The path to crypto adoption

Non-fungible tokens (NFTs) are evolving from a niche interest to a mainstream conversation. An assortment of NFT art – from lovable to daring to menacing – is attracting a new audience of enthusiasts. Beyond art, NFTs offer a glimpse into a new layer of social interaction.

When framed as small social networks, NFTs can lead the way to a new form of social media based on creativity, ownership and contribution.

Groups act as hubs for NFTs projects

Every week, dozens of Discord and Telegram groups appear to support new NFT projects. These groups act as a starting point for a project and help people connect and learn about the NFT space. A quick listen to a Twitter Spaces conversation with one of these groups reveals a wide range of people interested in NFTs. Some of the members are seasoned crypto users, many are new to NFTs and some have not used cryptography at all. For first-time cryptocurrency users, these groups create a friendlier setup experience that reduces the worry of getting started with crypto.

Conversations in these groups reveal a shared interest in digital self-expression and a desire to connect with a community of like-minded people. Society’s values ​​are often shaped around the quality and rarity of art and ideas that go along with the emerging energy in society. Like other forms of social cooperation, these groups tend to have specific leaders who have an interest in community development and nurture. These members set the tone, help the community organize, and ensure that community rules are enforced.

Each group establishes its own roles, values, and codes of conduct – often in a way that mimics the traits or ideas of animals in the NFT artwork. Monkey Island monkeys share pictures of monkeys, Degen Yitz exchange each other with phrases like “Haha, Yeti,” and CryptoDads share their best dad jokes. Across the groups, there is a common vocabulary for those in the know. Almost all groups greet each other with “gm”, an abbreviation for “good morning” popularized by CryptoTwitter.

And it’s common to see comments like “you look rare” – a hat tip or a hilarious insult to the rarity of NFT. This kind of banter is the lifeblood of the NFT community, and for many enthusiasts, it replaces the endless scrolling of Facebook and Instagram.

The world enters the Metaverse

The big social media platforms have reached an inflection point. Regulatory concerns about digital privacy and declining user trust raise questions about the future of these ubiquitous platforms. As the world enters a new phase of digital interaction – a place some call the Metaverse – users are thinking about forms of expression and interaction that do not require giving up digital privacy.

RELATED: Just Buy It: Nike Wants To Bring Sneaker Addicts To The Metaverse

NFTs could be a step toward new social interactions, an idea that may not be as far-fetched as it seems. TikTok recently announced a creator-led NFT group, Twitter embraces NFT verification for profiles, and Coinbase launches NFT Marketplace. These cues point to a mainstream audience that can expand the opportunity to make NFTs an important part of our social bonds. Big social media will continue to play its role, but the ideas that are forming in NFT communities are highlighting a new type of social interaction built on NFTs rather than follows and likes.

Benefit that exceeds monetary value

All communities are vying for awareness of the project because it can lead to a higher “lower price” – the average value of an NFT in secondary markets. Far from the average price, more advanced communities think about how to add value to members through perks and exclusive access. This type of member bonus is a wide open opportunity to add new interest beyond the cash value of the NFT.

Related: Beyond the hype: The actual value of NFT . remains to be determined

The use of treasury bonds, financed from the proceeds of the project, is becoming increasingly popular, as communities seek to act according to their ideas. At the time of this writing, Nouns hold 13,722 Ether (ETH) in their vault – an incredible amount for a decentralized community built around NFTs. CryptoDads is making beer and CyberKongz is building a banana vending machine that makes, you guessed it, more NFTs. Adding a benefit to NFT projects dominated by profile pictures and memes might seem counterintuitive. However, as these communities mature, they find creative ways to align work around shared values.

DAOs and Re-imagining Judgment

As groups find their way into the decision-making process of society, the need for governance stimulated the idea of ​​the Decentralized Autonomous Organization (DAO). The Names Community is reimagining governance across NFT ownership by empowering members with a “one code, one vote” approach. Members with at least 1% of the featured offer can submit proposals that the community can vote on. As the decentralized web takes center stage, DAOs are becoming an important part of the conversation. The combination of NFTs and governance structures appears to be a natural alignment of values ​​that reward ownership and community participation.

Related Topics: DAOs Will Be The Future Of Online Communities In Five Years

A new social icon – powered by ownership and collaboration – is embedded in the spirit of the NFT culture. While the story of NFT is still young, it is clear that a social class is driving adoption. NFTs may prove to be the necessary catalyst to usher in a new wave of crypto users.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should do their own research when making a decision.

The opinions, ideas, and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Nick Casares He is the Chief Product Officer at PolyientX. The focus of his work is to help early stage teams discover product fit for market. Over the past decade Nick has worked as a product manager, UX consultant, startup coach and community builder.