NFT digital identities are going to make a huge impact inside web 3 in the coming years. NFTs have many use cases and ways that people and businesses can utilize them for their own and others’ benefit.
Ways NFTs Are Being Used As A Digital Identity
Many NFT projects have gone mainstream. Popular users, celebrities, and businesses have begun using an NFT as their logo/profile picture for their social media accounts.
Below we outline many of the ways NFT digital identities are being used and why they are being used in this way.
Learn more about the best NFT use cases and utility.
Understanding NFT Twitter
Twitter has become the go-to social media platform for web 3. If you are a web 3 influencer or looking to learn more about NFTs and crypto then you have to be on Twitter.
Twitter has worked well for web 3 because of its focus on text content as well as images and video more so than any other social media platform. It works well for creators to write small form text for tweets or longer form threads to educate users on various NFT projects, upcoming crypto trends, or other web 3-related information.
Twitter NFT Profile Picture Verification
Since web 3 advocates have become so fond of Twitter, they were one of the first to adopt NFT use cases into a social media platform.
In September, Twitter developers provided a demo demonstrating how a user may connect their crypto wallet, which allows the social media network to recognize NFTs as distinct assets. The user can access them through their account’s “NFT” page. It’s a version of Twitter’s coveted blue checkmark, except for NFTs. Twitter is launching a new feature that will allow users to showcase their NFTs or non-fungible tokens. Subscribers to Twitter Blue, will be able to connect a cryptocurrency wallet and display any NFTs that you own in your profile.
The company is distributing NFT Profile Pictures to Twitter Blue subscribers via the early access Labs component of Twitter Blue. These individuals can easily be identified by the shape of their avatars, which are hexagonal rather than circular.
Numerous crypto aficionados have already changed their profile image to a photo of their NFT. Unfortunately, Twitter does not yet offer a formal method of authenticating with a user’s crypto wallet and establishing ownership.
To access the functionality as a Twitter Blue subscriber, navigate to your profile and edit your profile photo. Here, you’ll see a new option to select an NFT instead. You then establish a connection to your cryptocurrency wallet. Users who come across the NFT’s profile photo on Twitter will be able to tap on it to learn more about the artwork, its collection, provenance, and more.
Twitter and other social media platforms are going to assist in the creation of many NFT digital identities.
Why Richerd Turned Down $9.5 Million For His CryptoPunk
A Canadian cryptocurrency developer declined an offer to sell his CryptoPunk NFT for 2,500 Ethereum, or around $9.5 million, stating that the digital collectible is “not for sale” regardless of the price. There is no better way to demonstrate the expression “diamond hands”.
CryptoPunks are one of the first non-fungible tokens on the Ethereum network, issued in 2017 by developer Larva Labs. There is a collection of 10,000 distinct characters, which might command millions of dollars at auction due to their rarity and uniqueness.
According to the Larva Labs website, Richerd purchased CryptoPunk #6046 in March for approximately 45 Ethereum, or roughly $83,000. However, he tweeted on Thursday that his digital item was “not for sale.”
Blockchain business POAP launched a large bid of 2,500 Ethereum (USD 9.49 million) on the NFT, ostensibly determining whether Richerd was genuine about his assertion. Richerd ultimately declined the offer, stating in a post that he has developed his business and identity around his CryptoPunk, generating what he refers to as “worth beyond the NFT itself.”
Richerd’s primary reason for declining the offer was his brand identification. According to him, #6046 has evolved into his social media persona, and he has built a lucrative brand around it, also founding Manifold. As a result, he deemed his identity, related to #6046, to be more valuable than any NFT transaction.
To summarize; Richerd knew that his NFT digital identity was too important to be able to sell it.
NFT PFP and Branding
Among the very first NFTs created were a series of PFPs, or profile pictures intended for use as avatars on social media platforms. The first PFP NFT CryptoPunks were created in 2017 and were widely used by early crypto professionals on social media platforms, most notably Twitter.
PFP initiatives do not have the same objective as an average NFT project. Due to the simultaneous distribution of hundreds of NFTS that all adhere to a standard set of data, PFP projects transcend the realm of an individual piece of digital artwork.
Each NFT becomes a one-of-a-kind collectible that is also a component of a more extensive series that frequently involves a collaborative experience. Additionally, PFP NFTs act more like conventional collectibles. By fusing the excitement of stock trading with the pleasures of establishing a digital persona, PFP NFTs can potentially change how works created in the medium are purchased and created.
Due to the global interest generated by NFTs, new avenues for brand storytelling and consumer contacts have opened up. Even if the world of NFTs proves to be a fad, it has already opened up new channels for companies and marketers to communicate with their audiences.
Big Companies and NFT Marketplaces
For example, the NBA made waves when it launched “NBA Top Shot,” an online marketplace for licensed digital NFTs in which fans can purchase moments from their favorite teams, a novel take on the collectible card trading hobby.
State Farm, an insurance business, recently launched an augmented reality treasure hunt in which it rewarded football enthusiasts for searching college campuses for virtual footballs in the form of NFTs.
It’s beneficial to view the branding of non-for-profit organizations from an emotional and financial lens. Consumers may feel more invested in a brand if they are presented with culturally significant tokens and have the potential to appreciate.
Create your own project that creates an NFT digital identity.
To enter the NFT sector, the first and most critical step is to establish contact with an NFT development company. At Strategency we can handle any and all of your NFT development needs.