NFTs and Social Currency
How this technology has impacted our social status in the digital world.
Have you ever noticed how some NFT collections give voice power to their respective collectors? It's not uncommon to see Twitter profiles with photos from BAYC or CryptoPunks with a huge number of followers. But do you know what explains this? Social Currency.
What is Social Currency?
Social Currency was first coined by the sociologist Pierre Bourdieu. Basically, it is the personal assets and attributes of an individual that help them succeed in interactive social. What does that mean? That people tend to do things that make them look nicer and more interesting.
If you do a search on Google now, you'll see that social currency is more related to information shared between peers. This is because knowing something that others want to know has a lot of value in it.
But can we explore the concept of Social Currency in any way other than shared information? We'll see.
Is an NFT a Social Currency?
With the coming of NFTs, people gained the opportunity to become more interesting by just buying a collectible. This is so true that we see celebrities buying a Crypto Punk, and "suddenly" they have the amazing idea of launching their own collection 😂
(These celebrities actually know that is worth paying millions in a punk. Because then they'll have your attention and your free marketing tweeting "Probably nothing")
Generally, the low supply or the extremely expensive price makes its buyers unique. As it's something unique, we're dealing with exclusivity here. Finally, the exclusivity makes a great appeal to human psychology, making our minds see it as captivating
Now, if an NFT makes people more captivating, what is it? A social currency!
I'm finishing this article around here. In an upcoming one, we can discuss ways to use Social Currency in NFT collections.
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