The bewildering category of crypto assets that are about to be the next “it” thing!
Content creators all over the globe tend to be the primary driving force of any project, primarily were electronic, print and social media are concerned. They could be artists, musicians, writers, social media influencers — creators in the true sense.
But are they compensated fully for all the hard work they put in? I think we all know the answer to that. Generally, all the interactions between a creator and their followers are handled through a third party, such as trending social media platforms, revenues or earnings are shared, and certain limitations are applied to the artists.
Social tokens are now the trending talk of the town to increase content, creators!
What Are Social Tokens? How To Get Them?
Social Tokens are the latest trending crypto asset that lets the content creators become their economies. Driven by fan enthusiasm, social tokens aim to bring to light new financial opportunities for content creators and influencers.
Social tokens can be divided into three types:
- Personal Tokens that are managed by an individual.
- Community Tokens that are controlled by a set of people and managed by a decentralized autonomous organization (DAO).
- Social Platform Tokens that control platforms which facilitate the issuance and exchange of social tokens.
Content creators use the tokens in two ways:
- To build/reward their fan base, and
- As compensation for their creative work.
Social tokens let the content creators monetize their work personally. These tokens are the genuine products of Web 3.0, where users customize the required content by themselves. Unlike celebrity bonds, no intermediary is influencing the interactions and dealings, thus driving actual value creation.
Where To Buy Social Tokens?
Usually, the fans and followers buy tokens but sometimes, to promote their fandom, artists give the tokens away for free, against specific requirements like asking to stream a video for a while, etc.
As loyal members, they receive exclusive benefits such as access to unique content, private/group chats, or branded merchandise. Every tier of membership comes with its benefits, and as tokens are limited in number, the demand for them begins to rise, and so does their value.
The creator can put in added benefits for their community members, spreading the fan base even further.
Once the value of the tokens reaches detectable levels, the content creator can utilize them as a form of compensation once the creator starts to trend globally.
Specific communities sell or exchange these tokens against some form of currency.
Different companies now facilitate the social token effort. Among them is the Seed Club, an incubator for new social tokens, Fyooz handles a marketplace for tokens, The Rally Project facilitates token development as well as the launch & design of loyalty systems.
How Do Social Tokens Work?
Plenty of artists and prominent figures from all walks of life have started to promote their Social tokens. There are three ways to use a social token:
- Access: Fans can gain access to some form of an archive, text and video chats, personalized commodities and other benefits.
- Exchange: Using a medium like coins, fans can donate tokens to benefit the creator.
- Investment: Like in the case of coins, fans can redeem them and the content creator can take distributions to increse their earnings.
What Are The Best Social Tokens? – Best social crypto tokens
The trends for crypto assets are constantly changing; that’s the beautiful volatility associated with them. The following social tokens are trending for now:
- Rallly
- Whale
- Friends with benefits Pro
- Status
- Hive
- Steem
Are Social Tokens Different From NFTs?
To understand the difference between the social tokens and the NFTs, let’s see what they are at their core. A token is the base unit of the entire blockchain network. Traditional and cryptocurrencies currencies are all fungible, which means they can be invested in or used to make purchases. They are interchangeable with each other, yet their values remain the same even after trading.
NFT, on the other hand, means “non-fungible token,” implying every token has a unique value and can not be exchanged for another token. This is why peculiar art sells of as an NFT.
Social tokens are fungible in nature, carrying the same set of qualities. Social NFTs are unique and not interchangeable.
How To Invest In Social Tokens?
For the crypto assets, Market Cap and Fully Diluted Market Cap are financial phenomena that are routinely used to rank the popularity and importance as compared to the overall market of particular assets.
Market cap is used for comparing the size of individual crypto assets to alternative assets or to the whole market, while the fully diluted market cap is the total value of a particular crypto asset at today’s price if its entire future supply were in circulation in the market. It is useful in examining the total value of a crypto asset over time.
With the help of such metrics and closely following the market trends for the social token you are interested in, you can gauge when and how much you should invest. It is not advisable to pitch in a big share of your money into a particular crypto asset.
Take time to follow the market, it’s only through trial and error, and sheer luck for both the content creator and the fans, that a crypto asset like a social token rises up and stays at the top.
Are you an NFT or Social Token enthusiast? What are the latest trends in the crypto world? Let us know in the comments below.