What are social tokens and why?
Social tokens are a new way for individuals and communities to create and own their own digital assets, which can be used to represent membership, access, or other perks within a community. They are created and distributed using blockchain technology, which allows for transparency, immutability, and ownership of the tokens by the community members themselves.
One example of a community using social tokens is the platform Roll, which allows creators to mint their own tokens and offer them to their fans in exchange for exclusive access, merchandise, or other benefits. The fans can then hold and trade these tokens, creating a new form of economic engagement between creators and their communities.
Another example is the Rarible, marketplace for NFTs. They introduced a new kind of NFT called social tokens that creators and communities can mint on the marketplace. These tokens can be used for various things like membership, voting rights, access to exclusive content, merchandise, etc.
Social tokens offer several advantages over traditional methods of community building such as YouTube memberships and Patreon. For one, they provide a new form of engagement for fans, allowing them to become more invested in the community and its creators. Additionally, social tokens can be traded on open marketplaces, which can create a new revenue stream for creators and communities. They also offer greater transparency, immutability and ownership, in comparison to the traditional methods where the control and ownership rests with the centralized platforms like Youtube or Patreon.
In conclusion, social tokens are a new way for individuals and communities to create and own their own digital assets, which can be used to represent membership, access, or other perks within a community. They offer many advantages over traditional methods of community building and are creating new opportunities for creators and fans alike.
