At the moment, cryptocurrencies have become common, everyone turns around either invested in a project or is building a new project via experimenting with web3 and its capabilities. Brands have also jumped into this verse. Like customers, community attention and strength play a vital role in breeding a brand that already exists or something up to be launched. Meanwhile, new opportunities are flinging your way. Develop Social tokens to build and breed your community. And it doesn't stop there, these tokens are capable of doing much better things completely avoiding middleman influence! But how? Scroll to know more.
Social Tokens are unique assets providing digital ownership like NFTs supported with blockchain. It facilitates creators, influencers, and brands to monetize through experiences and services. And further ownership of this token can be resold and also increase in value.
Social tokens are similar to cryptocurrency that are specially developed to empower communities. Social tokens allow community members to build an effective bonding with the brand or the specific individual.
A Social token functions as similar as a non-fungible token and the only difference between the two is NFT monetizes digital creations, and digital goods while Social tokens monetize the creator, the experience, and services.
The two main social tokens in the ecosystem are Personal and community tokens. And as new utilities and options are coming forth every new day, the token types are extended with participation tokens and social tokens.
This is also called the creator’s token which is personally established by individual creators of new brands. They facilitate exceptional services to the holders. Any celebrity in this case, an influencer, sportsman, artist, musician, anybody - is allowed to create a Personal token that contributes to the better good. Many artists today are offering incentives by launching their social tokens.
This community coin is created by organizations or groups. They are basically used to market their brands and build interest among people and followers. Owning this token, the members gain the beneficiary to those similar to owning a club membership and sometimes even more. The privileges also get in sync with that of owning personal tokens along with the governance rights and also share the company/ brand’s revenue. Community tokens are usually launched by DAO and marketing an already established brand is quite easy as it has a good following.
A participation token is a subcategory of community tokens that users earn by taking part in the development of the project. Usually, organizations/ rands / new projects utilize them to reward their initial investors or contributors in such cases.
By the name, it's explainable that Social platform tokens are generally distributed by social platforms in the Web3. They support creators, and creations, and facilitate trading.
Unlike other utility tokens, Social tokens are the fuel for the creator community - the content creators and token holders - allowing them to better collaborate and increase their brand value.
Social tokens are giving fans and followers a completely new, profitable way to interact with their favorite creators and artists online. This equips them with opportunities to take part in the creator’s creative journey as well. The community taking part or owning tokens gains extra privileges with personalized experience strengthening the bond more personal and connective.
From getting access to the private chat, and forums, presale participation on exclusive collectibles, early access on the content drop, shared ownership, and a lot more benefits are confined to Social token ownership.
Social tokens also emphasize eradicating centralized authorities, especially over contents or limiting the creativity level of the creator, or demonetizing the creator. The token holders take control over the creator economy and they co-own the content as a form of NFT in return for benefiting the creator in the creation or development of their new projects, ideas, or creations.
Sponsored posts, collaborations, advertisements, subscription model campaigns, post interaction, etc., are the usual way a social influencer gains traction. With social platforms having huge revenue streaming opportunities content creators are benefited with reasonable profit. And meanwhile Social token has now changed the scene dynamically by letting creators earn direct revenues and profits, and share them with their fellow followers.
The fans and token holders who own the token means they directly pledge to be supportive of the project. The value of each token is associated with smart contracts and thus reducing conflicts. The smart contract briefs on everything from the user's rights to the extent of enforcement and how they are validated and all in it. Moreover, there is no third-party negotiation involved in settling disputes.
Social token users attempt to surpass with co-ownership of NFTs that can be resold as many times as possible and the royalty keeps falling in their wallet. This is a passive income stream. Creators can define the royalty powers in the smart contract, therefore, avoiding confusion and making it more transparent and fair trade.
Backed by blockchain technology, the data is structured in blocks that contain a bundle of transactions. The shared ledger concept dives in here and connects every other block to each other making it impossible to tamper data. And usually, blockchain confines to hold better security and it's sturdy enough to protect itself from hacks. The popular digital wallets are also interlinked to the network that is built on strict mechanisms to protect and safeguard the asset in them.
To sustain support and loyalty for a longer period, Social token distributions give the holders with added privileges. While voting rights that contribute to making major decisions in the network, the community gives the holders more economic control and power. And with better investment traits, the values surge up and make better returns over time. With the increasing token purchase count, the creator, and holder are both profited.
Social tokens are one valuable way to take control over the revenue and build more closure with direct followers and fans. This new profitable monetization module opens avenues not only for creators but users and fans.
Initially, this creator token, or the so-called social token was very similar to a subscription module for an online service. As there are multiple social platforms, a new one blooming eerie now and then to offer exclusive content, creator spaces are increased but the audience counts lack. Social tokens with their emergence have taken things sway forward, helping creators build their community, grow, manage, and monitor it effortlessly. They also empower the community by monetizing properties. Social token holders get unique rights and privileges that they didn't get to experience before.
Social tokens used as a Rewarding System are one effective way to monetize and grow a community. Creating a social token with specified action or achievement gives the holder certain privileges, and by bringing it to practice, the community engagements also shoot with the eagerness to acquire a social token and claim ownership
Social token used for crowdfunding a project that is in any stage of development is a brilliant idea. But here the token distribution when associated with added privileges and share opportunities gains huge traction in generating the funds.
Using social tokens in the form of merchandise such as digital collectibles. By creating a unique token represents unique/ specific items, events or products and sends it out in the market as limited edition supplies. The community member can purchase these token merchandise, they can either hold it as a collection for themself, or resale it.
VIP access through social tokens is one other way of gaining traction. By introducing a token exclusively to represent a specific level of access and privilege , the community member on purchase of the token can claim the beneficiaries. This increases engagement and participation to a wider extent.
Using social tokens for community governance allowing holders to vote and take decisions on the platform or in community governance norms is a highly captivating tactic. By purchasing these tokens, the community member gets the right to vote, thus creating a sense of ownership, authority, power, and ownership.
On the whole Social token is a charm you could market to your audience and get their video into your business/ brand/ organization/ or anything. They have the potential to captivate audiences with the privileges of streaming better revenue, ownership, and decision-making authority.
This season treat your community with this bonus bonanza and expand your range globally with more decentralized enthusiasts. Develop your Social token with us and make use of the opportunity to grow your business. BlockchainX has curated amazing projects and tokens with customized solutions. Unlike others, our expert team is very social and open for you to put your ideas and needs in and we shall help you blend the best out of it.