Non-fungible tokens (NFTs) have evolved from a niche interest to a mainstream conversation. The selection of NFT art – from attractive to bold and menacing – draws in a new audience of enthusiasts. Beyond art, NFTs provide a new level of social interaction.
Designed as small social media, NFTs can open the door to a new form of social media based on creativity, ownership and contribution.
Groups serve as hubs for NFT projects
Dozens of Discord and Telegram groups appear every week to support new NFT projects. These groups serve as a starting point for the project and help people communicate and learn about the NFT space. A quick wiretap of a Twitter Spaces conversation with one of these groups reveals that a wide range of people are interested in NFT. Some of the contributors are experienced crypto users, many are new to NFT, and some have not used crypto at all. For those new to cryptocurrency, these groups create a more user-friendly setup that reduces anxiety about getting started with cryptocurrency.
Conversations in these groups reveal a shared interest in digital expression and a desire to connect with a community of like-minded people. Society’s values are often shaped around the quality and rarity of art and ideas that accompany the new energy in society. Like other forms of social cooperation, these groups usually have specific leaders who are interested in social development and industry. These members set the tone, help organize the community, and enforce community rules.
Each group sets its own roles, values, and codes of conduct – often in such a way as to mimic the characteristics or ideas of animals in NFT fiction. The Monkey Isle monkeys share monkey memes, Degen Yitis hits each other with phrases like “Haha Yeti” and CryptoDads shares their best dad jokes. The groups have a common vocabulary for the knowledgeable. Nearly all groups greet each other with “gm,” the shorthand for “good morning,” popular on CryptoTwitter.
And often you’ll see comments like “rarely look” – a hat tip or a funny insult to NFT rarities. This type of tease is the lifeblood of the NFT community, and for many enthusiasts, it replaces endless scrolling on Facebook and Instagram.
The world goes to Metaverset
Major social media platforms have reached a turning point. Regulatory concerns over digital privacy and declining user confidence raise questions about the future of these ubiquitous platforms. As the world enters a new phase of digital interaction – a place that some call the Metaverse – users are thinking about forms of expression and interaction that do not require the abandonment of digital privacy.
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NFTs may be a step towards new social interactions, an idea that may not be as far-fetched as it sounds. TikTok recently announced the creation of an NFT group led by creators, Twitter supports NFT profile verification, and Coinbase is launching the NFT Marketplace. These signals point to a consistent audience that can empower us to make NFT an important part of our social connections. The mainstream social media will continue to play a role, but the ideas generated in the NFT communities highlight a new type of social interaction based on NFTs rather than followers and likes.
Benefit beyond monetary value
All communities are fighting for awareness of the project because it could lead to a higher “lower price” – the average cost of NFT in secondary markets. In contrast to the average price, more advanced communities are thinking about how they can add value to their members through benefits and exclusive access. This type of membership bonus is a broad opportunity to add new interest beyond the cash value of the NFT.
On the subject: Beyond the hype: Actual cost of NFT. still to decide
The use of government bonds, funded by project proceeds, is becoming more popular as communities seek to act on their ideas. At the time of this writing, there are 13,722 Ether (ETH) in the noun store – an incredible amount for a decentralized community built on NFT. CryptoDad’s makes beer and CyberKongz builds a banana machine that, you guessed it, produces several NFTs. Adding an edge to NFT projects that are dominated by profile pictures and memes may seem counterintuitive. But as they mature, these communities find creative ways to adapt work around shared values.
DAO and rethinking judgment
As groups find their way into the decision-making process in society, the need for governance has stimulated the idea of decentralization.