Recently, the social media crypto network BitClout announced a bold new phase of expansion: NFTs. This follows moves by the project to position itself front and center in the social crypto space.

With mainstream popularity in NFTs waning somewhat, is Bitclout making these moves at the wrong time? Or is this the push it needs to tip it into a global powerhouse? Let’s discuss the possible implications of this exciting new frontier.

What is BitClout?

BitClout is a social network built on its own blockchain. This allows it manages all kinds of social data, such as posts, likes, and followers, in a totally decentralized manner, and to feature its own native cryptocurrency called $CLOUT. There is no corporation behind BitClout as there is with traditional social platforms such as Facebook and Twitter. And leveraging the CLOUT currency, anyone can easily support artists and other social media content creators. (Read about our Editor’s early experience on BitClout and why Artfunder believes the platform is a boon to artists.)

BitClout NFTs Have Arrived

Adding NFTs to their platform, BitClout claims bit rings its vision full circle. Buying a collectible item has two purposes for the owner. It allows them to get personal joy by purchasing something unique, but also in showing off their ownership. BitClout adds a social element to the latter.

As the platform is a social one, the NFTs are tied directly to the profile of identity. BitClout expects that this will fuse a dynamic built on collecting, social, and showing off your collection.

Community Incentives

As Bitclout NFTs have been launched, you can submit your NFTs to a large-scale community showcase by tagging your NFT with #CLOUTNFT on Twitter or Instagram. This is a fantastic way to get your art out to a new audience, particularly if you are new to NFTs in general.

The BitClout core team is also now beginning to approach supposed “A list” creators to begin contributing to the network. Branding agency HighKey run by the Canadian Lintz brothers have been successful at recruiting some bigger names to join the network, such as NFL wide receiver Antonio Brown and rapper Tyga. Of course the hope is that more hype will equal more and more opportunities for emerging artists to find new audiences.

Will it Work?

From an outside perspective, it seems that NFTs are something BitClout has been working towards since its launch. While it has enjoyed success, its ethos has been about supporting creators. This has been in the form of social proof, which does not always go hand in hand with being a great artist.

Great art is there to challenge and question. In the age of the internet, this can often breed a culture of mediocrity. No one wants to become a victim of cancel culture and lose followers or sponsorships, so everyone tows a line. BitClout could still become a victim of these dynamics. If creators are rewarded solely for their social status, the platform could end up being more of a popularity contest rather than a way to promote authentic creative expression.

However, the introduction of NFTs will see people rewarded for what they are creating, not how many people they please. Results could be some fantastic, and thought-provoking pieces while funding the digital arts. While some BitClout NFTs are fetching generous bids topping off as high as in the tens of thousands of dollars, some creators have been dismayed by lowball bids, such as professional travel photographer Paul Pichugin who even pulled down his NFTs citing unreasonably low bids.

Importing NFTS

One feature not announced, but one we predict will be essential to the growth of this section of BitClout, is the ability to show off existing NFTs. Other platforms such as Rarible allow people to view the NFTs owned by profiles on the platform. BitClout is quite excited about the ability to have BitClout NFTs on other sites.

If BitClout only supports its own NFTs, then it needs to attract creators, as well as people willing to support them. As it has previously worked on “social clout”, it may struggle to find a huge amount of these people in its community. Therefore it needs to grow an inherent fanbase interested in NFTs for their artistic value, as opposed to social pandering, to grow its vision.

One way to do this is to allow people to show off NFTs from elsewhere on the platform. Each person could create their own gallery. It would feed into their social mission and enhance its appeal for creators.

Are We Oversaturated?

Of course, some of this has been done before. At worst, we could be reaching the NFT saturation point. With so many platforms now available, has BitClout entered the market too late? Is their social media experiment what the NFT community truly needs? Let us know what you think on Discord, Twitter, and BitClout!

Meanwhile, Artfunder is now minting ARTCASH, a new financial asset backed by original depictions of MONEY by members of our community.