NFTs (non-fungible tokens) is the digital presentation of ownership of a certain piece of art or online content that is one of a kind and has no analogs. It’s the way an artist or creator could prove the authenticity of their work. An artist could sell their product if they create or mint an NFT out of it. As the popularity and application of NFTs increase in the digital world, two big platforms for sharing unique content – Spotify and Instagram – have come up with new interesting ideas.
Spotify – the place where artists upload unique pieces of music – has recently engaged in tokenized commerce with the support of its token gaming partners. Here’s how it works. Let’s say John is a vivid collector of music content. He is looking to buy interesting beats on Spotify. Those beats are minted by their true creators. John buys them for a specific price and now he’s the proud owner of music NFTs. As such he has the exclusive right to access certain discounts, products, and collections offered by Spotify or its partners. If John had only one NFT in his crypto wallet, he wouldn’t have access to the unique content of other companies. But having the exact amount of these concrete NFTs, he is given the right to browse through the content of Spotify partners. This is a very good way for digital companies to reach out to more customers. You can check out the list of Spotify’s token gaming app partners on the company’s website.
In addition, Spotify is developing a Beta Program for selling and buying NFTs. If you have an NFT store on Spotify, the program encourages customers to purchase the content of your store using a credit card or cryptocurrency. You can qualify for the program only if your store is US-located and you are on the Spotify Plus plan. Spotify plans to expand this feature to other countries in the near future.
Back in October 2010, Instagram was launched on the mobile operating system of Apple. In the next two years, it was bought for $1 billion by Facebook. It started simply as an application where you can post your unique photos and videos. Nowadays, with its various posting instruments, it has become a job for many people, a platform where you can advertise your products and pieces of work by posting a story or creating a reel.
When you post unique content on Instagram, you have to be sure that no one else could claim ownership of your work. One way for this is minting NFTs. The pieces of work are called digital collectibles in the realm of Instagram. Once they are minted, NFT collectors could buy them. Every NFT is presented to the world by an Instagram post with its product description and public information about the creator and the collector. Very few Instagram accounts have access to this new feature for now. The popular app is using only two open blockchains – Ethereum and Polygon – to gather and organize public information. But it plans to expand to other blockchains as well. By developing the idea, Instagram wishes to make access to digital collectibles easier and to promote the advantages of this new digital wonder – the NFTs.
While measuring NFTs is not as popular yet, many brands and advertisers have been leveraging social listening to better understand how artists think about NFTS, how they monetize their art, and where. Leveraging social media and social listening can be an effective way to paint the full picture of the user journey, but it can also assist with identifying opportunities along the way. Reach out to RILA GLOBAL CONSULTING for more information on how we can assist with social media measurement.