A social token is a type of cryptocurrency used to monetize a brand. They can be personal (or creator tokens) or community tokens. 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.
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. The rewards associated with each token is determined by the creator.
References
- Couvat, Eliot. "The next big thing in crypto is here, and it will revolutionize the future of work". Business Insider. Retrieved 3 March 2022.
- "Explained: What are social tokens and how are they different from NFTs?". CNBC TV18. 23 December 2021. Retrieved 1 March 2022.
- Woodbury, Rex (7 December 2021). "The next big thing in crypto is a little piece of you". Financial Review. Retrieved 1 March 2022.
- Ward, Aidan; Smith, John (2004). Trust and Mistrust. