Social token explained

A social token is a type of cryptocurrency used to monetize a brand.[1] They can be personal (or creator tokens) or community tokens.[2] The value of a social token revolves around the brand issuing it,[3] and are used by holders as a way to feel belonging to a certain group.[4]

Social token are usually used by creators, as a way to monetize their personal brand. They provide creators with a means to get paid by selling the tokens, with buyers receiving special perks, such as meet and greets with the creators.[5] The rewards associated with each token is determined by the creator.[6]

Notes and References

  1. Web site: Couvat . Eliot . The next big thing in crypto is here, and it will revolutionize the future of work . Business Insider . 3 March 2022.
  2. News: Explained: What are social tokens and how are they different from NFTs? . 1 March 2022 . CNBC TV18 . 23 December 2021.
  3. Web site: Woodbury . Rex . The next big thing in crypto is a little piece of you . Financial Review . 7 December 2021 . 1 March 2022.
  4. Book: Ward . Aidan . Smith . John . Trust and Mistrust . 2004 . Wiley . 9780470868232 . 2 March 2022.
  5. Web site: Kaplan . David . Why Some Brands Are Considering Social Tokens to Monetize Engagement . AdWeek . 2 March 2021 . 3 March 2022.
  6. Web site: Speechyls . Charles Russell . Social Tokens: What are the regulatory challenges in the UK? . Lexology . 13 January 2022 . 3 March 2022.

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