Bitcoin
BTC$61 707.25

3.74%

Ethereum
ETH$3 960.22

4.75%

Binance Coin
BNB$479.73

3.87%

Cardano
ADA$2.24

3.65%

Tether
USDT$0.999682

-0.07%

XRP
XRP$1.17

4.80%

Are social tokens the next big thing?


02 Oct 2020

#Bitcoin

Creators and influencers have a new way to monetize their efforts and reward their loyal followers. Social tokens - or tokens backed by the reputation of an individual, brand, or community — are gaining traction and some believe they could be the next big thing in the cryptocurrency community. 

But what are they, and why are artists, musicians and social media influencers rushing to tokenize their efforts in order to gift, or sell them, to followers?

Social tokens are a little different to the slew of DeFi liquidity farming tokens that have appeared over the past couple of months. They are built around an “ownership economy” principle with the premise that a community will be more valuable tomorrow than today.

Creators can monetize their work as an non-fungible token (NFT), or social token, and supporters can give something back to show their loyalty. Influencers minting their own tokens to offer them as rewards, or sell them for additional revenue.

Cooper Turley from Audius explained in Bankless today:

”Social tokens provide a means of not only sharing financial upside with their favorite creative but also enables tiered, tokenized access based on active contributions.”

For example, artist Laura Driskill runs a popular Instagram channel and produces Autonomous Sensory Meridian Response (ASMR) videos to aid in relaxation and sleep. She has now created her own ERC-20 social token called TINGLE for her followers to buy in exchange for further interaction or purchasing merchandise.

Grammy award winning artist RAC, aka André Allen Anjos, has just announced a token created with Zora, a platform for artists, creators, and brands to craft their own markets. The token will be distributed to subscribers of various associated platforms and used to unlock access to various perks and exclusive content. RAC stated:

“Crypto enables communities to capture the value they create instead of being monetized by preexisting platforms and $RAC is an active experiment pushing the envelope on these primitives.”

A startup based in New York called Roll has taken things a step further by offering to mint Ethereum-based branded digital tokens, or “social money”, for influencers and creators.

There are around 160 social tokens currently offered on Roll and the number is growing as everyone from rappers to NBA stars to entrepreneurs experiment with this latest method of monetizing content and incentivizing community loyalty.

Tokenomics vary depending on the objectives of the creator but they all have one thing in common; participants all have financial exposure and share in the growth.

Source


Related

Bitcoin approaches all-time high but hits resistance at $60,000
Bitcoin approaches all-time high but hits resistance at $60,000
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
Bitcoin miner Stronghold will list almost 6M shares in its $100M IPO
Bitcoin miner Stronghold will list almost 6M shares in its $100M IPO
Bitcoin heads towards $60,000 with ETF approval on the horizon
Bitcoin heads towards $60,000 with ETF approval on the horizon
Advantages Of Using VPS for FX Trading
Advantages Of Using VPS for FX Trading
Bitcoin search interest nears 1-year lows as BTC price slips below $55K
Bitcoin search interest nears 1-year lows as BTC price slips below $55K
Long-term Bitcoin bulls hodl strong despite five-month price high
Long-term Bitcoin bulls hodl strong despite five-month price high
The crypto market sells another growth story
The crypto market sells another growth story
BTC price hits $57K five-month high
BTC price hits $57K five-month high

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 70% 67 $61 707.25 3.74% 12.59% $1 162 887 748 139 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66% 66 $3 960.22 4.75% 10.08% $467 101 872 670 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 61 $479.73 3.87% 13.62% $80 659 621 989 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 82.4% 27 $2.24 3.65% -1.29% $73 736 757 932 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 96% 1 $0.999682 -0.07% -0.05% $68 739 181 914 USDT 7 days price change
6 XRP (XRP) XRP XRP predictions 72.8% 56 $1.17 4.80% 5.77% $54 944 089 067 XRP 7 days price change
7 Solana (SOL) SOL Solana predictions 72% 55 $162.45 3.02% 2.44% $48 779 809 011 SOL 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 74% 57 $43.15 8.21% 25.25% $42 611 313 550 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 92% 1 $0.999780 -0.06% -0.03% $32 801 455 505 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 59 $0.241454 5.81% -2.20% $31 804 132 298 DOGE 7 days price change
11 UniSwap (UNI) UNI UniSwap predictions 70.8% 57 $27.24 5.61% 7.64% $16 658 946 396 UNI 7 days price change
12 Terra (LUNA) LUNA Terra predictions 68.4% 59 $38.31 3.54% -11.86% $15 398 206 184 LUNA 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 68% 66 $61 721.52 3.68% 12.46% $13 317 371 064 WBTC 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 64.4% 67 $59.79 8.40% -2.11% $13 170 013 746 AVAX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70% 60 $190.83 5.72% 6.18% $13 121 841 159 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.