, soon, with the $melon token (with 0 fees).

When you click on any NFT, you’ll see its unique details:

  • Description: what the NFT is about, and whether any exclusive benefits are attached to it.
  • Owner: shows the creator and current owner of the asset (so you can verify the original owner is indeed the influencer).
  • History: shows when the asset was first created and any changes in price.
  • Info: the unique asset ID and metadata (the string of code that authenticates each NFT).

Then, click “Buy” and connect your MetaMask wallet to purchase the item.

The simplest way for creators and fans to enter the world of NFTs

Melon is the simplest way to get involved with NFTs, hands down.

The interface is simple and the site is super easy to use. It’s built with influencers and their fans in mind; even those who are new to crypto.

Don’t believe me? Here’s how easy it is to mint your own NFTs on Melon:

Melon is set to become the “NBA Top Shot” of socials, hands down.

We can’t wait to see the platform go live over the coming month.

Closing Thoughts

NFTs will enable the next-level creator economy.

For the first time ever, both creators and fans can capture value by sharing unique digital assets.

Social NFTs will make iconic social media content rarer than ever, via exclusive and limited editions that can’t be replicated anywhere else. NFTs turn content that live on the Internet into super rare assets.

Yet the world of NFTs may seem complicated and overwhelming. Thankfully, a platform like Melon takes all the hassle out of the process.

Creators can now turn their top moments into NFTs their fans can collect and trade. Are you as excited as we are?

Projects

‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC

Following the UFC 270 pay-per-view event, NFTs from the Ultimate Fighting Championship will debut on Flow this weekend.

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#nft #nfthours #dapperlabs #ufc #collection

Dapper Labs announced today that it would launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship later this week, following its success with NBA Top Shot and subsequent arrangements with the NFL and LaLiga.

UFC Strike will premiere on Sunday, January 23, immediately following the UFC 270 live pay-per-view event on Saturday. UFC Strike’s digital collectibles, like Top Shot’s, will be based on video footage from previous events and will be minted on Dapper’s Flow blockchain. However, unlike Top Shot, the UFC collectible moments will include the original soundtrack to match the video clip.

Furthermore, rather than having different tier levels, all packs—which contain a random selection of moments—will be sold at the same price (as with NBA Top Shot). NFT moments from fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, and Justin Gaethje will be featured in the first pack.

Dapper’s contract with the UFC was signed before NBA Top Shot was out, which is interesting. According to statistics from DappRadar, the partnership was announced in February 2020, when the NFT sector was still small and niche—well before it grew to $23 billion in trading volume in 2021.

Dapper Labs’ head of partnerships, Caty Tedman, said that the company wanted to debut NBA Top Shot first and learn from the experience—which includes serious scaling issues early last year—before launching the UFC memorabilia.

She stated, “We’ve come to the stage where we feel ready to [launch].” “We’re ecstatic to provide UFC fans with a once-in-a-lifetime experience, as well as the utility that comes with this type of product. We’re finally ready to launch this as the industry, and we grow together.”

Tedman stated that the UFC Strike platform would be heavily promoted during this weekend’s pay-per-view event, including appearances by UFC President Dana White and fighters.

Because the UFC’s timetable is mainly based on pay-per-view fights every few weeks, UFC Strike will plan its releases to coincide with those significant events. As a result, the portal will first focus on fights from the previous year but ultimately include highlights from older UFC fights. The first fight in the promotion took place in 1993.

Despite the roughly two-year gap between the original announcement and this week’s launch, Tedman said the UFC—which already has a crypto fan token through the Socios.com platform—was keen to make a big statement in the NFT industry.

“Every company has its personality, and the UFC’s approach is to test with us and try new things with us,” she explained. “It’s fantastic to have a partner that doesn’t say, ‘Well, let’s try it little and see how it goes,’ when you’re talking about how to launch a product. It’s like, ‘Let’s make it as huge as we can.’ ‘Let’s do it in a UFC-style fight.'”

Unlike Top Shot and the impending NFL All Day platform, UFC Strike will be released without a closed beta period to the general public. According to Tedman, Dapper is investigating live activations at future UFC events, as it has done with the NBA, and added value for UFC NFTs, such as potential community or gaming features.

Top Shot in 2022

The UFC announcement comes on the heels of NBA Top Shot’s first major commercial campaign, including Kevin Durant, the Brooklyn Nets player and two-time NBA champion debuting yesterday.

In October, Durant and his Boardroom media group signed a deal with Dapper Labs to give him “a starring position across NBA Top Shot,” according to the company. According to Tedman, Durant, an early investor in Coinbase who has invested in other crypto firms, is familiar with the Top Shot concept.

“He’s a world-class athlete. He’s a top-tier human. He’s a tech entrepreneur,” she explained. “It’s been a long time since he’s been with us. He’s been interested in the crypto world for quite some time. Therefore, he ticks all the boxes. But isn’t he also swaggering? There’s nothing about him that wouldn’t make him a fantastic candidate for this type of campaign.”

