Social tokens are a new type of tokens that are now receiving more and more attention: some individuals and communities have begun to issue their own social tokens. I want to understand this evolving ecosystem as soon as possible and Explore some basics.
I am happy to announce that my good friend Digital has become the first sponsor of Zima Red. Digital is an interesting creator. He uses blockchain technology in the field of music and art. He has always been at the forefront of the times. We can Get to know him on his personal website, welcome to subscribe to his news and follow his artistic explorations using Ethereum technology.
What is a social token?
Social tokens are cryptocurrencies created by individuals or communities. They are roughly divided into two categories: personal tokens or community tokens.
Personal tokens are created by individuals and are usually used for labor exchange. For example, if you spend 100 tokens to ask a designer to help you work for an hour, this is the use of personal labor to drive the value of tokens.
Community tokens are usually used for membership and community. For example, you need community tokens issued by community creators to enter private telegram groups, obtain special services, news, etc. Encourage everyone to contribute to the community by issuing tokens. For example, the community initiates a competition, and the token owners decide the winner by voting.
As you know, social tokens have unlimited uses, and it is only the beginning of this revolution. As the ecosystem continues to improve, more and more social tokens will be produced.
Social token project
Note: I am the holder of all the social tokens below.
As mentioned earlier, social tokens are what you want it to be, so it is always interesting to explore different social tokens and their unique uses. Let’s take a look at some social tokens on the market.
Alex Masmej-$ALEX-Circulation -10,000,000
$ALEX is very attractive, attracts many people’s attention, and attracts many people to hold it. . Initially, Alex Masmej raised $20,000 through the initial issuance to support him to go to San Francisco to start his own blockchain business. $ALEX gets meager income from sharing agreements and personal IPOs. The method of sharing contract revenue is very interesting: 15% of the total revenue he generates will be distributed to token holders every quarter for the next 3 years. The token holder is like an investor, who can meet one-on-one with the investee and has the right to restrict the investee’s behavior. For more information about $ALEX, please click on the medium blog.
Carlos Gomes-$SWAGG-Circulation -10,000,000
$SWAGG is a multi-purpose community encrypted token. His creator Carlos Gomes said: “The purpose of SWAGG is to use encrypted tokens to closely link community culture and creativity.” In other words, $SWAGG has countless uses. . Holding $SWAGG can enter the ecosystem surrounding SWAGG. His benefits include:
Allow access to the content of the SWAGG network
Allow to review and publish SWAGG content
Receive rewards from independent projects in the community
Reward for sharing content
Exchange tokens in the community
Advise and vote on the actions of the SWAGG community
In the near future, holders of at least 10,000 tokens will get voting rights in community governance. This gives community members the opportunity to directly control the network. For more information about $SWAGG, please visit the blog.
Brian Flynn-$JAMM-Circulation -10,000,000
$JAMM is now used to access an electronic journal called “Jamm Session”, whose creator is Brian Flynn. (There are very good information in it, I suggest you subscribe to him). To browse his e-journals, you need to spend 1000 tokens of $JAMM. This is some news with unique opinions. If I purchase a journal to read through a credit card, I have no motivation to tell my friends. But if I buy through Jamm Session, I will be very happy to share it with my friends. Because the more people who buy $JAMM, the more I can earn.
The newsletter and incentive mechanism using social tokens are perfectly linked. Most e-journals make money in a linear way, for example, a user can subscribe for $5 for a month. But based on $JAMM, news providers can make money doubled. Users spent 1,000 $JAMM to buy news and are more interested in introducing this e-journal to friends, so there will be more users to register, and there will be greater demand for $JAMM. Such a mechanism has led to the collective prosperity of the Jamm Session community. His founder Brian has received a lot of investment and social support, and has achieved good results in all aspects.
Coin Artist-$COIN-Circulation-3,470,000
What makes me find $COIN interesting is that it always adds new features to it. Each version of the $COIN statement is also very interesting, because it is an “inclusive and experimental game community network.”
Now $COIN holders can enter a community called “E-Den”, which has direct and exclusive investment in $COIN. Some interesting things can be done in the community like designing encryption puzzles. There is also an interesting feature. Holders of $COIN can bet on $COIN in the community to get $CRED. $CRED coins will be able to obtain rare items in the game Neon District. This game will be released in the near future. I am very happy to see the use of social tokens in the game field, and I very much hope that more similar fields will also use social tokens. To learn more about $COIN, please click here.
WhaleShark-$WHALE-Circulation -10,000,000
$WHALE has clearly become the most successful token to date. WhaleShark was first issued in May 2020, and then $WHALE quickly gained a dominant position in the social token field. It even reached a $30 million market. $WHALE has now expanded to the entire ecosystem and community, but it was actually started by a personal project, which makes people have to stand out. What makes $WHALE stand out is that its value is supported by a large number of NFTs, which are stored in so-called “safes.” The total value of NFTS in the vault is estimated to be 1.4 million USD (number as of September 2020-audit conducted by Nonfungible.com) $WHALE is not only supported by NFT, but also used for a series of different functions in the community.
event
game
Playing cards
Governance decisions are made by mortgage $WHALE to DAO
Purchase special assets
other
In particular, $WHALE created a DAO, which makes $WHALE completely governed by participants. The $WHALE community is constantly growing and we will wait and see.
Social token ecosystem
I think social tokens will become an important part of the blockchain field, not only because of the increase in the value of token assets, but the rapid growth of the ecosystem is also exciting.
Forefront- “CoinGecko+” in social tokens
Forefront is the website of choice for introducing social tokens, where you can browse all the news, resources, introductions and (my favorite) sections dedicated to the social token market.
Rally-the main tool for creating social tokens
Rally is a platform on which Twitch broadcasters can create their own social tokens, called “creator tokens.” These tokens have various purposes, but mainly reward creators and members in Twitch streaming. What I like about Rally is that they follow mainstream audiences by encouraging non-encrypted native Twitch streamers to release their social tokens.
Seed Club-Social Token Incubator
Seed Club is an accelerator for social token creators. As an exchange service, participants need to provide a small amount of tokens to Seed Club. Finally, the value of Seed Club’s own tokens not only represents the value of the community, but also represents the value of the basket of social tokens supported by it.
Cooper Turley-Social Token Manager
This is a person, Cooper Turley once created a social token agency. There he manages and discovers best practices around creators and their social tokens. I think this is very valuable because social tokens are new tokens and very difficult to manage. Asking others to help manage the skins in the game will be very valuable.
The social token ecosystem may be small, but it is developing rapidly and becoming a very important role. You can learn more after I learn more about social tokens and study the impact it brings to the entire ecosystem, because social tokens are what I care about.
