5 NFT Trends Driving Social Media to Web3

The Convergence of Web 2.0 and Web3

Ongoing discussions on platforms like Twitter reveal a clear division among tech founders and venture capitalists regarding the future of the internet: Web 2.0 or web3.

Advocates for web3 posit that it represents the next evolution of the internet, predicting that blockchain-based applications will ultimately replace Web 2.0 in the coming years.

Skepticism Surrounding Web3

Conversely, those committed to Web 2.0 often dismiss web3 as mere hype propagated by individuals seeking financial gain through cryptocurrency. They contend that blockchain technologies possess inherent limitations.

Having spent over a decade developing Web 2.0 applications and investing in cryptocurrency for a similar duration, I believe the most significant opportunities reside in the synergy between these two paradigms.

Unlocking Blockchain's Potential

The widespread adoption of blockchain technology will be realized through the integration of Web 2.0 and web3 principles.

The substantial investment in energy, talent, and resources directed towards web3 evokes memories of the internet's nascent stages. For those familiar with Silicon Valley's history, the parallels are striking.

However, the current growth rate appears to be significantly accelerated. Web3 proponents utilize this observation to bolster their claim that web3 will supersede the internet as we know it, rendering Web 2.0 obsolete.

A Crucial Distinction

A key difference exists between the early days of the internet and the present situation. Prior to Web 1.0, the internet itself did not exist. Life was largely conducted offline.

The arrival of the internet offered a compelling alternative to a comparatively mundane existence. Consider the appeal of free content, chat rooms, gaming, music, email, and instant access to information versus a quiet weekend outing to a video rental store – the competition was unequal.

Web3 is entering a vastly different landscape. Today’s consumers are deeply engaged with existing digital products and services.

It’s unlikely that the average user will abandon platforms like TikTok in favor of decentralization, supporting the creator economy, or combating inflation. These concepts simply lack broad appeal.

Furthermore, many individuals cannot afford high-value NFTs like those from the Bored Ape Yacht Club or CryptoPunks.

The Social Bridge: NFTs

What resonates with the typical internet user is their online identity and self-presentation on social media. This represents the crucial bridge between Web 2.0 and web3.

NFTs will be instrumental in facilitating this transition.

Key NFT Trends

Here are 5 NFT trends poised to drive mass adoption within social media audiences:

• NFT-Based Profile Pictures: Allowing users to showcase unique digital assets as their profile images.
• NFT Gated Communities: Creating exclusive online spaces accessible only to NFT holders.
• NFT Loyalty Programs: Rewarding customers with NFTs for their engagement and purchases.
• Dynamic NFTs: NFTs that evolve and change based on real-world events or user interactions.
• Fractionalized NFTs: Enabling shared ownership of high-value NFTs, making them more accessible.

NFT Verification Processes

A common criticism leveled against NFTs centers on the ease with which the associated digital files can be copied via a simple right-click and save. However, this represents a short-term challenge.

Future developments will see widespread NFT verification integrated into prominent social media platforms. This functionality will enable users to link their digital wallets and showcase their authenticated NFTs directly on their profiles.

Addressing File Theft

Alongside wallet connections, advanced fingerprinting technologies are being developed. These systems will facilitate the swift identification of unauthorized file reproductions and enable platforms to remove them effectively.

The ability to detect and remove stolen digital assets is crucial for maintaining the integrity of the NFT ecosystem.

The Impact of Social Media Integration

A significant shift in perception will occur when platforms like TikTok allow users to display and utilize their uniquely verified NFTs within their content.

This integration will dramatically elevate the social benefits associated with NFT acquisition and sharing, leading to an exponential increase in their perceived value.

Sidechains and the Future of NFTs

The growing adoption of sidechains, such as Polygon, is anticipated to contribute to a decrease in NFT prices. This is largely due to the significantly reduced transaction costs they offer.

Furthermore, near-zero gas fees will empower developers to create NFTs with enhanced interactivity and composability. This increased functionality will naturally foster a more social experience around these digital assets.

A Vision of Blockchain Gaming

Consider the potential of a blockchain-based game akin to Pokémon Go. In this scenario, each Pokémon would exist as a unique NFT, capable of being traded or sold on a marketplace.

Each acquired Pokémon would possess distinct characteristics, and its evolution would be directly influenced by the location-based accomplishments of its owner. The Pokémon’s progression would be permanently recorded on the blockchain.

As a Pokémon gains levels, its attributes are updated on-chain, ensuring transparency and verifiable ownership. Players could also earn cryptocurrency tokens as they advance, providing value both within and outside the game environment.

This represents a compelling example of the possibilities unlocked by combining NFT technology with engaging gameplay.

• Reduced gas fees enable more complex NFT interactions.
• Location-based achievements can dynamically alter NFT traits.
• In-game earnings can be converted to valuable crypto tokens.

Ultimately, this convergence promises a more dynamic and rewarding experience for users.

Music

While the NFT surge of 2021 prominently featured visual art, the subsequent evolution, and what is anticipated to become a significantly larger market, centers around music. The motivations behind collecting, be it traditional art or NFTs, remain consistent: a need to showcase artistic preferences to others, a desire to define personal or collective identity, and, occasionally, the pursuit of financial gain.

