The Coming Boom in Crypto on Social Media
As crypto currencies and non-fungible tokens (NFTs) grow in popularity, social media platforms are increasingly looking to integrate boom crypto features. By allowing buying, selling and showing off digital collectibles, social giants see an opportunity to tap into the next major trend.
In 2021, we began to see the first examples of crypto integration on social platforms.
Twitter added options to display NFTs as profile pictures and introduced a bitcoin tipping feature using hexagonal icons. Instagram likewise rolled out support for sharing NFTs on the feed and in Stories.
However, true crypto integration on social media is still in its early stages. Existing options remain limited and focused mainly on showcasing NFT ownership. Platforms have yet to enable the full suite of features that will drive a crypto boom among their massive user bases.
Going forward, social networks expect to expand their crypto features rapidly by introducing new capabilities. Beyond simply displaying NFTs, integration will evolve to let users buy, sell, trade and create crypto-collectibles natively within the apps. This will create an entirely new ecosystem where crypto communities can form and transact seamlessly.
One major area of crypto integration will be enabling users to buy and sell NFTs directly on social platforms. Rather than requiring an external wallet, networks will integrate payment options and marketplaces to facilitate all transactional activity. Buyers will be able to browse and purchase collectibles from creators while creators will manage and list their collections.
Social giants will also look to develop their own social crypto tokens and NFTs.
Similar to how YouTube launched Creator Coins, networks will release digital coins and collectibles that unlock features, grant perks and build community belonging. Social tokens could even be used to reward creators, govern platform decisions or purchase virtual goods.
A related area of growth will be social-based NFTs that are attached to in-app achievements. Platforms may issue NFT variants of badges, stickers, gifs and emoji that users can earn, trade and showcase. Over time, these “social NFTs” could represent valuable status signals due to their scarcity and association with social profiles.
The rise of “blockchain-gated” content is another area where social will converge. Creators will be able to restrict access to exclusive content, communities and discussions based on holdership of certain tokens. This will foster new subscription and loyalty models where fans gain perks through crypto ownership.
In summary, the coming years will likely see a boom on social media as platforms race to integrate the latest web3 technologies. Taking advantage of massive built-in audiences, networks that offer seamless crypto experiences will attract a wealth of activity from the thriving crypto economy. Early indicators point to huge potential for it to enhance the social experience by enabling new forms of connection, expression and community.