Sometimes, when I’m scrolling through my RSS feeds, I will encounter a headline that makes me say “What the heck?” Often, though, upon further reflection, I realize that it might actually make sense. This week’s 4Cast is based on one of those: when I first ran across the idea of social tokens, my initial reaction wasn’t especially positive. In our increasingly digital world, however, the idea does seem to be a logical progression of what can be done with the blockchain.
The idea behind social tokens is that one can accumulate digital tokens specific to a particular online community, which can then be used to gain access to various rewards or benefits. The concept reminds me strongly of store loyalty cards…but there’s nothing extra to keep on a keychain.
- Social Tokens: What Businesses Need to Know [Social Media Examiner] “A social token is, at its core, a separate and independent economy based on digital ownership. A creator, say Jane Doe, would create a token named after them or after their brand, @JaneDoe. Their audience could then acquire these @JaneDoe tokens, either by being granted some as a reward for engagement or other actions taken on any of Jane Doe’s platforms or by purchasing some directly from Jane Doe.”
- Social Tokens: A Web 3.0 Playbook For Monetizing Yourself [Forbes] ” Social tokens, true products of Web 3.0, directly connect the creators and consumers of content. They differ from celebrity bonds because there’s no intermediary in the transaction, and from ICOs because they plug into existing community-building efforts around the creator, driving actual value creation.”
- The Financialization of Fandom [Coin Desk] “What’s in it for the creators, you ask? They would be making more money, have the ability to engage directly with their fans and capitalize more on their content without being afraid of censorship. I repeat: No one likes a middleman.”
- Influencers Enter Web3 by Selling Their Own Branded Community Tokens [Digital Journal] “Instead of one-way transactions like selling exclusive content and merchandise with the intermediary platforms getting a chunk of the commission, community members could hold on to these tokens and be rewarded for their tenure through perks, access to private channels, ranks, and more.”
From the Ohio Web Library:
- Roll raises $10M to become the Stripe for Social Tokens (PR Newswire. (2021, September 29). Roll raises $10M to become the Stripe for Social Tokens. PR Newswire US.)
- Starname Technologies Announces a Major Innovation in the Blockchain and NFT Space: The Creator’s Token (PR Newswire. (2021, October 29). Starname Technologies Announces a Major Innovation in the Blockchain and NFT Space: The Creator’s Token. PR Newswire US.)
- Next Earth, Third Largest Metaverse Community Announces Initial Token Launch (PR Newswire. (2022, January 18). Next Earth, Third Largest Metaverse Community Announces Initial Token Launch. PR Newswire US.)