A Brief Introduction To Non-Fungible Tokens (NFTs) For Influencer Marketing

In recent times, you might have heard the words Non-Fungible Tokens or NFTs often. Or at least you might have heard Justin Bieber, Jimmy Fallon, and Snoop Dog owning NFTs. You might have heard Jack Dorsey, the former CEO of Twitter selling his First tweet NFT for $2.9 million. NFT Trading platforms have been receiving a huge crowd recently and there is a new addition to the use cases of Non-Fungible Token. As a consequence, almost every industry is taking up NFTs in some form or another. 

Be it Meta’s announcement on bringing NFTs to Instagram and Facebook or Youtube introducing NFTs; NFTs are now turning up to take out the Influencer community as a whole. Today the world is normalizing the use of blockchain everywhere from ticketing to gaming. Introducing them to the influencer community in the form of NFTs will be a big move in bringing the masses into the blockchain. Are you an Influencer? Here is a brief introduction for you to get into NFTs.

Read More: How Did White Label Nft Marketplace Development Hype Start?

What is an NFT? 

An NFT is a unique digital asset on a blockchain (similar to cryptocurrency). It can be anything in digital format, from art to video shots to tweets. To make it simple, it is similar to possessing a valuable trading card, original artwork, or antique. There may be duplicates and copies of well-known artwork, but the value lies in owning the original. When you purchase an NFT, you become its owner, which is etched on the blockchain, which is unhackable and cannot be tampered with in any way. One of the key reasons for the enthusiasm for Owning NFTs is the chance to own something unique that cannot be replicated or swapped for a similar digital asset.

Another important thing to note is the Royalty. So you create something, you sell them, and you lose the right over them. But when you mint your creation as an NFT, you remain as the creator on the blockchain and whenever your art is resold, you receive a royalty on the sale which is set by you. So Non-Fungible tokens act like copyright, where you always have a claim over your creation no matter who owns the piece. Now you should have understood why NFTs revolutionized the art industry. And that will be the same reason why Influencers should take up NFTs too.

Why do influencers need NFTs?

Influencers can make a lot of money by creating unique content. These creations are valuable as they complete them with the limited resource they have. To monetize them, they rely on brand agreements and collaborations to gain money. NFTs, on the other hand, modify that by providing an entirely new way to generate revenue and improve marketing efforts. The creator economy, due to its unique architecture, has enabled individuals to develop digital content utilizing blockchain-based technology, possibly changing the financial landscape for the artists involved. They’ve allowed artists to make millions from a single piece of work. Creators are looking into non-fungible tokens as a way to deliver unique, paid experiences and engage with their followers.

Token Gated Community

A token gated community is something that is getting the spotlight among the influencer community. Non-Fungible Tokens on the blockchain can be an access token for exclusive content from the influencer. Say, you are an influencer having a huge follower base following you exclusively for the informative content you create. Though you monetize your content by partnering with brands you can have more options through non-fungible tokens. You can create an exclusive community for yourself through NFTs and those followers with your NFT hold access to your exclusive content. 

This will not only ensure influencers earn but also create a dedicated community. The pioneer of this use case started with Gary Vee’s VeeFriends NFT collection sold on the Opensea NFT trading platform. The holders of these tokens can have an exclusive session with Garry and discuss with him anything that can help with entrepreneurship.

In the spotlight for influencers

There are many brands coming out to help out the influencer community by introducing blockchain and NFTs to their platform. This move will bring a lot of people into the blockchain ecosystem. Influencers are now active on various social media platforms like Instagram, Facebook, Twitter, TikTok, Youtube, and more. Some of these platforms came out with an official announcement to introduce NFTs for influencers. They are,

• Meta’s announcement on bringing NFTs into Instagram and Facebook. The beta version of Instagram in the US already introduced Digital collectibles supporting creators and influencers to showcase their NFTs on Instagram. The version allows you to connect your NFT wallets and share the NFTs on their posts. The firm is currently working on the betterment and looking forward to adding more in the future.
• Following Instagram, Youtube also took an initiative to include NFT as a creator tool in the platform. This will expand the monetization opportunities of the creators. Through this, the creators can not only monetize just by posting videos it also allows the fans to own the videos. 
• Twitter is already allowing users to display their NFTs as their profiles. Tweets are made an NFT and sold already, this gave a lot of attention to NFTs from a huge crowd. 

Outlook

You might have got an idea of what a Non-Fungible Token is and what it has to do with influencers and marketing. Instagram and Youtube are interested in Blockchain, web 3.0, and NFTs.

Non-Fungible Tokens are popular due to their rarity and collectability. Creating products through limited collaborations between corporations and influencers will open up a whole new revenue stream for both the brand and the influencer. With NFTs, customers may acquire access to a one-of-a-kind piece of the digital universe. 

With NFTs dominating every industry from NFT art to NFT games, this tech will be valued at its best in the coming years. Metaverse, the digital world that is getting ready to give a whole new experience will also use NFTs as the base making it unshakable.