With the widespread growth of non-fungible tokens by mainstream media, it is precise to infer NFTs will influence the marketing sector and the gaming and artistic industries. A social network is an internet-based social media platform that allows users to keep in touch with their friends, families, and colleagues. Social networks play a vital and influential role in enhancing seamless operations of non-fungible tokens. These platforms allow users to interact regardless of their familiarity with NFT technology. In general, social networks enable clients to discover and create playlists of NFTs that can be shared with friends without ownership. Non-fungible tokens are unique cryptographic assets on blockchain with identification codes and metadata that distinguish them from one another. Because NFTs are based on blockchain, they are utilized to connect artists with their audience.
Latent value is the quality or state of existing but not yet developed. In layman’s terms, it is the gap between reality and what is possible. A devoted fan base represents latent value to the artist since the artist might assume distribution and only estimate variance of their actual listeners through factor analysis. For example, during an exhibition or a live performance, the artist might believe all those in attendance are his listeners and draw a conclusion about his fanbase.
Direct interaction with a social network creates a source of goodwill for any influencer. Through this type of interaction, the artist can understand and respond to any concerns regarding their brand. This is equally vital not only in marketing their brand but also in addressing the needs of their clients. To add to that, the artist gets to know a product or service that is effective for their clients hence providing high-quality services. In case of any problem that arises, the influencer is able to intervene immediately and respond to it with uttermost attention. Consequently, a good rapport is established between the interacting parties, thus boosting the sense of loyalty among them. However, if the influencers use a middle man as an intermediary, there are high chances they might miss out on vital information concerning their brand.
The fast-tracked growth of non-fungible tokens is definitely an essential aspect that will add value and sense to the works of artists and photographers. Artists and photographers will use NFTs to maintain the authenticity of their work. Citing an example, a piece of art developed by an artist can be linked to a non-fungible token via an immutable blockchain. This, in turn, maintains its originality. Also, it is easy to track ownership of any piece of work done by photographers through NFT platforms. Notably, NFTs make the work remain protected; hence it is impossible to counterfeit any piece of work interlinked to non-fungible tokens. Therefore, NFTs will offer a unique and precise proof of ownership and authorship by the artists or photographers through minting. Minting is an authenticating process that uses Ethereum blockchain to state the original owner of digital artwork. Therefore, NFTS will have a critical role in providing value in the work of artists and photographers.