3 Social Updates You Need To Know About This May
Social Media Executive, Elena fills you in on the 3 social media updates you need to know about this month.
Remember last month, when we said that we were counting down to new social media updates because they never, ever end? Yeah… They are here. Here’s what you need to know 👇
The Metaverse, NFTs & Social Media
NFTs (non-fungible tokens) are digital assets representing real-world objects that are bought and sold online, frequently using cryptocurrencies. Although they can be copied like any other digital file, the original assets have unique identifying codes, hence why they are called non-fungible.
Now, we are not here to give you a lecture on how they work… What we can tell you though, is that they are becoming increasingly important for brands and (wait for it) social media. 😉 Currently social media platforms do not enable the direct sale and purchasing of NFTs, however they help brands build a bridge to connect with consumers and vice versa.
For example, this year the Coachella Valley Music and Arts Festival partnered with crypto currency exchange FTX to build their own NFT marketplace, where festival-goers were able to purchase from three initial series of tokens:
Coachella Keys Collection - an exclusive set of 10 NFT’s that give lifetime festival passes to whoever owns them
Sights and Sounds Collection - 10,000 digital images and sounds from the festival priced at $60 each
Desert Reflections Collection - physical ownership of a limited-edition photobook commissioned to celebrate the festival’s 20-year history
You’d think that was enough, but Coachella also took some big steps towards the Metaverse, creating a virtual universe where users could interact with Coachella, explore immersive AR experiences and more 🤯 - of course promoting the whole thing on their social media channels.
Pretty cool, uh? And that’s not everything. This week Meta just announced that an initial test of NFTs display options has been launched on Instagram and will also be coming to Facebook soon. Watch this space… 👀
Video… Video everywhere
You know how when you open your TikTok app, the first thing you see is a full-screen vertical video? Well, guess what Instagram is currently testing… A full-screen, vertical feed designed to “bring video more front and centre”. What a surprise, right? 🥱
This comes after Meta announced that Reels now make up for more than 20% of the time people spend on Instagram, and video makes up for more than 50% of the time they spend on Facebook.
For this reason, an integrated vertical feed seems like a win-win situation for Instagram. As for stories, it looks like they will remain at the top of the screen for the time being (as Instagram makes money from Stories ads), however in the long run it looks like things are headed towards all Instagram content (stories, reels, static posts) flowing through a full-screen, scrollable vertical feed.
Say Cheeeeese 📸
If you haven’t heard of BeReal, it’s time to get you up to speed. BeReal is a new social platform touted as the anti-Instagram, promising “a new and unique way to discover who your friends really are in their daily life”.
But how does it work? The app sends an amber-alert-style push notification to all it’s users at the same time (with a message saying “it’s time to be real” ⚠️ - I know, very panic-inducing), and upon receiving the notification everyone uploads a photo of what they are doing at that precise moment from both their front and back-facing cameras.
BeReal is currently one of the top 5 most downloaded apps in the UK, but the question is - is it going to stay, or is its success going to be as short as the time that goes between a Facebook update and the next? I guess we’ll find out…
That’s all for this month folks, but fear not - I’m sure new social updates are just around the corner. If you have any questions for the social media team (or if you just fancy saying hello), feel free to drop us a message.