The biggest longer-term shift in this respect is the metaverse, which Facebook made a major focus with its corporate name change back in October, sparking a whole new push towards this next digital plain. Yet, even before Facebook’s announcement, the seeds of the next connection platform were being sown, with a growing number of investors, advisors and evangelists touting the promise of decentralization, and the opportunities that technologies like cryptocurrency, Blockchain-based ledgers and AR/VR will facilitate in the next stage of development.
The most public-facing element of this, at least right now, is NFTs, or ‘non-fungible tokens’, which can be applied to a broad range of products and services, and but are most notably being linked to digital art, and in particular, digital profile pictures on social networks (PFPs).
The NFT movement has now become a key growth aspect of the broader social media space, and while there are many skeptics, and many questions about the long-term viability, and value, of these digital art works, the growth of NFTs is undeniable, with Twitter, Instagram and Facebook all exploring new ways to directly integrate NFT art and ownership into their apps.
If you’re still struggling to get your head around the NFT space, this infographic is for you. The team from Visual Capitalist recently teamed up with Next Decentrum to provide this overview of NFTs and the emerging online art space.
It could provide some valuable perspective for your planning, especially given the emergence of digital contracts and ownership.