Each month, our team of social experts dig through the trenches of the internet to find the biggest, best and most important news coming out of the social platforms we and our clients use daily.
By now, you have no doubt heard of NFTs (non-fungible tokens) that consumers are purchasing for thousands, sometimes even millions, of dollars. These exclusive pieces of digital art are then being displayed on the owner’s social profile, reminiscent of how classic works of art are hung in homes. Naturally, social platforms—from Twitter and TikTok to Meta’s Facebook and Instagram—are looking for ways to integrate (and monetize) NFTs on their platforms.
What it means for brands: While NFTs may seem foreign and unattainable, it’s important to remember that any digital file can become an NFT and brands are already getting creative to get involved. Currently, much of the opportunity for brands is around the virality and buzz. Brands known for their digital acumen, like Taco Bell and Nike, jumped in early but as social platforms introduce in-app experiences for NFT, brands should consider inserting themselves into the digital asset game.
From Peloton to Reddit, brands are using data to share personalized end-of-year “wraps” highlighting how users are using their platforms and people are loving it. Most notably, is Spotify’s annual end of year wrap which was shared more than 50 million times last year.
What it means for brands: Brands are finding clever ways to capitalize on EOY wraps, like VW, who spent a year listening to electronic music on Spotify and announced their commitment to electric (of all kinds) as they announced their electric vehicles.
For brands collecting user data, consumers continue to expect more personalized experiences and end of year wraps are a simple value add for users that drives engagement and brand loyalty.
Over the last year, Pinterest has made various updates to their platform to further integrate video into users’ feeds including the launch of live-stream shopping. Announced earlier this month, Pinterest has acquired video editing app Vochi as a continued “commitment to helping creators bring more quality video content to Pinterest.” Vochi will enable users to remove items from clips, add 3D effects, and add other specialized visual features that can make your clips stand out in feeds.
What it means for brands: Historically, Pinterest has operated very differently from other social platforms, helping people do and create in their “real” lives with users curating ideas and interest on the platform rather than broadcasting personal updates, sharing photos of friends, and commenting on the news. The addition of Vochi is expected to allow for greater communication and connectivity between creators, brands, and users on the platform.
While a chronological feed may feel “so 2016,” Instagram’s Adam Mosseri suggested they are working on the release of a chronological feed option for users early next year. The comment came during his testimony before a Senate panel on the negative effects the app has on young people. The suggestion of a chronological feed is to give users more control over what they see on the app, rather than the algorithm pushing certain content up in their feed.
What it means for brands: When Instagram originally introduced the algorithm-based feed, many brands and influencers saw a positive increase in post engagement. With the return of a chronological feed, brands should expect a reduction in time spent on app and overall post engagement. However, it is unlikely that a chronological feed will become the default setting for Instagram.
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