Despite the initial speculative bubble surrounding NFTs, the underlying drivers of art collecting – self-expression and identity – are more enduring. Music serves as a particularly powerful medium for individuals to communicate their tastes and establish their identity.

TikTok initially gained prominence as a platform for sharing music videos, and music continues to be integral to its content. However, the current musical landscape offers widespread access to the same tracks.

Consider a scenario where a beloved artist releases an exclusive 60-second musical piece, limited to a specific number of NFTs. Upon acquiring one, you create a compelling TikTok video featuring it. Should the video achieve viral success, demand for the song will surge. With only 100 copies in existence, you'll receive frequent purchase offers, allowing you to choose whether to resell or retain ownership.

The Potential of NFT Music

This illustrates the potential of NFTs to revolutionize music ownership. It moves beyond simply listening to music to actually owning a piece of it.

The scarcity created by NFTs introduces a new dynamic to music consumption. It transforms a readily available commodity into a collectible asset.

Impact on Artists and Fans

This model offers benefits for both artists and fans. Artists can directly monetize their work and build stronger relationships with their audience.

Fans, in turn, gain access to exclusive content and a sense of ownership that traditional streaming services cannot provide. They become part of a community centered around a unique musical asset.

Future Implications

The integration of music and NFTs is still in its early stages, but the possibilities are vast. We can anticipate more innovative use cases emerging as the technology matures.

These could include fractional ownership of songs, exclusive access to concerts, and new forms of artist-fan interaction. The future of music may well be decentralized and driven by blockchain technology.

Wearables

During the early stages of Web 2.0, while in my twenties, a significant portion of my monthly income was dedicated to fashion. Items like designer jeans, high heels, sunglasses, and handbags consistently captured my attention and spending.

However, as a greater percentage of my social life moved to online platforms over the last ten years, my expenditure on apparel has noticeably decreased. Currently, beyond athletic wear, my primary clothing needs are limited to a few vibrant tops suitable for video conferences.

Recently, I engaged in an unexpected purchase: a $2,000 pair of sneakers intended solely for digital ownership as a Non-Fungible Token (NFT). Explaining this decision to those unfamiliar with cryptocurrency can be challenging, and it may appear illogical. Yet, is it fundamentally different from the money I once allocated to uncomfortable footwear?

Wearables are poised to initiate a period of substantial investment in digital assets, utilized by social media users to enhance and personalize their online presence. While current activity largely centers around gaming and avatars within the NFT ecosystem, the application with the greatest potential for widespread metaverse adoption will be augmented reality (AR) filters.

Consider the scenario where Kim Kardashian releases exclusive AR filters – offering virtual enhancements like facelifts, lip augmentation, makeup styles, hairstyles, clothing, and jewelry – each uniquely identifiable. Purchasing a filter would grant exclusive use within platforms like TikTok, with the option to resell it later.

These digital items represent a new form of self-expression. The ability to own and trade unique digital looks will drive significant engagement.

The metaverse is evolving, and wearables are becoming a key component of digital identity.

This shift in consumer behavior signifies a growing acceptance of digital ownership and the value placed on virtual aesthetics.

The Future of Digital Fashion

• AR filters offer a compelling entry point to the metaverse for mainstream audiences.
• NFT technology enables verifiable ownership of digital assets.
• The resale market for digital wearables will create new economic opportunities.

The potential for customization and self-expression within the metaverse is immense. Individuals will be able to curate their digital identities in ways previously unimaginable.

The concept of digital scarcity, facilitated by NFTs, adds value to these virtual items.

Dynamic Avatars

It’s understandable to question the appeal of replacing a profile picture with a seemingly unconventional image, such as a digital ape. While acknowledging ownership of a Bored Ape, the preference for a World of Women avatar highlights a desire for self-expression. The shift from a professional headshot to an algorithmically generated image offers a unique way to convey personality.

However, even these digital representations can begin to feel outdated. A longing for more adaptable and engaging online personas is emerging.

The evolution of NFT avatars is set to introduce dynamism, personalization, and movement. Envision a system where a selfie fuels the creation of a bespoke, 3D avatar mirroring an idealized self. This concept, similar to Bitmoji but with enhanced capabilities, allows for updates to expressions, poses, attire, and accessories. Furthermore, the avatar could be animated or even articulate speech using the user’s own voice through text input.

This advancement could significantly simplify the creation of compelling content, such as TikTok videos, by reducing the focus on performance and increasing emphasis on the core message.

Dynamic avatars represent a chance to broaden access to self-expression on social media platforms, empowering a wider range of creators to participate.

The early days of Facebook, though simple, were enjoyable. Periodic logins brought reminders of friends’ birthdays, showcased their profile pictures, and facilitated playful interactions. However, the introduction of feeds, mobile access, and algorithms led to a shift towards curated, often unrealistic, portrayals of life. This evolution has, for many, diminished the initial joy of social connection.

Zuckerberg’s unveiling of Meta was met with skepticism. Concerns were voiced that further immersion in virtual reality would exacerbate existing issues and erode genuine human connection.

Despite these reservations, the trajectory towards the metaverse appears inevitable. As virtual lives become increasingly prevalent, web3 offers the potential for a more enriching experience. This could foster a virtual existence that feels less isolating and more authentically human.

The anticipation lies in a future where NFTs, alongside the broader promises of web3, contribute to a virtual reality where interaction is genuinely enjoyable once more.