Why do opinion leaders want to issue "social tokens"?
Original source: Bankless
Original title: "The Bull Case for Social Tokens"< blockquote style="user-select: auto;">Author: Coopahtroopa
From the data point of view, the social token sector with a total market value of $39,827,583 is only 1/5500 of the total market value of Bitcoin. However, with ALEX, The influence of projects such as WHALE, FIRST and CHERRY continues to deepen, and social tokens have the potential to break through the scope of small circles and enter broader fields such as music, games, content and fan economy. How should crypto players view the potential of social tokens? The following is from the sharing of Bankless, perhaps we can see the possible development path of social tokens.
This is a new thing on the rise, rooted in community and backed by collective trust.
Different from the DeFi token model we are familiar with, social tokens are based on the consensus that the future of the community will be more valuable than the present. While there are many articles that claim that social tokens are useless, we wanted to take another look at this attempt.
Why is it a social token?
Whether they are writers, artists, musicians or thought leaders, society as a whole is driven forward by opinion leaders who have the ability to tell compelling stories. With the advent of the Internet, creators had a digital platform to share their creations with anyone in the world.
However, creators have been limited in monetizing their work, and supporters have always been limited in sharing the benefits of their growth. But the advent of Ethereum and the Web3 trend promise to change this dilemma, social tokens not only provide a way to share economic advantages with their favorite ideas, but also provide a way to stratify and tokenize based on the degree of contribution .
Today, a vibrant ecosystem around social tokens is taking shape, from customized issuance mechanisms and community tools to established aggregators.
Many players not only introduce strategies, but also create a composable stack to unlock a range of products that will all contribute to the growth of the entire local online community. Why is this industry growing at such a rapid rate? Just look at the success of these pioneers below.
With the vigorous development of NFTs, the biggest winner is none other than WHALE. Social tokens are supported by more and more top assets and collectors. Holders can use WHALE as a payment method in Assets are listed on OpenSea, and this form of NFT mining also brings many potential partners to the project, and also completes cross-border publicity.
Different social tokens have different ways of playing. Marguerite de Courcelle, CEO of Neon District, has designed a set of benefits for her social token COIN. Players can get corresponding rewards by completing encrypted games; Brian Flynn, founder of JAMM, is trying new fields. Issued social tokens, you can access an interesting newsletter.
Such innovative rules with distinctive personal logos are inexhaustible, and the gameplay we mentioned above shows this. However, the price of tokens is not the criterion for measuring the success of this attempt. In my opinion, the real value of social tokens comes from people's recognition.
Who are the new players worthy of attention
Recently, two new social tokens RAC and FWB deserve everyone’s attention.
RAC is a social token issued by the Grammy award-winning producer RAC. This token was airdropped to Patreon, a paid subscription service platform for UGC content Users of video game streaming site Twitch, platform for indie bands like Bandcamp, and Merch are users, many of whom are new to crypto.
Because RAC tokens will be placed in ZORA, an encryption application developed based on Ethereum and can be logged in with email, users outside these circles will learn about cryptocurrency for the first time .
Another new project, FWB, was launched by Trevor McFedries, the founder of the cross-media studio Brud and the well-known interactive AI digital human "Lil Miquela" team with 2.7 million Instagram fans. Community token for Friends With Benefits. With 50 FWB, anyone can join an active creative community promoting a culture centered around new technology.
Interactive AI digital human Lil Miquela
Rhythm note: Lil Miquela is not a real human being, she is a fictional online character with her own worldview and values, and other "digital people" friend. Lil Miquela was created by DJs and music producers Trevor McFedries and Sara DeCou, who founded Brud, which claims to be "dedicated to creating digital Human World's Transmedia Studio", focusing on robotics, artificial intelligence and how they can be applied to business.
Even Brooklyn-Nets player Spencer Dinwiddie is getting in on the action with a social token platform called Calaxy , professional athletes can tokenize their contracts on this platform, in this way allowing people to judge their professional potential. It is understood that Calaxy is short for Creator Galaxy. The platform will be launched next month and will allow anyone to create community tokens.
Grammy-winning artists, NBA players, and AI digital humans with millions of followers are all laying out social tokens, it’s safe to say , social tokens are entering the mainstream.
Hierarchical access rules
Although each social token has different goals, they have one thing in common, that is, community touch Da.
We are all used to token governance, which largely takes the form of one vote, one vote, but we can now see that social tokens Taking the rights of holders one step further.
Use something like CollabLand, social tokens can only open community entrances to those who hold a predetermined amount of tokens to achieve explosive growth. Whether it's on Telegram or Discord, the robot can constantly monitor the user's wallet address to track the number in real time. Once it falls below a certain limit value, you will be kicked out of the community. By acquiring more tokens, your roles, priorities and permissions can be updated.
It is understood that as of now, 350 communities have integrated CollabLand, bringing shared trust to more than 30,000 independent users, and this is just the beginning.
Generic permissions for social token empowerment
In fact, the idea of providing tiered access to those exclusive supporters is what drives the Subscription platforms like Substack, Twitch, and Patreon became the giants they are today. However, these experiences are still in the decentralized stage.
The advent of social tokens allows creators to offer universal benefits to true fans on every social platform without forcing them to join for every site new member. The uniqueness of social tokens allows each creator to have its own identity. Even better, creators can retain their original advantages and minimize their dependence on rent-seeking platforms for their income.
The advantage of bundling is that social tokens break the original framework of cross-platform creators and drive this way to Web3. After removing the intermediate links, users will With a fully peer-to-peer ecosystem, coupled with value incentives that benefit early users, creators will have the entrance of a die-hard fan.
And social tokens are fully capable of playing such a role.
There is still a long way to go in the social token space, but the possibilities are endless and we have only scratched the surface of the potential of community tokens at the moment , if you want to continue to pay attention to the latest situation of social tokens, I suggest you follow Forefront and other platforms to learn about the latest growth in this field.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
