According to Solana co-founder Anatoly Yakovenko, non-fungible tokens may be a pandemic now, but they are actually the early foundations of future social networks.
NFTs are often sold as part of a collection or as part of a gaming platform that connects owners around the world. The sense of community is built in from the beginning and does not require external involvement.
“I think these are the early beginnings of a true web social network that doesn’t rely on Google or Facebook to work, and doesn’t rely on ads for monetization,” Jacobenko told insiders in a recent interview.
“They are purely these digital communities and can monetize / self-monetize from their own content without the need for these external poison markets,” he said. Yakovenko has long been a critic of some of the advertising and data privacy strategies of large social platforms such as Facebook and Google.
The hype around Metaverse, a virtual reality where people can buy land, homes and luxury goods that they pay with cryptocurrencies, helped create an NFT in November. Best performance Digital assets.
Last week alone, $ 275.5 million worth of NFTs were sold. Non-substitutable The data is thanks to rock star avatars hanging out with the general public like Decentraland and Sandbox, as well as the sale of digital art from the Bored Ape Yacht Club and the Crypto Punks NFT collection. Community-based NFTs often bring benefits to members as well.
Solana Blockchain is a small rival of Ethereum Network. You can also host decentralized finance applications such as smart contracts, or run NFTs, which are unique digital tokens that represent real-world content such as artwork, music, and video. Unlike cryptocurrencies, they cannot be exchanged in the same way, making them a kind of digital collector’s item.
Chain analysisThe success of NFT, a blockchain analytics platform, is the result of “community and word-of-mouth growth.”
They certainly appeal to communities such as celebrity fan bases. K-POP idol band BTS, Idol Katy Perry, With a fashion house Burberry And Louis Vuitton are just a few of the names that jumped into the NFT space. TicktakuA video-sharing social media platform, launched its own NFT collection in October.Snoop Dogg even has his own Metaverse and fans called Snoop Bath Coughed Increase $ 450,000 for a parcel of virtual land that will be your neighbor’s neighbor.
Even with all the glitz and charm around the NFT, they are mostly something usually Owned by people. Eighty percent of all NFT transfers from January to October of this year involved people who spent less than $ 10,000 per transaction.
“I’m really excited to see the NFT community grow from 10,000 to 100,000, 1 million, 100 million. It’s unbelievable, isn’t it?” Jakobenko said.
“What would it look like if there were 100 million people in the same community driven by this digital content?” He said.