What Social Tokens Are Called “Next Explosive Coins”?

The cryptocurrency space is constantly evolving. While the decentralized finance (DeFi) space has exploded in recent years, since last year, the NFT space has exploded. NFT sales became the focus of media attention. Meanwhile, a new trend emerged that could benefit more from NFTs and has the potential to completely change the future of work and the way we collaborate: social tokens. In this article, we will first take a look at the social tokens (personal tokens) used by artists and entrepreneurs, then community tokens and finally social token platforms.

What are social tokens?

Social tokens are one of the many innovations that the crypto space has introduced in recent years. The need for artists to find new ways to monetize their work during COVID-19 seems to have catalyzed interest in social tokens. Platforms from Youtube to Spotify have gained increasing power over distribution over the past decade and are increasingly competing with their own original content. Today, many celebrities use such platforms to earn money. Typically, in such scenarios, the medium or platform they use, such as Facebook or Instagram, shares the revenue and exercises control over their content.

For these reasons, creators are excited about creating an environment that engages fans on their own terms. The promise of social tokens for creators is that they can move away from centralized platforms and directly control the means of production, distribution and commercialization.

So social tokens are one type that a brand, community or influencer can use to monetize themselves beyond typical means. Social tokens are assets that help football clubs, teams and DAOs apart from creators and entrepreneurs.

• Personal tokens: Personal/creative tokens are created by individuals to change the way they work. These individuals are generally known to the public, such as entrepreneurs or artists. A talented singer, comedian or social media influencer can easily build a community of loyal followers. Herein lies the opportunity for such creators to launch their own social tokens, where relevant content can be shared with their followers.
• Community tokens: Community tokens are created as a way to gain access to a community. These are similar to membership cards but based on Blockchain. It is a type of cryptocurrency specially designed to open the door to a particular digital group. What the token can do and what kind of access it offers depends entirely on the project behind it. Each social token represents a community, and each community has a different value proposition. Popular fan tokens are also included in this group.

Social token platforms

Social token-oriented protocols try to help users create their own tokens and build a digital economy. Platforms deal with the token economy, such as the supply and inflation of the social token to be issued. This way, creators such as publishers, artists, musicians, actors, athletes, or general creators can leverage their communities.

What are examples of social tokens?

Some projects have successfully harnessed the power of social tokens in recent months. As an example of personal tokens, Jaylen Clark, a sophomore guard on UCLA’s men’s basketball team, created the JROCK token. Greg Oden, who used to play in the NBA, issued the ODEN token. Kayvon Thibodeaux, who plays for the Oregon Ducks, created the JREAM token. Actress Felicia Day was launching the GEX token, while Jen Stark came up with the STARK token. Community tokens include Friends With Benefits (FWB), Jump into Web 3.0 (JUMP), UNITED, BLAP, where brand and marketing experts come together. In addition, the fan tokens of many teams in Turkey or globally are among the community tokens.

In the industry, many experts are following these tokens. cryptocoin.com As we have also reported, one of them was Raoul Pal, a macroeconomics expert. Pal thinks in a recent program that “social tokens will soon find themselves integrated into many popular industries, such as sports and music.” Saying that the behavioral economy of a social token is extraordinarily strong, Pal states that they have very different use cases.

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