Influencers and Ethereum-based NFTs – the Perfect Union? Well, HUH Token Is Creating an Entire Platform Around It
Social media platforms such as YouTube and Instagram started off offering ordinary people the ability to create their own globally accessible content for fun. Since then, content creators, or influencers, have transformed into a multi-million-dollar industry. Yet social media appears to be transitioning into its next evolutionary phase, whereby influencers are harnessing the power of the metaverse to turn their content into NFTs, which can then be sold.
TikToker Doggface made his viral video into an NFT and sold it with a starting price of $500,000. Social media personality, Logan Paul, released a series of 3000 Pokemon-inspired collectibles, which grossed over $3.5 million in one day. A fan made NFT was even made depicting YouTuber Pewdiepie and amassed a value of over $4 million, despite the Swedish gamer having nothing to do with it. As YouTuber turned NFT enthusiast, KSI, tweeted: “stop sleeping on NFTs,” accompanied by a screenshot of his Bored Ape NFT that had grown over $100,000 in value.
Those who are not already affiliated with NFTs have found the concept tough to grasp. Here’s the breakdown: when someone buys an NFT, they get ownership of a one-of-a-kind token that exists exclusively on the blockchain. If someone purchases an image or meme, they can own it on the blockchain, but they have no control over distribution rights. In most situations, when you buy an NFT, you’re not buying content, but rather a token that links your name to the artist’s art on the blockchain.
But what’s the burgeoning relationship between NFTs and influencers? Firstly, influencers are extremely valuable. Data from Traakr indicates that 72% of major brands dedicate sizeable portions of their marketing budgets to influencers. The advantage influencers offer over celebrity endorsements as well as other forms of marketing is that they have strong bonds with their audiences and can therefore influence purchasing behaviors. “We actually believe influencers are more impactful than athletes and TV stars because they are more relatable and so their audience is more tapped in,” explains co-founder of influencer agency, Viral Nation, Joe Gagliese. “So it’s like, why pay a celebrity $50 million for a deal when that can be split up among influencers and make real impact?”
Through influencer marketing, content creators utilize brand partnerships to generate revenue. However, if influencers get sponsored in excess, it can be self-destructive – their audience can lose faith and interest in them. And boom, enter NFTs – a method for creators to sell their content for thousands, or even millions, of dollars with the added possibility of earning a percentage on future sales. Moreover, NFTs help fuel engagement – influencers can generate NFTs with value to their followers and in high demand. They could also be used as prizes in a contest or as a bonus for participation.
HUH Token have taken it a step further. HUH already announced that they’re dropping a presale for their NFT marketplace on January 31st. This marks HUH’s first step towards their goal of creating a decentralized metaverse – the MetHUH. Influencers will be able to create NFTs out of the content they produce using technology that simplifies the process. Influencers decide its price and get to control auctioning. Users will be able to bid, auction and buy NFTs from influencers. They can also collect and later resell them if they so wish within the MetHUH.
HUH will also analyse influencers’ following and engagement to formulate Influence Points. These will be numbers assigned to each influencer and used to determine the value of their NFTs. The ultimate plan of the MetHUH is to create a decentralized metaverse in which both content creators, and consumers, can gain from the data they generate. The MetHUH is multifaceted – it also facilitates influencers to collaborate with brands without the need for an intermediatory, which usually take hefty fees. Sentiment Tokens will also be a part of the MetHUH, which will enable users to gain some authority too.
So, NFTs give influencers the potential to uplift their personal brand. By enabling their fanbase, or NFT collectors, to purchase exclusive ownership rights over a unique digital item, they will no longer have to rely solely on partnerships or sponsorships to create monetization opportunities. HUH Token aim to empower them in this process by introducing an NFT marketplace and removing the need for intermediaries in the MetHUH. Now, it’s time to sit back and see whether it’ll take off.
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