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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?

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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