Aug 12, 2022 (MIAMI, FL) - Jack Dorsey, then-CEO of Twitter, auctioned his first tweet as an NFT, and a collector purchased it for 1,630.58 Ether (ETH), which was worth $2.9 million at the time. One year later, the buyer relisted the same NFT for sale on OpenSea and announced that he planned to donate 50% of the proceeds to charity. The highest bid it received? $9,968 – a $2,905,867 drop in value.
Despite the low bid, NFTs still have tremendous value today. In the same month, it received the $9,668 bid, and the market entered hype mode, with monthly trading volume on OpenSea jumping to $2 billion, up from $150 million just one year prior.
“We can change this narrative,” says Dr. Ravi Singh, Founder of SocialPayMe, the first ever online platform and marketplace dedicated exclusively to social media NFTs. “The platform allows influencers to monetize their social media profiles by attracting and collaborating with relevant brands and minting their social media posts into NFTs. It also allows brands to buy and own those NFTs for marketing assets or future use, and provides influencer authentication and insights on performance and value. Followers can also finally get rewarded for their engagement and loyalty by purchasing NFTs from their favorite influencer and collecting or reselling them on the marketplace. And like the Jack Dorsey tweet auction, charities can also benefit and receive donations from influencers or followers upon the sales of NFTs.”
The concept for SocialPayMe started as a dissertation by Dr. Singh for his Ph.D. in Social Media and Technology on the 35,000+ tweets by Donald Trump that helped him win the 2016 presidential election. That has since been developed into a patent-pending algorithm and is the basis for the "Social Media Voice Theory" algorithm that powers the platform and marketplace. SocialPayMe is headquartered in Miami, Florida – the "Crypto Capital of the US"- and is raising seed money to launch in Q4 2022. And together with the help of local leaders, such as Mayor Francis Suarez, SocialPayMe hopes to democratize monetization for social media influencers.
Dr. Singh is a world-recognized expert on blockchain, NFTs, social media voice, engagement, and tone. He holds multiple patents, in addition to two Master's degrees, a Ph.D. in Social Media and Technology, and honorary alumni status at MIT. Business Week Magazine and USA Today have named him "The Campaign Guru" for his help in electing nine world leaders. He will speak about "The Super Science of NFTs" at the Crypto Connect Expo in West Palm Beach on Aug 20, 2022.
For more information, please visit www.SocialPayMe.co.
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Media contact – Jenny Kefauver, [email protected]