Facebook, Instagram, and Reddit all join the Web3 bandwagon. Since July, Reddit users have established three million cryptocurrency wallets on the Polygon network, surpassing OpenSea in terms of active wallet count.
Soon, Instagram creators will be able to design their own NFTs and sell them both on and outside of the app. Last but not least, Twitter introduced NFT Tweet Tiles, which will enable users to purchase, sell, and display NFTs directly through a marketplace listing and display the artwork of an NFT in a dedicated panel within a tweet.
This essay intends to assist you in maximizing the advantages of the ongoing Web2 to Web3 and social media market shift.
Web2 accepts Web3
In August, Meta introduced the ability for users to cross-post NFTs on Facebook and Instagram in an effort to improve the interoperability of its metaverse. The firm already supports many wallets that support the Flow, Polygon, and Ethereum blockchains.
Digital ownership is one of the most significant characteristics of Web3, and opening up the creator economy is essential for widespread adoption.
Let’s go through all the features our goods can provide for you and how you can profit from the market’s continual change.
Web3 & Social Media
Think about a situation where anything you post on Facebook, Instagram, or Reddit will be seen by other social media users. Due to the fact that we support Polygon and Ethereum users, this will soon become a reality.
You can use our portfolio tracker to navigate the new Web3 social media app development and get a thorough appraisal of your assets as well as the tokens and NFTs you currently hold in your wallet. Additionally, tracking NFTs gives you complete control over your collections.
Gain significant, immediate, and actionable insights from your NFTs, including:
- Former floor pricing
- Actual floor price
- Price variation
- Money spent
- Current stock
- Gains and losses
Web3 & Social Media
With this technology, gain from the marriage of social media like facebook with NFTs and stay one step ahead of the game in the approaching social media Web3 wave.
We can only fathom the enormous potential social media could uncover for Web3 with the explosion of avatar blue-chip NFT collections like BAYC, CryptoPunks, and CloneX.
Reddit has more than 1 billion monthly users, and Facebook alone has 2.9 billion members. The retail sector and the creator economy may be significantly impacted by the introduction of Web3 to this sizable group.
Examine the NFT Collections.
Additionally, NFTs are more than just attractive images; you can hold the right to utilize them commercially. These collections are currently quite expensive due to their entry-floor costs. But perhaps the existence of Web2 will give rise to a new type of NFT with more accessible ownership rights.
The value of your most valuable assets is estimated by NFT Collections Explorer using a machine learning system. That analyses the metadata of previous sales.
Uses for the NFT Collections Explorer include:
- Look through many collections, identify NFTs, and take appropriate action.
- To locate the next NFT unicorn, be ready for declines and examine early market data.
- On Ethereum, look into NFT collections (more chains coming soon).
- Discover and get ready for upcoming NFT drops and limited-mint releases.
- Utilize industry-accepted measures to analyze NFT market activity.
- Investigate specific NFT collections using precise market information and metadata filters.
Web3, Contribute2Earn
With SBTs and an expert portfolio, one wallet can represent one identity across numerous applications. These unique tokens can aid NFT artists and creators in developing a reputation among their target communities and making it verifiable.
Collectors would be able to recognize the owner of the Soul as that artist more readily the more SBTs it bears.
Additionally, SBTs function as Web3-based resume that lists a person’s educational background and professional experience.
The Contribute2Earn ecosystem, which pays anyone who produces content, curates dapps, reviews, or even builds features, is where SoulBound Tokens (SBTs) fit in.
With Contribute2Earn, your inventive efforts can be included on your Web3-based résumé, enhancing our platform. And perhaps assisting you in advancing your profession as the industry moves toward Web3.
The emergence of Web3 and the Creator Economy
The creative economy came into being as a result of the explosion of social media platforms. Creators now had a vast audience to share their work with and support a multi-billion dollar business.
However, on Web2 social media platforms like Facebook, Instagram, TikTok, and YouTube, creators only get a small portion of their earnings. The “gatekeeper” platforms’ centralized character is to blame.
Decentralization and the possibility of full digital ownership are introduce by Web3. For many creators, it represents a step toward moving away from reliance on established platforms. And toward a more egalitarian business model.
Closing Remarks
The transition of the internet from centralized Web2 “gatekeeping” commercial models to more decentralized ones is something we are currently experiencing. All is made possible by Web3, which aims to provide users with control and autonomy.
Digital ownership and decentralization help level the playing field for all parties involved. Particularly micro-influencers who struggle on crowded social media platforms with unjust revenue mechanisms can gain a lot from what Web3 has to offer.
Reddit, Meta (Facebook, Instagram), and other social media companies have chosen Polygon and Ethereum as their entry points into this market. The action indicates that Web3 is extremely valuable and will be crucial to the development of the creative economy.