With an audience of over 3.6 billion users around the world, Social Media networks currently influence the way people get the latest news, offer opinions, and more. With such amount of users, it could be said that these platforms are the perfect vehicle to push forward the support of almost anything, and there’s certainly a viable argument that social media has been the main driver of the growth of digital assets and currencies around the world.
These platforms are now used as a barometer for determining the latest events in popular culture. It is also a place where people love to show off their support to a particular brand, club, or even their favourite image. The latter has almost been ideal for the explosion in interest regarding NFTs. These unique designs are one of the hottest trending topics in the world, which are also proving to be very profitable, as highlighted by the chatter around digital artists like Pak, who raised $91 million from the sale of his latest works.
A further example of just how much a part of the modern culture they’ve become is by Instagram and Twitter now allowing users to use NFTs as their profile picture. It’s something that has seen some well-known names from the world of sport take up to show off their purchases, as the 12 million followers of LA Clippers forward Paul George can now see his NFT via his profile. Social media networks thrive on community, building a sense of people all being in it together, and it’s something that has been leveraged by a company that has spread into the sporting arena.
Fanatics in sport share a love of memorabilia and will proudly display their most cherished items on social media, and Socios, who have recently made moves into the US via sports sponsorships, are building on that premise via their own digital communities. Through their activations across the NBA, they’re bringing voting via an engagement app that gives fans access to exclusive rewards and polls alongside their fellow fans.
Meanwhile, over in Europe, they’ve taken that a stage further via the sale of fan tokens. These one-of-a-kind digital assets are built on the same blockchain technology as cryptocurrencies and are branded to clubs and organizations. Thus, giving their owners something to proudly display online to show their support and make them part of an even more exclusive group of digital superfans and offering voting rights only accessible by token owners.
Although most people see Facebook, Twitter, and Instagram as the only social networks, cryptocurrencies have a lot to thank Reddit for. The browser-based platform, which only became mobile friendly a few years ago, was THE hub for news on all things Bitcoin and Ethereum. The ability to have sub-forums for each currency proved to be a real help in drilling down into the finite details of crypto. So much so that it’s suggested that much of the growth of Bitcoin came from the social forum. It makes sense, too, as there’s much more to learn about the intricacies of mining for the digital currency than can be explained via the 280 characters allowed on Twitter.
Digital assets have a lot to thank social media for, as you can see right now. Whether Reddit is pushing the origin story of crypto, communities of sports fans being fostered like those previously only found on Facebook, or the aesthetically driven world of Instagram, there’s a place for each asset to stay at the forefront of our thinking now and in the future.
Cover Image via SproutSocial
