SOCIAL TOKENS & CREATORS
Social tokens are here to stay. With the emergence of blockchain technology, creators will now be one step closer to both economic and creative freedom. Welcome to the future of the creator economy.
WHAT ARE SOCIAL TOKENS?
Social tokens - also known as creator coins, community coins - are virtual currencies that are enforced on a blockchain with smart contracts.
The emergence of social tokens represents a potential of a new ownership model for creators all around the world. It’s an opportunity for creators to grow their brand and incentives their fans to support them. However, most importantly it allows creators to monetize their fanbase.
It can be argued that social tokens are the result of what is becoming an emerging trend in the content and creator space; personalization and community building. RealVision CEO Raoul Pal sees social tokens becoming a trillion-dollar industry in the next 5-10 years.
"When you realise that tokenizing things changes the equation - it will not be long before Disney tokenize, because they have super fans, who want access to parts of the community. So you could have a Star Wars community, or a Disney animation community and people are fanatical about this.” - Raoul Pal
So what exactly are the benefits of social tokens? Lets’ dive deep into them.
Crowdfunding - Creating a Social Token makes it easier for creators to raise funds as contributors will receive Social Tokens in exchange for their USD. Contributors will have an incentive to want to see the project flourish.
Monetize Engagement - Instead of YouTube taking a cut of your streams, social tokens represent a way to take that power back. At the same time, it allows creators to become independent from platforms such as YouTube.
Community benefits - You can provide exclusive content to your $TOKEN holders. Some of this exclusive content includes access to your private discord, merchandise, video content, ticket sales, and voting rights.
Co-own NFTS - Say you want to create a new music video, art piece, or film that you will list as an NFT with the hopes of selling it. You could ask your fans to buy your $TOKEN in order to crowdfund the project and when you sell it they can get a percentage of it. Fans will be incentivized to help you find a buyer so that they can be rewarded.
Co-own future income - In a scenario that you need to raise money for a video or equipment, you could ask your fans to buy your $TOKEN to raise the money. In exchange, you could provide them with a percentage of the future income you make.
Not everyone will have immediate success with social tokens. André Allen Anjos also known as RAC, is a Portland-based Portuguese-American musician and record producer. He created the coin $RAC to provide elusive content to his fans. This is what he had to say about social tokens.
“You need to give [holders] benefits of community, utility of community so that they get discounted tickets, ability to get extra merchandise, ability to get access to NFTs, ability to have meet and greets, ability to chat with the artists, you need to generate all that ecosystem where everybody can connect and bond and everybody feels close to the center of the community, the influencer” - André Allen Anjos
Social Tokens still remains a fairly new concept, and we are still a couple of years from seeing the full potential of its use and the market for it. That being said, this hasn’t stopped companies from taking the first steps. Listed below are two companies that are paving way for social tokens and the creator economy.
PurpleCreator describes itself as the financial exchange market for social tokens. The goal is for people to use their platform as the hub of all social token exchanges.
The CEO/ Founder of the company is Andre Costa. In his 10 plus years of experience, he has built several organizations from scratch under challenging business environments, limited resources, and culturally diverse teams. After selling his own startup, he built an international team in Latam for Amazon Web Service and was invited to establish a new team for Emerging Markets in Europe in the Business Development area.
PurpleCreator is still in the early stages and is expected to launch by the end of the year. If you visit their site, you can join the waitlist to be the first to learn more information.
https://purplecreator.com/
COINVISE
Coinvise describes its mission as helping Creators & Communities Build Open Economies on Web3. It’s a platform that gives creators & communities economic freedom. It's the most simple & trusted platform to mint social tokens, manage them & build incentives around them.
Listed below are some of the things that creators can do on the platform:
Create their own social token: on a fixed supply, bonding curve or vesting schedule, where the creators get to own full custody of tokens minted. Additionally, there are no cuts for tokens minted on Coinvise.
Open Social Graph for Creator DAOs / Tokenized Communities: Discover & grow your community, communicate and contribute towards other creators. Earn rewards for joining communities and more.
Airdrop social tokens: send and receive social tokens on social media, private channels, or in bulk to multiple people, through a unique claimable link.
Create an NFT: We envision NFTs as a gateway to utilize social tokens. NFTs aren't limited to digital art, it can be a way to fundraise, bootstrap liquidity for your social token, create incentive mechanisms and so much more.
Rewards & Bounties: Reward your community for contributions & adding value through social tokens.
You can learn more about Coinvise by visiting their site below.
https://www.coinvise.co/
Article written by: Giovanni Pugliese