AltSocial
The primary use for social media is for users to stay connected. We’re usually surrounded by the big LIFT (LinkedIn, Instagram, Facebook and Twitter) in India. However, there is an entire subterranean layer of alternate social networks that have popped up for specific audiences. This series aims to shed light on 4 of these AltSocial platforms.
Update: This particular platform is not a social network but it does pose an alternate view of social content. Read on to know how you can sell your tweets for cash (kind of).
Author’s Note: Investing in cryptocurrencies is a risk. Read a little before you plan to take any decisions. References at the end of this essay.
Valuables by Cent
Because we need to find more ways of making money out of thin air.
You know that thing? That thing called NFTs that people claim to ‘totally get it, bro’ but don’t?
Yes that.
Before we speak about the platform, here’s a short clip by the WallStreetJournal about what NFTs are:
Got it? Cool.
As mentioned, NFTs are essentially a digital authenticity certificate that claims you (and only you) own the right of a digital ‘thing’ (GIFs, photographs, Tweets!?!).
One of the most interesting news stories of NFTs came from Twitter chief and professional facial hair experimenter, Jack Dorsey or @jack. The sale of his very first tweet (for over $2.9M) brought NFTs a lot of publicity. And once something gets publicity, the mainstream gets wind of it.
The buyer of this NFT, Hakan Estavi, Chief Exec at Bridge Oracle (a blockchain based crypto platform), said in his tweet:
The marketplace where this happened?
V.Cent.co or Valuables by Cent.
So what is it?
It’s like eBay. But for Tweet based NFTs.
Think about it like trading cards, or the example I was explained to – Pokemon Tazos.
Back in early 00s, Pokemon was blowing up. Cheetos cashed in on this trend and started inserting these thin plastic discs called tazos with pictures of pokemon on them in their 10 Rupee packs. It was wildly popular in schools and kids started trading these with each other in classrooms.
I once traded a Pikachu (which was considered ‘rare’) for 65 rupees. In hindsight, I think I could’ve gotten more.
Valuables by Cent is like that. But here, NFTs are sold over the Ethereum blockchain and ETH as currency and not INR. For your reference, here’s the difference between ETH and ETC.
I’d explain the basics of the crypto protocol here but the editor has told me to keep it to 1000 words and I’m scared of her.
TL:DR (Too long, Didn’t Read) on Valuables by Cent
A brief low-down on the platform:
- It’s a marketplace: Like any other marketplace, Tweet NFTs can be bought and sold (even your own, if you think they’re worth it).
- Cryptocurrency is the means of exchange: To be part of the platform, download a wallet like Metamask or similar. Load or transfer the amount you desire in ETH to bid on or ‘mint’/ (the process of making your tweet an NFT) and list your digital asset.
- Not all content is listed by the owners: The Dogefather, has a bunch of his tweets listed that you could bid on. However, the auctions are based on demand and not the owner. Only if the owner claims it and officially mints it, will it be classified as an asset that be bought or sold.
- Currently only works on auctions: Since the platform is new and is testing waters, they’ve used a simple auction based system to gamify demand. Like eBay, users get an update every time they’ve been outbid to increase engagement (and perhaps price?)
- One of the non-scam NFT marketplaces: For every new authentic tech innovation, scammers are at the heels to make a quick-buck – we learnt that from OneCoin. Based on my understanding of the platform, media reports and general audience feedback, the platforms seems legit and wants to simply buy and sell (still can’t believe this is real) tweets.
A brave new world
From 2018-19 to date, the NFT industry has grown over 17 times. In the first quarter of this year, $2 Billion worth of NFTs were sold. It is a new world. Will there be growth? Perhaps.
What should be kept in mind though is that there will be more marketplaces. OpenSea, an art based NFT marketplace raised $23 Million just last month and clearly there is high investor interest.
I’d like to leave you with one thought. The future is unpredictable. This could be the most important initiative for digital content creators or it could pop like the 2008 sub-prime crisis. Personally, as an early adopter, I have put in a couple bids on 2 pre-mint NFTs. Because YOLO.
I would suggest to study a little bit more about this subject before you hurry to the platform to sell your cat’s photos. It’s always better to be informed and seek advice from the right people before you dive in. Here are a few resources:
- Coursera: Blockchain and Usecases
- The Wild World of NFTs by ColdFusion
- The cost of Selling NFTs by LearnSketch
Stay curious.
Stay secure.
See you next week.
The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.
NAVIC aims to educate, inform and train students, professionals and entrepreneurs about the future of communications. NAVIC has collaborated with SCoRe for its flagship course: EVOLVE – A first of its kind curriculum that discusses hyper-relevant subjects like Meme Marketing, Trolls and Bots, AI in communications and more.
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