Gm folks!
It's Day 10 of #web3glossary
Well, we are short of jargons and terms with "J"
Let's talk about social tokens today!
A 🧵
It's a cryptocurrency any community, a brand or an influencer can use to monetise themselves beyond the typical means!
Today platforms like @instagram @YouTube are used as a medium to monetise their skills, however these platforms exert artistic control on their content
Social tokens help eliminate this barrier and help foster a new principle of ownership in the digital economy!
Social tokens are more than just marketing tokens
They can be creator tokens or community tokens.
Personal tokens are created by entrepreneurs, influencers and artists to exchange forms of labour
Community tokens are created as a means to gain access to a community
Something like a memeber card but a decentralised one!
Well then what's NFT, aren't they both the same?🤔
No, Social tokens are fungible. Just like BTC and ETH, each token has the same value as the other
Why would someone creat social tokens?
Let's see👇👇
Since these are blockchain based tokens, the brands can ensure only genuine fans and consumers are part of the experience they create!
Say you want to create a club of loyal followers to whom you can directly offer relevant. This is exactly what such a token can achieve. Content creators and brands can launch their own social token and share it with their most loyal followers. And the benefits are bi-directional
Token owners get a pre-defined level of ownership in this new ecosystem that they gain access to. Over time, the value of these tokens can increase as per the demand that the ecosystem is able to generate.💯
Social tokens have immense potential to redefine the way companies can generate targeted business opportunities.
Social tokens are enabling them to build a decentralized and secure ecosystem that caters to only their genuine customers/fans resulting in long-term growth prospects
If you're a community/creator using social tokens, would love to know your experience and thoughts on social tokens.
#Web3 #web3community #tokenomics
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