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The blockchain world is constantly evolving, growing into a massive economy in a decentralized manner. The recent surge in the familiarity of non-fungible tokens has further paved the way for new commerce in the sector. One such promising and futuristic economy is the social tokens.
The advent of NFTs has empowered the creators by freeing them from third-party businesses. However, they still needed social mediums like Twitter, Discord, Instagram, Facebook, etc., to connect with their followers. On the other hand, Social tokens add more power to creators by connecting them directly to their followers without the interference of any kind of third-party platform. Every follower who owns the token of the creator will have perks like exclusive access to buy their creations, new announcements, newsletters, etc.
In accordance with the growth of the community and an increased number of transactions, the value of the social token increases. This way, both the creators and the followers benefit from it.
Appdupe helps you develop a social token. Relish the contemporary way of networking with your followers now!
Social tokens are claimed to be the future of value creation. The prime objective behind the advent of this new type of token is to connect creators and their followers directly. It also means forming a currency exclusively for a community and adding value to it by various means of incentivization. To put it more precisely, it is a customized currency extensively used to fulfill the needs of a community.
However, this is not an entirely fresh concept. It has already been tried out during the LETS and time-banking movements back in the 80s and 90s when several communities in North America issued currency that does not fall under the authority of any Central Bank but exclusively for the community. Another instance of it was when David Bowie, the popular songwriter, and musician issued Bowie Bonds. It was the first time an intellectual property was used as underlying collateral. Today's social tokens are the re-energized idea of these previous endeavors enhanced with the crypto ascent.
The personal token is a token that represents a specific individual. They can be a celebrity, artists, content creators, influencers, or any profession. But it works great for people with a following. These personal tokens can mean two things, a financially defined one with ‘token-redeemable labor’ or ‘income share agreements, while the other one is more like loyalty points, the user will have access to new updates, newsletters, etc. of the celebrity.
As the name suggests, community tokens are centered around a community. The foremost use case of most of the community tokens is gated access; this means the token holders will have exclusive access to certain community events or groups in social platforms like Discord, Telegram, etc. This token-gating is made plausible using tools like CollabLand.
The applicability of the community tokens includes,
AccessIn some cases, the tokens are purchased by individuals just to get access to certain exclusive events or news. It works for both community tokens and celebrity-centered tokens.
ExchangeThe tokens can also be used as an exchange medium. The fans can choose to buy these tokens to support artists. This is similar to the tip jar feature used in most websites.
InvestmentThe Social & Community Token Development Platforms launch only a limited number of tokens. This scarcity of tokens intends to raise the value of the tokens. Collectors can buy them as an investment.
The basic functions of a social token are the following,
Income Share AgreementThis is one of the attractive offers that can incite long-time investors to purchase the token. Also, it is a way to pay back the community that backed the creators at the earlier stages.
Control Over CommunityManagement of a community is more effective when a community token is issued as it enables token-gated access.
Backed By Digital AssetsThe value of the tokens can be backed by a pool of assets, in this case, NFTs. WHALE is one of the most successful examples of this method.
Self Representation Social Token Development enables celebrities, content creators, and artists to create a digital representation of themselves.
Representation of Work Of CommunityEvery token owner will have to participate and accomplish certain tasks for the betterment of the community. The token will act as a representation of their work.
Digital CurrencyThe community tokens can be used as a digital currency backed by the community. It may or may not have use cases outside the community projects.
Access To CommunityToken-gated access is one of the significant roles of social tokens. It acts like a ticket that gives the user access to participate in community occasions.
MintingNew tokens can be created via minting. A limited number can be set for minting in order to maintain the scarcity.
Digital RecordThe tokens developed will comply with the ERC-20 regulations and be compatible with all the ERC-20 wallets.
Burning TokensIf, by any chance, the community plans to decrease the circulation of the tokens to make them more exclusive, they can be burned effortlessly.
Pause ExchangeDisable the aspect of trading or exchanging the tokens until all the tokens are unfrozen. This feature can make the token movement slower.
OwnershipAs the creator of the token, you will have complete ownership of the tokens. You can mint new tokens but ensure to keep them limited.
Limited TokensYou can set a limit to the number of tokens that can be created so that all the token owners don’t mint as many tokens as they want and decrease the scarcity of the tokens.
Social tokens are revolutionizing the way creators and artists monetize their works. For decades, the creators have been dependent on various third-party companies to generate revenue from their works. Today, they rely on platforms like Youtube, Facebook, Substack, etc.
Social tokens pave a new way in both connecting the creators and their followers and monetizing their works. By holding the token of a celebrity or influencer, the individual is susceptible to additional perks that none other except the community has access to. When it comes to value, these ERC-20 tokens can be traded and exchanged. This tradable feature gives the tokens a market value. In addition to this, the community offers an intrinsic value to the token.
