There’s no denying that the popularity of blockchain technology has skyrocketed in recent years. Today, cryptocurrency has become a big industry and spawned many products and services to meet the needs of today’s digital-focused world.
One such example is BitClout, a new social network that tokenizes individuals and represents them as NFTs. As you might imagine, it has piqued the interest of many cryptocurrency enthusiasts.
But, is the platform and non-fungible tokens a happy marriage? Here’s what you need to know about it and how tokens fit in with the social network’s aims.
In a nutshell, it’s a decentralized social network. Users of the platform can buy and sell what’s known as creator coins; those coins are non-fungible tokens.
It is a relatively new name to the market, having only launched in March 2021. There are 15,000 tokens reserved for celebrities which the social network says is to prevent impersonation.
The social network works in a similar way to Twitter, where you can submit “posts” with short messages and attach multimedia like images and videos. It also incorporates a financial award feature, where users can give money to posts they like the most.
As you already know, NFT is an acronym for “non-fungible token.” But, what does that mean, and why would you want an NFT?
The tokens are types of digital assets, and each token represents something unique, such as a digital element like an image or video or a physical item like a house or a car. All the tokens have digital “signatures” that get linked to the accounts that own them.
The ownership of all tokens can get traced and tracked at any time via blockchain technology, and it’s possible to sell or transfer ownership of tokens to other people.
It’s no secret that celebrities and others have been looking at digital tokens and blockchain technology as an exciting new way to monetize their personal brands. As you can imagine, some celebrities have a huge social following and will attract high value to their tokens.
The union represents an exciting new way for those people to increase their brand awareness and net worth on a decentralized platform. Plus, creators can view all their data and build immersive social media experiences for their followers.
Here are some more detailed reasons why the union between BitClout and NFTs could be a happy one:
The main draw of the social network is how it’s a decentralized platform. Each creator has control over what they post, and they express their views and opinions without fear of a central social network moderating their content.
What’s more, no central authority can implement bans (temporary or otherwise) because of what creators say on their profiles. Notable people like the actress Pamela Anderson and Norwegian music producer Kygo have already claimed their profiles on the platform.
Celebrities and other well-known people are undoubtedly keen to keep boosting their net worth. The thing is, they will usually exhaust the most common ways to do so, such as through social media and TV and radio.
The platform and the blockchain-protected tokens offer those individuals an exciting new way to monetize their personal brands. This unique union is also ideal for other people looking to cash in on a celebrity’s popularity, as they can potentially buy tokens and sell them later for a profit.
Back when Bitcoin first got launched, it was the right time to mine or buy the cryptocurrency as today, each coin is worth a lot of money. Whether you’re a celebrity or a serial entrepreneur, now is the right time to get involved with the social platform.
It only went live a few months ago, and there’s still plenty of potential for making money using the decentralized platform. Of course, it’s worth keeping in mind the value of each NFT will depend on the rising or falling popularity of the celebrity as well.
As you might expect, any new technology or idea will face some controversy, and BitClout and NFTs are no exception. But, while you should be aware of the challenges faced, are they a cause for concern for most people?
Take a look at why some people are cautious about the idea of a combined decentralized social networking platform and NFT technology:
First of all, the lack of policing from a central authoritative figure is undoubtedly a boon for people who are proponents of free speech. However, it can also be a problem as well. As you can imagine, some people use free speech for nefarious purposes.
If someone on a decentralized social network uses the platform to incite hatred, violence, and anything else negative, there is technically no simple way to moderate such content.
Another criticism is how the names of 15,000 famous people got added to a social network without their consent. Of course, some celebrities and people in the media spotlight don’t mind because it’s another way to increase their brand awareness.
At present, celebrities and other A-listers can “claim” their profiles by jumping onto Twitter and tweeting about it. Doing so also serves as a promotional tool for the decentralized platform’s creators.
Lastly, if you want to buy any tokens, you have to purchase the social network’s currency with Bitcoin. However, it’s not currently possible to “cash out” if you change your mind or you’ve made a profit with any tokens you’ve bought or sold.
Blockchain technology is undoubtedly an exciting way to keep digital assets secure, and it’s a great way of making money and increasing brand awareness.
The union between this latest social network and token technology is innovative and enticing, whether you’re a celebrity or someone that wants to earn a living through digital means.
If you’d like to learn more about blockchain technology and how it could benefit you, take a look at Unblocktalent’s easy-to-navigate articles on the subject.