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Komodo’s Weekly Wrap (24.03.21)

From social media news to business marketing updates, we at Komodo keep ourselves up to date to ensure our knowledge is top tier! As our clients are our top priority, it’s only fair we share this with you. So without further ado, here is your weekly fix on all the tea in the social realm!

 

NFT… No Fries Thanks?

Nope, Non-fungible tokens and don’t you forget it, as the market for NFT is surging.

So what are NFT’s? By definition: ‘A nonfungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable.’ NFT’s can come in many forms, which is what makes them so unique. They can be a one-of-a-kind digital art piece, a meme, an outfit designed to be worn in a virtual world or a digital key used to access a file. Whatever the form, NFT’s require a significant amount of energy to trade.

So what’s the hype? It’s an internet trend, and like any internet trend it’s got people intrigued. And for those part of the trend, it’s providing big paydays. “Of course influencers are showing up, there’s a lot of money to be made” stated Kayvon Tehranian, the founder and CEO of the NFT Auction Platform Foundation, “it will allow for internet culture and anything that has value on the internet to hold value in and of itself”. YouTube creator, Jake Paul is jumping on the bandwagon, with the launch of a 3D avatar with the company Genies, with the goal to launch digital items in the coming weeks.

However, selling virtual clothing items for avatars isn’t new to the world of NFTs, even Gucci knows it. Gucci has teamed up with the virtual sneaker app Wanna to release their first augmented reality sneakers in a package of 25 pairs for a ripe price of $9!

It’s safe to say that NFT is taking over and this is not just a phase.

 

Engagement is key to combating Instagram’s algorithm

It’s no secret that Instagram’s algorithm continues to skew users levels of engagement. In fact 70% of Instagram users miss out on exposure to their followers due to the algorithm. So how do we combat this and beat Instagram at it’s own game? ENGAGEMENT! According to recent studies, likes are no longer as important as they used to be. We have mentioned this before in Weekly Wrap (3.03.21) as the most important measures to increase engagement are now saving and sharing posts. By saving content, it shows the creator that this is the type of content that their audience resonates with and wants to remember. Likewise, sharing content, allows the content to reach new audiences. Further increasing engagement to a fresh set of eyes.

So in order for your content to beat Instagram’s algorithm, it’s vital to be engaging.

 

Let’s Dunk into Dunkin Doughnuts new influencer strategy

It didn’t take too long for Dunkin Doughnuts to discover the power of influencer marketing, after TikTok sensation Charli D’Amelio promoted Dunkin Doughnuts for free in her videos. It was inevitable that Dunkin was going to hire her as an official brand ambassador and they are not regretting their decision! Within a few weeks of her partnership, they had released a limited-time drink with her name on it, which increased their sales in the third quarter of 2020. So what do you do when something is popular? You give the people what they want. And that’s exactly what Dunkin Doughnuts has done with the release of another D’Amelio related menu item. In fact, the “Charli Cold Foam” has sold more in the first few days than the original drink launch. It’s no surprise that Dunkin Donuts is now one of the most prominent brands on TikTok, with 2.4 million followers, whilst Starbucks (1.3 million followers) and Chipotle (1.5 million followers) have not quite harnessed the power of influencer marketing just yet. 

 

PLT just elevated their game, 830m high to be exact

To celebrate the launch of their Arabic website and establish their presence within the global fashion scene, PrettyLittleThing illuminated the iconic landmark, Burj Khalifa with their bright pink logo. It’s safe to say that PLT would never shy away from making a grand entrance and one to remember, as this project will leave the city stunned, making this a defining moment in the company’s trajectory.

 

What does the future hold for your kids?

Social media domination! BuzzFeed recently reported that Facebook is in the process of creating a kid friendly version of Instagram. At the moment, Instagram enforces all users to be over the age of 13, however that hasn’t stopped kids from pulling a fast one on Zuckerberg. So how do we stop this? Instagram believes a kid version may be the way to stop them from doing so.

With the hopes that it will allow younger users to interact with friends on a similar level and platform, Instagram understands that the exposure of certain content on their platform isn’t PG rated and is their main concern. Whilst they don’t have a clear strategy, it is definitely on the agenda. What do you think?

 

Don’t mess with the Zuckerberg

Facebook is changing the way it recommends groups and will limit the reach of those that break the rules in order to limit certain behaviours. “We know we have a greater responsibility when we are amplifying or recommending content” stated Tom Alison, Facebook’s vice president of engineering, “as behaviours evolve on our platform, we recognise we need to do more”. These new rules will be applied to the tens of millions active groups on Facebook who break protocol, which will lower their discovery, making them less discoverable to other users. Its simple really: You break the rules, you will not be allowed playtime. 

Don’t be a Zucker for fake news

The spreading of misleading information has been an issue on social media for years, but now Facebook is putting in the efforts to combat such conduct once and for all. 2020 was a year filled with an immense amount of fake news, especially surrounding COVID-19, placing potential dangerous consequences. Hence, with the pandemic and the US election, social media platforms were the prime location for nameless accounts to spread misinformation and cause outbreaks between users.

But you don’t mess with the Zuckerberg! Facebook is putting in measures to remove such accounts in order to prevent the spread of fake news. Facebook recently announced that they removed 1.3 billion fake accounts in the final three months of 2020. Simultaneously, these three months correlated with the US election, a period whereby a heightened level of misinformation was being spread across the platform.

 

Do social media platforms know more about you, than you know about yourself?

The issue surrounding social media security has been one of discussion for many years now. The Cambridge Analytica scandal revealed how Facebook had been providing users personal information to third parties, raising concern to its users as to what and where their personal information is going. A recent survey was conducted by the University of Sydney with 1,000 social media users and non-users across the UK, US and Australia. Results presented an unsurprising rise in concern for the security of users personal information and an unsurprising support for the ban on TikTok. Here are some of our main take-aways from the report, download the full version here

 

Happy Birthday Clubhouse

Clubhouse just hit 13 million downloads on its one year anniversary. The audio-only app has slowly been increasing its prominence in the social world, partly because of its invite only measure, giving it a level of exclusivity and making it difficult for it to truly boom. The app has been most popular in American, with over 3 million downloads and not far behind is Japan, with 1.8 million downloads. It has already prompted other platforms such as Twitter and Facebook, who are in the process of creating their own audio-only variation. Clubhouse announced a new ‘Creator First accelerator program’ to provide financial support and expertise to a selected group of creators, to further help build their audience and monetise their efforts. It will be interesting to see where the app will go if the invite-only measure was to be removed.

 

Anddddddd, that’s a wrap! See you again same time next week.  

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