The success of the project cannot be judged only by the currency price. The true value of social tokens comes from popularity.
Original title: “Social tokens are rising, what applications have potential? 》
Written by: Cooper Turley, Chief Crypto Asset Leader of Audius, an artist streaming platform Compiler: Leo Young
A new sector is emerging. It is rooted in the community and supported by collective trust.
This trend-setting sector is “social tokens”-a token backed by a personal reputation, a certain brand or a community. Different from the DeFi token model we are familiar with, social tokens are rooted in a kind of confidence: the value of the community will rise day by day.
Although there is a lot of controversy surrounding social tokens, and many opinions believe that they have no value, this article is to rectify their names.
Why do we need social tokens?
Creative authors are the most influential people in the world.
Whether it is an author, artist, musician or thought leader, social development is always driven by people who can tell tantalizing stories. The emergence of the Internet provides a digital platform for creatives to share their work with people all over the world.
However, the ability of creative authors to commercialize their own works is limited, and there is limited space for art supporters to share their works for added value.
But the Ethereum and Web3 trends will change the rules of the game. Social tokens can not only allow users to share the value-added space of their favorite creative works, but also can enjoy tokenized rights and interests according to the level of contribution activity.
The active ecology surrounding social tokens is emerging now. From different types of insurance to customized distribution mechanisms, from community tools to current aggregators, they are all included.
Among the players are diverse, creating composable stacks and complete sets of products to promote the development of online communities.
Why is the field of social tokens developing so rapidly? The creator’s own success contributed to the promotion of the project.
The social token head project is WHALE, which leads the explosion of the NFT sector. WHALE social tokens are backed by a “treasury” composed of top assets and collections. The holders of the works can list them on OpenSea and sell them at the WHALE price. This kind of NFT mining can form more than a dozen custom art forms, and there will be cross-community cooperation in the future.
Marguerite de Courcelle, CEO of Neon District, uses his social token COIN to provide in-game benefits packages, as well as access to private associations to allow players to compete for well-known encrypted puzzle games to win prizes.
JAMM creator Brian Flynn uses his social token to explore the unknown, and cooperates with the Web3 version of Outpost similar to Substack, using tokens to obtain exclusive information content.
In the future, the innovation of personal tokens will be endless. The token market performance will also be reflected.
But the success of the project cannot be judged only by the currency price. The true value of social tokens comes from popularity.
new player
What the two new tokens $RAC and $FWB do is to increase their popularity.
$RAC is a reward token distributed by Grammy award-winning producer RAC. Tokens are airdropped to Patreon, Twitch, Bandcamp and Merch subscribers, many of whom have never been exposed to cryptocurrencies.
$RAC sends Zora links to these people, and they can get tokens by logging in to the wallet with their email address.
$FWB is a community token called “Friends With Benefits”, initiated by Trevor McFedries, the founder of Brud and the author of Lil Miquela, an AI influencer with 2.7 million fans. Anyone holding 50 $FWB can join the cultural promotion and creative community focusing on new technologies.
Even NBA Brooklyn Nets star Spencer Dinwiddie has joined the ranks and developed the Calaxy social token platform, allowing professional athletes to tokenize their contracts as a way for the public to freely enjoy the professional potential of athletes.
Calaxy is the abbreviation of “Creator Galaxy”, which allows anyone to create community tokens and integrate with fiat currencies and social networks. The platform is expected to go online next month.
Grammy-winning artists, NBA stars, and AI influencers with millions of fans, it is not a lie to say that social tokens are expanding their borders and becoming mainstream.
Hierarchical licensing rules
Although each social token has a different goal, all tokens have a common function: community access.
The token governance that we all know is mostly one coin, one vote. Now we see social tokens promote the meaning of tokens for “bag holders”.
Using tools such as CollabLand, the social token community has developed a limited number of token holders access system. In Telegram and Discord, bots monitor the balance of wallet tokens associated with users. Users whose balance is lower than the set standard will be kicked out of the group. The more tokens you hold, the more identities, privileges and permissions you will gain.
There are currently 350 communities integrating CollabLand, and more than 30,000 proprietary users share trust through CollabLand.
But this is only the beginning.
Social tokens bring universal access
The concept of providing hierarchical access to advanced users is one of the factors that promote platforms such as Substack, Twitch and Patreon to become industry giants. But the experience on these platforms is fragmented and independent.
Social tokens can allow creators to allow pure fans to gain universal access to all social platforms, eliminating the need to independently register members for each platform. Social tokens can uniformly support creators through tokenization tools. Even better, creators can continue to enjoy the profits of all value-added spaces. Creators can reduce their reliance on rent-seeking platforms.
For cross-platform creators, binding rights is one of the subversive powers of social tokens and the road to Web3. There is no middleman, it is a peer-to-peer ecosystem. Be friendly to early adopters, continue to motivate diehard fans, and add another layer of value to the agreement.
Social tokens will be a catalyst for the development of the creator community.
Although social tokens have a long way to go, I am willing to double bet on its future.
Audius is developing a tool to distribute social tokens to listeners based on the creator’s music playback. Fans can use these tools to enjoy unreleased content, download music streams, or participate in exclusive mixing competitions.
Social tokens have unlimited potential, and we are only scratching the surface at the moment.
If you want to know the latest news about social tokens, please follow Forefront, the social token sector information platform.
If you want to develop quickly, do it alone. If you want to go further, seek cooperation.
