Social Tokens, to some, are one of the most confusing aspects of cryptocurrency.
How can I get fungible, cash-equivalent rewards for simply participating in my favorite communities? How can I also get real team merchandise, by simply supporting my favorite team?
The blockchain has made this possible. While many of these are early experiments, they seem to have legs. One token the Messari report singles out is WHALE Token. They describe it as one of the largest community collectors of digital art.
First, what’s actually the point of this token? Holders can use the token to:
- Rent pieces from the community vault
- Pay for consulting services
- Stake NFTs as part of the liquidity pool
The WhaleShark Vault holds 3443 assets as of September 2020. The total value of these assets? $1.4 Million USD according to the Messari Report. Essentially, they created an index fund, that is completely accessible to its community. This is just one example of the possibilities of this tech.
Where Else Are These Tokens Being Used?
Platforms like Chiliz have also turned this technology into fan engagement tools. Individual teams can issue “fan tokens” that give holders rewards like:
- Signed merchandise
- Player meetups and more
Teams that have fully embraced this new method of fan engagement have been rewarded as well. Their tokens have grown to nine-figure market caps (PSG, FC Barcelona, Juventus).
Even individuals can issue these tokens. Social currencies will be the next trend among celebrities and influencers. These currencies can also allow creators to take control of their income. Currently, creators rely upon massive websites’ creator funds to pay dollars per video. With social currencies, they can provide what their community wants and the community will react with their dollars and tokens. It removes the middle man from the economic equation and makes the transaction between the creator and their audience.
To add, this is the future of the internet creator economy. Putting control, in the hands of the creator gives complete freedom. Watch, or invest in these tokens, in the future. As more large creators embrace them and integrate them into their offerings, the market is going to expand. It also offers unmatched creativity and freedom. In fact, it’s only a matter of time before creators, and their audiences catch on.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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