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A look at two Social Network NFT Projects

Hugo P
Hugo P
2021-07-20
More and more social network are planning to use NFT as a medium of choice for multiple reasons! Let's take a look at it.
More and more social network are planning to use NFT as a medium of choice for multiple reasons! Let's take a look at it.

With the widespread coverage of non-fungible tokens by mainstream media its easy to believe that 2021 will be the year of the NFT. The general public has become aware that the concept of crypto overall is no longer a joke (hello Doge!) and as a result, social network projects are being created in the NFT ecosystem, specialising in this field and are taking advantage of this new ecosystem to make a name for themselves.

One thing is for sure, the battle to the top will be tough, with giants like Instagram looking to launch an NFT platform directly on its app and several influential players in crypto interested in the vision of an NFT social network like Gary Vaynerchuk

Nafter: A simple use of NFTs on an Instagram like platform

NFT social network nafter

Although Nafter has some great ambassadors, that’s not what best characterizes this app, more it’s the growing popularity of social networks and NFTs with which Nafter has created a market using an intuitive interface and simple tools:

  • Take a picture
  • Give a name and a description to the photo
  • Choose a category
  • Define its price in dollars
  • Choose the crypto to accept ($NAFT – 0 gas fees) ($ETH) ($BNB)
  • Define the number of copies
  • Activate the sale or deactivate the sale
nafter platform

And that really is it, the image has been minted on the blockchain and is now in your account ready for sale! It is without doubt this simplicity that will be the catalyst for mass adoption.

Besides the fancy marketing when visiting Nafter’s official website, this app could be used: 

  • To discover the person who minted the NFT through the transaction
  • Facilitate contact with fans, collectors and widen your influence
  • Make partnerships more attractive for both parties
  • Grant access to exclusive content to people of your choice (collectors, stackers, etc.)
  • Give access to real content or physical objects
  • Create limited and exclusive collections
nafter content

Let’s talk about the $NAFT Token

$NAFT is Nafter’s token and boasts no transaction fees. It is also a governance token that will allow you to bet (stack) on profiles that you think will gain popularity. Moreover, the wallet used is none other than Metamask, which will greatly facilitate its use considering the many tutorials available.

The addition of liquidity in Nafter’s pool will also have an impact on your user experience in the app. Three levels of staking will be there to reward liquidity providers:

Fanboy: 

  • Starting at 5000 $NAFT
  • Gives access to an APY of approximately 100%.

Influencer:

  • Starting at 50,000 $NAFT
  • Gives access to an APY of approximately 150%.

Celebrity:

  • Starting at 250,000 $NAFT
  • Verified Badge Earnings
  • Gives access to an APY of approximately 200%.
nafter pools

Conclusion: an early stage dApp

When the app is in action, we can see that the team behind Nafter has greatly prioritised the user experience, for the moment the app is still in development and in its early stage. 

The main concept to remember here is that Nafter has led the way in trying to create a decentralized Instagram. This is a project to keep an eye on because as Instagram seems to have announced a project relating to NFTs and who knows, maybe Nafter will become their decentralized competitor?

Showtime : The Social Media dedicated to Crypto-Artists

showtime homepage

Showtime looks to resolve the huge problem that most digital artists face, lack of visibility. Since the NFT boom earlier this year, many new creators have appeared in the non-fungible token ecosystem. The marketplaces have become overwhelmed by millions of different works, collectibles, assets, land and so on. Because of this glut, many artists with great potential and without great popularity may have become discouraged. 

This is where Showtime arrives. Instead of making yet another non-fungible art marketplace, Alex Masmejean has chosen the path of an aggregator or rather a real non-fungible Artist social network.

It’s a bit like the exhibition gallery of all crypto-artists, all their creations are displayed on one account even though they are on sale on several different marketplaces. So you can enter the artist’s universe without having to search everywhere else.

What are the strengths of Showtime?

Networking

As an artist you can be sure to gain the opinion of your fans on your new artwork thanks to the likes, comments and followers you gain. Brands, crypto projects, and even artists will be able to find the creators they are looking for to collaborate with. 

Visibility and Ease

You will be directly projected into a large NFT artist community as soon as you connect your Metamask wallet, and that really is it, you don’t have to do anything else..!

Showtime will directly display creations that are yours or that have been sold as well as the NFTs in your possession, as mentioned before, this is your own NFT gallery.

Interoperability

On Showtime, buyers will be able to access all the artist’s works via a link that goes directly to the marketplace. Thanks to this, there is no need to promote your work since it will be automatically added to your Showtime account.

Conclusion: What is driving the Showtime ecosystem?

The general idea behind this social network fully meets its primary function. Thanks to their fundraising, this young NFT startup still has more exciting things to develop in future. With no less than 7.6 million dollars raised by the platform, we can quote some now famous names in the crypto sphere who have got involved.

The American DJ 3LAU known for his music NFTs, the founder of Compound (Robert Leshner) via his investment fund Robot Ventures, Paradigm the investment company of the co-founder of Coinbase (Fred Ehrsam) to name only the best known.

As a self-tokenized man, his token the $ALEX as well as its founder Alex Masmejean remains unclear about the future of Showtime. The initial idea was to create a governance token for the social network to take its share of the transaction fees, which requires the work to be for sale on Showtime.

According to the founder, the development of the application will be implemented only if there is a strong adoption. So if you’re interested in this project, stay tuned to learn more about upcoming news.

Image credit : NafterPixabay

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