Music stickers, avatars and social blockchain

This week in 60 seconds…

  • We’ll soon be able to give our Instagram Stories the MTV treatment as people have found code that suggests ‘music stickers’ will soon feature on the platform as a well as a Shazam style labelling system
  • To keep momentum building, Instagram is integrating new features to transform the platform from “a place of business discovery” to “a place where business can get done”
  • Instead of developing new and exciting features, Facebook is taking a leaf out of Instagram’s book by copying one from Snapchat – introducing Facebook Avatars (AKA bitmoji)
  • It may seem like a lazy move from the Facebook team but that could be because a lot of the platform’s attention is now being channeled into blockchain functionality
  • Integrating blockchain and smart contracts into social media could make digital transactions on platforms safer. However, people also believed AI would have a positive effect on social… but has it?

A final thought…

This week’s Instagram news is incredibly important. Adding music stickers to your Stories is likely to increase engagement given that it will encourage people to turn their sound on. In addition, the new business-focused features can help you convert sales on the fastest growing platform in the world. So use them.

Data Dose

Wondering why smart contracts are so essential in the current social media landscape? Well, you should know that advertisers will lose an estimated $19 billion to fraudulent activities this year. That’s about $51 million per day. Digital ad fraud takes $1 in every $3 of media spend, whereas smart contracts ensure specific criteria are met before the payment is released to the vendor.