The ICV (Intrinsic Community Value) is the value received by the community from owning the token. It can be a gateway pass, a salary, staking options. The more financially interesting features the community gets to relish, the higher the market value. Tokens like WHALE backs the value of the tokens by a collection of NFTs. You can also come up with some ideas like this to add value to the tokens.
The community tokens are an avant-garde concept at their infancy stage.
Check out some already-existing successful models to get a better picture of them.
KSK Honda CoinThis coin was launched by Keisuke Honda, a Japanese Soccer player in partnership with Rally. The fans who own these tokens will receive exclusive updates from the player, access to private chat with the player via Discord, and social recognition for the fans by the player himself.
GG Strike CoinGen G, the esports organization, launched its brand coin, GG Strike Coin. The holders of this token can have chats with players and coaches via Discord, vote on key decisions like Jersey designs, whitelist to pre-sales of merchandise, and write suggestions on teams and get replies back.
$RACRAC, the Grammy award-winning musician, launched the $RAC token. Individuals can’t buy these tokens; they have to earn them. Every month 50,000 $RAC tokens are split into equal shares among RAC’s Patreon subscribers. The token holders can chat via Discord and are whitelisted for the merchandise and exclusive contents.
$FWBThe Friends With Benefits is a community of creators, artists, rebels, and thinkers. There is a total of 1 million $FWB in the market. The community interacts over Discord, and to be a member; a user must own 75 $FWB. They also conduct countless events around the globe.
$ALEXThis token was launched by Alex Masmej as an initiative to raise funds for him to move to San Francisco and pursue a career in crypto. An income-share agreement was made, which stated 15% of all income he made for the next three years will be distributed to the token holders. The token owners can also have 1 to 1 meeting and governance on their decisions.
$SWAGGSWAGG tokens are launched for a creative community. It focuses on creating a network of artists and letting them collab to create new works. The token holders get perks like access to the chat on discord, early access to SWAGG drops, receive SWAGG grants and rewards, and vote on SWAGG community actions.
$JAMM$JAMM is a token launched by Brian Flynn listed on Roll. An investor should collect 1000 $JAMM social money to get access to the newsletters of Brian Flynn. In the traditional method, a user pays to subscribe to a newsletter but gets nothing in return, but with JAMM, they get incentivized.
$COIN$COIN is a token launched by COIN Artist. It is a gamified social network. Users who own this token get access to E-Den, a community network that plays a significant role in the future decisions of the token. The $COIN tokens can be staked in exchange for $CRED tokens, which will be used to purchase digital assets in the game Neon District.
$WHALEThe $WHALE token was released by Whale Shark. This token is backed by a large collection of NFTs stored in a VAULT. The token holders have perks like access to events, games, poker, governance decisions, white-listing on purchasing NFTs in the vault, and more. It is one of the most successful social money.
The time for brands to adopt the new social money concept is already here. Shedding some light on how they can be used by a brand.
Transactions The social tokens, which are also known as social money, can be used by the token holders to send or receive from other users, tip, or donate to them, etc.
CollectingUsers can also collect these tokens as an asset and hold on to them for a long tenure. The higher number of tokens they hold, they are susceptible to getting rewarded with exclusive benefits.
EarningsBrands can offer incentives to loyal supporters; this will encourage them to promote the token, thereby increasing its value.
BrainstormingLet’s talk. A conversation where you share your vision, and we put forth the ideas to make it live.
Framing The SkeletonWe start framing a structure that represents the work process involved in developing a token centered on you.
Token DevelopmentOur highly proficient team of developers writes the code to develop a token that represents your community.
Whitepaper DraftingOur creative team of content writers drafts a whitepaper that conveys your vision in a detailed and attractive manner for the investors.
Launching The TokenOnce we are all set to meet the crowd and sway them off with the token that could benefit them as well bring them close to their idols.
Find out the reasons why you join your hands with us on this journey of launching a social token.
Prolonged Support Appdupe is a team devoted to developing brilliant ideas. Also, our support services never cease. We tend to offer support to you even after the token launch. However, in the long run, our services may be charged.
Blockchain DevelopersWe have built a team of extremely talented blockchain developers who have countless successful crypto projects to their name.
Security Is PriorityIt is pertinent to make your investors feel secure about the tokens they own. To ensure that we encrypt numerous smart contract auditing measures.
Multiple Token StandardsWe can help you develop tokens on multiple token standards like ERC 20, ERC 721, ERC 223, ERC 1155, BEP 20, BEP 721, BEP1155, TRC 10, TRC 20, TRC 721, etc.
Rigorous Testing ProcessOur testing team runs numerous tests meticulously to ensure the Community Token Platform is free of glitches.
Get your blockchain application development idea validated right away.
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