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Reddit’s Experimenting with NFT Profile Pictures, Leaning into Audience Trends

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Reddit's Experimenting with NFT Profile Pictures, Leaning into Audience Trends

While Twitter’s new NFT profile display option has been met with a decidedly mixed response, it seems likely that we’re going to see more of the same from other platforms, as they look to tap into the rising popularity of NFTs, and facilitate more direct connection to NFT ownership for such display.

The latest platform experimenting with connected NFT profile images is Reddit, with app researcher Nima Owji spotting this alert in testing.

Which is probably little surprise – cryptocurrency was the most discussed topic on Reddit in 2021 and the platform has been testing the waters on digital currencies and transactions for some time, so it makes sense that it would also look to lean into NFTs.

But then again, much of those discussions of crypto, including NFTs, haven’t exactly been positive, with many Redditors highly critical of the space, and the perceived potential of the NFT market.

I mean, there are divisions across the board on NFTs, with most people seemingly firmly in the camp of either ‘these are the future’ or ‘these are total crap’. There are, of course, many flaws and issues with the NFT process, in relation to ownership rights, usage, copying, etc. But at the same time, the surge of attention suggests that there’s something there, and I suspect that there is a core functionality within NFT trading that will expand to the exchange of digital goods on a broader scale, especially in the coming metaverse shift.

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Whether that means your $300k Bored Ape is going to be as valuable in a few years, or even months’ time, I wouldn’t be so sure.

Which is another issue. Many NFTs right now are already worthless, but they’re being used in ‘pump and dump’ scams to catch out unsuspecting investors who think that they’re latching onto a bargain – when really, the price of the piece has been artificially inflated by their friends and connections to make it seem like it’s on the rise, when it’s actually not.

That happens in many markets, but the crypto and NFT space is especially open to manipulation right now, due to lack of official oversight and the capacity for traders to obscure their identity.

Add to that the fact that NFTs are taxed as capital gains, and there’s even more motivation for the rich to use them as an offset, in order to reduce their tax burden moving forward.

Which is why there’s such a conflict in the burgeoning crypto market – while ideally, the community impact and traceability of the blockchain brings increased transparency and freedom, away from the interference of traditional gatekeepers and rule-makers, in reality, it also opens up these networks to manipulation. And accountants and investors are swooping on the opportunity.

Eventually, there will need to be some level of oversight and accountability, otherwise billions in tax payments could be lost through crypto platforms and trading. Which Government and regulatory authorities won’t allow. Which is why we’re now seeing crypto being banned in more and more regions, pending further assessment.

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Over time, that could see the perceived benefits of crypto reduced, as it comes back into line with other monetary options, and NFTs are in the same boat, with enthusiasm for the space likely to die down as more buyers get burned, and more users call for increased security in their transactions.

But the trading of digital goods, beyond just profile pictures, will be big. It’s already huge in games like Fortnite and Roblox, and younger users are increasingly accustomed with spending money for in-app items, which will become a bigger focus as we all spend more time in expanded digital worlds.

That’s where it seems like the confusion over NFTs stems from – that there is clearly a value proposition there, a real use and value to virtual items. But I doubt the true benefits of such will lie in still, digital images.

Still, it also makes sense for social platforms to lean into the popularity of NFTs, and provide the option for users, and with Instagram also experimenting with its own NFT display tools, you can expect to see more of them coming in future.

Whether you like it or not.




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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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