Parami’s Social NFT Feature For Advertising In Web3
Non-fungible tokens have received stunning interest over the past few months. Individuals and corporate entities splash millions of dollars on valued NFTs, yet the growth potential is much bigger. Social NFT will open a new beginning for the utility of non-fungible tokens.
Sure, social NFTs are bound to be big, but what’s the advertising connection, and where does Parami come in? Read on for all the insightful details.
Advertising: The Story So Far
Advertising has evolved from the unpleasant ‘screaming at the top of your voice’ approach that no one takes seriously to glossy advertorial pictures/videos on the web.
Interestingly, search engines like Google and Bing are cashing in on users’ naivety. In 2020 — the pandemic year — Google made over $104 billion in search engine revenues. That humongous figure is an indication of the status of advertising and how in-demand it will always be.
Yet, it’s not all sunshine and rainbows. Users are continuously getting fleeced by these advertising middlemen. For instance, Google is in the business of stealing user data and tracking their activities online, serving them ads based on such information.
Blockchain can help in several ways, ranging from checkmating the activities of these middlemen to bringing users on board the profitable sector.
What Are Social NFTs?
The NFT love story is spreading like wildfire, and social media might provide the right fuel. Digital artists are not the only beneficiaries of non-fungible tokens. These digital assets hold immense potential for the creative economy, and content creators on social media are right in the pecking order.
Social NFTs provide another opportunity to bridge the gap between content creators and fans. It’s advantageous to both sides.
Content creators get to maximize the value of their content as the Social NFTs give rise to streams of income from a single asset — as long as sales of that asset continue down the line.
Fans aren’t left out as they get premium access to these content creators through their works, social communities, and more. Just like artists get to sell their rare memorabilia with additional perks for fans, content creators can replicate the same through social NFTs.
The Parami Protocol Link
Though blockchain technology can deliver on all fronts — advertising, social NFTs, and User Privacy — not many dApps built on the open ledger can handle all these. Except, of course, for the Parami Protocol.
While the concept of social NFTs isn’t new, advertising can take it to a whole new level. And Parami, a Substrate-based platform, provides a realistic connection between advertising and social NFTs.
Revenue sharing exclusivity in the advertising space is completely eradicated through Parami’s AD3 solution. The protocol brings users in on the advertising largesse through the trio of decentralized identity, ad privacy, and a decentralized oracle.
Each component of the Parami protocol contributes towards bringing home the bacon. For instance, the DID layer guarantees accurate capture of user information while protecting such data from unauthorized persons through the input of the ad privacy layer.
Through the Parami model, the remuneration of consumers takes place effortlessly. It creates a virtual space where users truly belong, not one where they’re treated like fattened cows prepared for slaughter.
Parami’s multiple layers — DID, Ad privacy, and application layer — also help in the Protocol’s support for social NFTs. Content creators can leverage Parami’s native token, AD3 to mint a social NFT that can be sold in any of the various marketplaces. With the advertising potential of the protocol, these content creators can let users be aware of their newly minted NFTs while having fans and users get incentivized in the process.
Social NFTs hint at a new perspective in the vast virtual realm of non-fungible tokens. Through social NFTs, creators can leverage the power of blockchain technology to milk their creative works for what it’s worth. Parami Protocol is creating a user-focused ecosystem where social NFTs can thrive through AD 3.0.
These are places where you can learn a lot about Parami, and talk to Parami communities