ACCORDING TO TEDMAN, the NBA Top Shot team is “very focused on raising participation in the product and increasing accessibility” for 2022. Following the early 2021 boom in demand and Dapper’s time spent improving platform reliability and customer service, the business feels Top Shot still has substantial growth potential ahead of it.

“This sector is still in its infancy,” she explained. “There’s no such thing as ‘tried and true,'” says the author. “We’re going to attempt a lot of things, but we’re going to do a lot of things to make sure that current collectors feel valued—so they don’t feel like we’re creating an experience where they don’t feel valued.”

And NFL All Day, which Dapper promised would debut by the end of the current NFL season, is still on track to do so—for reference, Super Bowl LVI is on February 13. The NFT platform is now in closed beta testing, and given the recent nature of Dapper’s NFL partnership, Tedman said they’re concentrating on polishing it before going public.

“We’re much newer to the NFL,” she added, “in the same way that every organization has a different personality and every partnership has a different pace. So as a result, we’re taking our time with it.”

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Projects

Meta’s Instagram Experimentation With NFT Marketplace

Meta, formerly Facebook, is said to be working on a feature that will allow users to display their NFT collections on Instagram.

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#nft #nfthours #meta #facebook #instagram #marketplace

According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.

The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs and display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.

The blockchain network on which these capabilities would be developed is still unknown. However, NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.

According to two sources, an NFT marketplace similar to OpenSea is also in the works.

OpenSea has been a cornerstone of the burgeoning NFT industry. Despite a more significant market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January. According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.

The $69 million auctions by digital artist Beeple at Christie’s, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.

This publicity has piqued the curiosity of non-crypto companies as well.

Instagram, Meta and NFTs

In December, Adam Mosseri, the CEO of Instagram, said that the company is “actively studying NFTs and how we can make them more accessible to a wider audience.”

The company organized a session for NFT makers earlier this year to raise awareness about how to use the technology. However, artists said they “need more information on how to [use NFTs], not just from us, but from other creators,” according to Instagram’s VP of global partnerships, Charles Porch.

NFTs are also expected to play a significant role in the metaverse, a persistent digital world where individuals interact through virtual avatars. Therefore, establish non-fungible ownership of objects inside a wholly digital environment.

With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook’s recent rebranding as Meta signaled CEO Mark Zuckerberg’s intent to move “from being Facebook first as a company to being metaverse first.” With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.

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Tom Brady’s Autograph NFC Platform Raises $170 Million in Funding

Autograph raises significant cash and extends its advisory board with the help of celebrities like Brady, The Weeknd, and Simone Biles.

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#nft #nfthours #tombrady #autograph

Autograph, the NFT platform co-founded by NFL quarterback Tom Brady in 2021, has made a significant splash by enlisting the help of sportsmen and entertainers like Tiger Woods, The Weeknd, and Simone Biles. Now, the firm has also raised a substantial sum of money.

Today, Andreessen Horowitz’s a16z fund and Kleiner Perkins led a $170 million Series B fundraising round for Autograph. Lightspeed Venture Partners, 01A, and Katie Haun’s new venture capital business are among the investors in the round.

Together with a16z General Partners Chris Dixon and Arianna Simpson, and Kleiner Perkins’ Ilya Fushman, Haun will join Autograph’s board of advisors as part of the fundraising.

Along with the funding announcement, Autograph did not provide a valuation. However, in July 2021, 01A and Velvet Sea Ventures co-led a Series A fundraising round.

The platform was revealed in April 2021, during the first NFT boom, and launched in August in collaboration with DraftKings Marketplace. Autograph has also released NFTs from Tony Hawk, Naomi Osaka, Wayne Gretzky, Derek Jeter, Usain Bolt, Rob Gronkowski, and the aforementioned names.

According to the firm, the cash came from “many recently finalized” collaborations that will be publicized soon. Autograph began with sports but has since broadened its focus, first with Lionsgate’s “Saw” film franchise and later with the addition of musician Abel “The Weeknd” Tesfaye as the platform’s music vertical’s head.

Autograph is “pumped to add some incredibly skilled experts in the Web3 sector to our team,” Brady tweeted today about the financing round. Autograph is “beginning with celebrities, but wants to encourage innovators at every step of growth,” according to a16z’s Dixon.

Images, video files, and interactive video game items can all be represented by an NFT, which works as a blockchain-backed deed of ownership for digital property. According to DappRadar, the market grew to $23 billion in transaction volume in 2021. Autograph issues NFTs using Polygon, a sidechain scaling solution for Ethereum, the primary NFT platform.

With Dapper Labs’ NBA Top Shot bringing NFTs to widespread audiences early last year, sports memorabilia have become a vital component of the NFT industry. Dapper has also formed partnerships with the NFL, UFC, and LaLiga. In addition, in October, Fanatics raised $100 million at a $1.5 billion value for its Candy Digital platform, which holds the official Major League Baseball license.

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