In our ever-changing world of technology, social media has evolved from platforms that can only send text messages to providing various media tools on social platforms like Instagram and Twitter. Instagram alone has more than 1 billion users globally, which initially started out as a photo-sharing website in 2010.
According to the Global Web Index in January 2022, “58.4% of the world’s population uses social media. The average daily usage is 2 hours and 27 minutes.” It is clear that social media has taken the world by storm, whether used for networking, business practices, or simply sharing a funny meme with a friend.
But what about the NFT space?
People invest in non-fungible tokens (NFTs) for various reasons. With a growing trend of NFTs in recent years, buyers noticed a lucrative potential for the NFT space to foster marketplace efficiency. Converting a physical asset into digital form changes the game for creators of all kinds. Most notably artists are utilizing this newly formed technology which benefits all parties when removing agents and troublesome transactions.
Whether people collect them for the sake of investing, collecting, or staking — NFTs are safe to utilize due to blockchain technology. Blockchains help verifies the authenticity and chain-of-ownership which helps artists’ work from internet theft. NFTs dominantly use the Ethereum blockchain, but others have been arising. In February 2022, it was reported an astounding $2.4 billion worth of sales on Ethereum alone, with an average price of $2,260 per transaction. With the rise of NFTs, another question arises: Where can people find NFT projects?
Marketplaces
There are a plethora of NFT marketplaces online, but one that sticks out amongst the rest is OpenSea. Founded in 2017, OpenSea is a peer-to-peer marketplace that has over 600+ users, 80 million NFTs, and 20 million collections. What makes OpenSea so successful is its user-friendly options for beginners such as simplifying the management and monetization of NFTs.
Rarible is another NFT marketplace that provides easy-to-use minting and trading characteristics tailored to NFTs. What separates them from OpenSea is their emphasis on decentralization through a native token called RARI. RARI holders have the option to vote on policy changes and other important decisions. However, the distribution of RARI tokens came to a stop in January after a unanimous vote to use the tokens for the Rarible protocol instead. Using NFT marketplaces is probably the first choice for most people without prior knowledge of the NFT space. But there are still a handful of methods to find these non-fungible tokens.
Discord
Discord is a social media platform with a twist, they provide various channels for users to create a plethora of topics. These channels have the option to be private, public, or invite-only. Users use Discord to discuss different topics, ranging from homework to mental health. NFT communities found that utilizing Discord is useful for NFT enthusiasts and experts to learn about the NFT space or expand their audience for their creations. Notable Discord NFT communities include NFT, Enter, Mekaverse, and more. Discord servers provide beneficial features for artists, developers, and investors to discover and promote NFT-specific projects.
Telegram
Telegram is simply another multi-platform messenger service, but is most notable for its privacy features. Founded in 2013 by Russian entrepreneur Pavel Durov, it has an estimated 550 million monthly users. NFT investors and artists use multiple Telegram groups to promote or discover potentially lucrative artworks. One group that stands out is NFT Artist And Buyers, which has over 20 thousand members. This is a great group for artists to promote and connect with potential buyers about their latest NFT projects. Other groups include Metaverse NFT News, Community NFT, etc.
Returning back to one of the most popularized social media platforms, Instagram allows NFT creators to promote their artworks through their profiles and take advantage of using hashtags.
However, in May 2022, Instagram decided to take it a step further and add a feature that enables users to connect their digital wallets to the app and share verified NFTs. Currently, the only compatible crypto wallets for Instagram are MetaMask, Rainbow, and Trust Wallet. With the NFT craze taking over social media platforms, it will only continue grow to new horizons with Instagram’s new NFT feature — making them a great platform to discover the best NFT projects.
With all these digital platforms showcasing their distinctive features, it’s hard to say where is the best place to find the best NFT projects. However, digging around these platforms may give you the advantage of finding the one or two hidden gems that will make you stand out from the rest.
References
Byrne, M. (2022, March 8). My Top 3 Blockchains for NFTs. The Motley Fool https://www.fool.com/investing/2022/03/07/my-top-3-blockchains-for-nfts/
Ellis, T. (2022, April 30). What is Discord and how does it impact on NFT communities? NFT News Pro. https://nftnewspro.com/what-is-discord-and-how-does-it-impact-on-nft-c ommunities/
The Evolution of Social Media: How Did It Begin and Where Could It Go Next? (2021, March 3). Maryville Online. https://online.maryville.edu/blog/evolution-social-media/#:%7E:text=They%20introduced%20users%20to%20digital,followed%20in%202001% 20by%20Friendster
Gordon, S. A. (2022, April 13). What is Telegram and why should I use it? Android Authority. https://www.androidauthority.com/what-is-telegram-messenger-979357/
Pros and Cons of Investing in NFTs. (2022, March 9). Investopedia. https://www.investopedia.com/pros-and-cons-of-investing-in-nfts-5220290
Sergeenkov, A. (2022, March 9). OpenSea vs. Rarible: Which Is the Better NFT Marketplace? Coin Desk. https://www.coindesk.com/learn/opensea-vs-rarible-which-is-the-better- nft-marketplace/
Team, W. Q. (2022, May 16). 15 Best NFT Telegram Groups 2022. Wealth Quint. https://wealthquint.com/best-nft-telegram-groups-34072/