![]() ![]() In this instance, the social token is used to participate in what the community offers and get closer to other community members whether through events, meetups, products, etc. Therefore, it’s the collective effort and contributions of its members which make it a community. Rather, there’s a broad interest, hobby, idea, or mission that brings people together. What I mean is that there is not a single creator that the community has formed around. Because the $ALEX token revolves around an individual and what that individual decides to offer his community, it is therefore a Creator Coin.Ĭommunity Coins, on the other hand, are headless. Over time, $ALEX holders were also given access to private newsletters and a Telegram group, among other offerings. In exchange for purchasing $ALEX tokens, owners of $ALEX would receive a portion of Alex’s future earnings for three years. with the promise of an income-sharing agreement. Alex is an entrepreneur and serial founder who launched the social token to raise funds to move from France to the U.S. The social token is used in a one-way transaction.Īn example of a Creator Coin would be $ALEX, which was created by Alex Masmej. In this instance, the social token is mostly used transactionally to redeem things and experiences that the creator is offering. It’s a relationship we should all be familiar with on social media: the creator and the follower. Therefore, the success of that community and the usage of the creator coin is entirely tied to the figurehead creator (or their brand). ![]() That creator is the reason people follow and engage in that community. Community CoinĬreator Coins have a figurehead creator. However, it helps to make this division as it generally relates to how the social token operates and is used within these mini-economies. Social tokens that form around a group interest we’ll refer to as Community Coins.īoth Creator Coins and Community Coins exist under the umbrella of social tokens. Social tokens that form around an individual we’ll refer to as Creator Coins. There are Creator Coins and Community Coins. Social tokens can and will be used to bring a blockchain-based economy to various groups of people interested in a brand, a person, a cause, or a mission.įor the sake of understanding, we’ll make one major distinction between the two types of communities that bring social tokens into action. ![]() Instead of limiting what a social token is through a definition, it’s better to think in expansive terms of what social tokens can provide. Or $VITA which is used by VitaDAO to build a collective that is interested in advancing longevity research. Like $MOONEY which is used by MoonDAO to help fund and govern their community mission of colonizing the moon. None of the definitions include social tokens that revolve around a common cause or mission, which have nothing to do with a brand or individual. Social tokens are a form of digital ownership, secured by blockchain, which allows for creators, influencers, and/or brands to monetize experiences or services this ownership then becomes an asset that can be resold and may increase in value.īut, honestly, these attempts at wrangling a wild horse are all failures.The value of a social token revolves around the brand issuing it, and are used by holders as a way to feel belonging to a certain group. They can be personal or community tokens. A social token is a type of cryptocurrency used to monetize a brand.Social tokens, true products of Web 3.0, directly connect the creators and consumers of content.Social tokens are a type of cryptocurrency that a brand, community, or influencer can use to monetize themselves beyond the typical means.Here are a few definitions that you may come across during a quick Google search: Defining Social TokensĪt this point, it’s hard to define something that hasn’t been explored for very long. This is not a technical guide on how to implement social tokens, but rather an ideological guide on how we view the social tokens in effect. Throughout this manifesto, we will provide countless case studies of current social tokens, as well as metaphors that make it easier to understand how social tokens operate. Therefore, what follows are our observations of what is happening with social tokens and the economic possibilities this technology will bring. In other words, there’s always an outlier use case that doesn’t fit the definition. Frankly, we’re not satisfied with any of the definitions that we’ve come across because most of them limit what can be created with a social token. Before we begin, we want to clarify that there’s no pure definition of what a social token is. ![]()
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