![]() Social tokens could become a mainstay for how influencers allocate, broadcast, and directly derive value from the communities they tirelessly cultivate. When paired with social tokens, NFTs can grant content creators sole ownership of their platform, image and intellectual property. However, combined these two asset classes unlock highly powerful tools in the web3 content creator economy. In essence, NFTs are designed to monetize virtual goods, whereas social tokens are designed to monetize creators themselves, including services and experiences that they may offer. Contrary to NFTs, which by definition are provably unique and incentivize the user to hold the asset, social tokens correlate with the value upheld by the creator, are exchangeable, and are indistinguishable in function from each other. Well, social tokens are fundamentally different from NFTs, in that they are fungible. “Why not use membership NFTs?”, you might ask. This marks an entirely new way of becoming more engaged with communities and building deeper relationships, not just with the creator of the content, but also with other people who share the same interests. Social graphs can be built on top of tokens held by individuals, helping them discover new communities and meet others that share their interests. The more interested people are in the creator’s content, the more likely they are to be involved with the communities that they are developing or invested in them and the services they are able to offer. Social tokens are centered on communities, not individuals, and are typically used to sign up to join, which governs access and participation in these communities. Shared ownership, right from the start, binds together communities built on the foundation of tokens. In this way, the benefits of social tokens may be both immediate - by having access to special features that are available only to token holders - and at a later stage, by selling said tokens. Not only are creators directly monetizing their popularity by cutting out the middleman, but their followers can also directly benefit from their success as their social token increases in value. Instead of using social media to attract followers, creators can use social tokens in a way that everyone benefits from community participation and a potential increase in value. Social tokens - also known as community coins and creator coins - utilize blockchain technology to gain access to a decentralized environment where content creators can market their products with ease, without the costs and regulatory restrictions that social platforms place on them in the traditional web. As an example, a streamer, influencer, or musician can use social tokens to offer membership perks to their followers, such as their personal time, access to private chats and forums, exclusive collectibles, or even enable them to vote on decisions directly affecting their idols’ behavior. In a nutshell, social tokens are coins issued by individuals, brands, or communities, which allow them to monetize experiences or services that coin then becomes an asset that can be resold by its owner and may grow in value. ![]() We will also look at some of the tools which are available to creators wishing to mint their own, as well as at district0x’s latest venture, StreamTide, and the platform’s social token, TIDE. In this article, we will explain what social tokens are, and how creators and brands can utilize them best to connect with their audiences in a meaningful way. ![]() ![]() Their followers, in turn, are able to return a certain amount in order to show their loyalty. In a world where the entertainment business has long been dominated by centralized authorities capitalizing on their control over distribution, content creators have been longing for more equitable monetization tools and ways to connect on a deeper level with their most loyal fans.įor content producers, or any entity looking to share their work on the internet, social tokens could represent an excellent opportunity to re-think their interests and produce content better aligned with the communities who consume it, unlocking new value along the way. In the past year, the spotlight has undoubtedly been shining on the rise of non-fungible tokens (NFTs) and their seemingly unlimited monetization potential, yet comparably little attention has been given to another much more fungible asset class that has been around since 2020: social tokens. Social tokens are revolutionizing the entertainment industry by eliminating the persistent hold of centralized middlemen, enabling creators to form stronger, direct bonds with their fans. ![]()
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