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News NFTs look at social media platforms for expansion

NFTs look at social media platforms for expansion

Plans for NFTs to be seen on social media platforms like Youtube, Twitter and Instagram are also booming. 

At the start of this year, Twitter already launched a limited feature that allows users to upload NFTs to their profile like a profile picture. In an event last March, Facebook founder Mark Zuckerberg announced his plans for Instagram to integrate NFT. Instagram head Adam Mosseri also shared that Instagram will allow creators and users to share NFTs purchased on their feed or stories.

With all these extended plans set, the creator economy will grow in the coming years. Currently, the creator economy is estimated to be worth $100 billion. According to Influencer Marketing Hub, three-quarters of creators get their primary revenue from brand sponsorships, and only 5% depend on ad revenues. Affiliate marketing, selling courses, and tips from their fans are the other ways creators were able to get revenue. 

Gilad Bonjack, SVP of creator services at Lightricks, believes that the opportunities of NFTs go well beyond pure monetization for creators saying “the integration of NFTs into content creation is a huge step for creators.” 

“The monetization opportunities are certainly significant and will undoubtedly level up the value of the creator economy. However, I believe there are bigger opportunities for creators to leverage NFTs to own their brands and communities so that they can become less dependent on the big platforms,” he added. 

Influencers all know that the only way to earn is through their followers. Bonjack adds that “NFTs are a brand-new way of reaching and engaging an audience directly, giving unprecedented control to creators.” 

NFTs are on blockchains, which is similar to some types of crypto-assets. They are operated by decentralized networks resistant to censorship, meaning they cannot be manipulated. Decentralized technologies have been a distant threat, but now the creator economy is seen to trust decentralized platforms. 

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