Non-Fungible Tokens (NFTs) have climbed in popularity since the last year, seeing a big rise in purchases, from digital art collections to tweets and even fashion items.
Holaplex’s Social NFT Network is a new platform for NFT enthusiasts. It gives creators and traders early insight into mints, sales, offers and follows. This NFT “alpha” is available to every wallet on “Solana” which means users can search for and discover tens of thousands of profiles, view NFTs they are holding and follow their profiles.
“Everything is open-sourced, permissionless and on-chain,” Holaplex CEO Alex Kehaya tells TRENDS.
“Using Holaplex.com, or any site running the Holaplex Marketplace Standard, you’ll be prompted to connect your wallet. Once in your profile you can view NFTs that you have collected and minted and list items for sale making your profile your very own store, “Kehaya added.
Through this platform, any user social network data is all stored on-chain which means his follow activity is owned by him and can be ported to any other platform at any time.
Furthermore, activities from those who the user follow, get populated in Alpha, where he will get a personalized feed of the latest activities from those that he follows, providing key insights, opportunities, and real time data about NFT activities on chain.
What distinguishes Holaplex from other social platforms?
According to Kehaya, Holaplex is unlike other social media platforms that are closed sourced and off chain. Users on this platform have direct access to their information and following base, meaning that followers gained on Holaplex could be seamlessly available on another platform.
“Imagine if you could have the same followers you have on Twitter also be followers of yours on Instagram, that’s what adoption of decentralized, open source standards like Holaplex’s Social Graph provides,” he said.
He went on to say that the biggest noticeable difference compared to traditional social media is the ability to easily transact everywhere on the site. It is the NFT market so purchasing and selling must be seamless and is accomplished thanks to Metaplex’sAuctionHouse contract.
Advantages of the platform
“Anyone can use Holaplex”, says Kehayaadding that it has been the place where top creators like Boogle and John Lee initiated their NFT career.
“There is a strong community of creators and collectors passionate about our key values of permissionless, decentralized and open source products.”
In addition, Holaplex’s transaction fees get distributed to the community fund which is seeding the treasure of the DAO once the community creates it. This means the community will decide how revenue is distributed for marketing, development, and community events.
Future of the NFT’s
Kehaya believes that the NFT industry is seeing an adoption curve that is greater than that of the internet.
“Unlike in the recent past we now have utility built into the blockchain that is beyond speculative currency values. This utility and the public’s willingness to adopt, invest and transact in this way validates the needs for such technologies to exist.”
He expects that NFTs will continue to rapidly expand its utility function. This includes games, metaverse and large brands adopting its technology. Our role is to provide open source technologies to empower the community to build collectively.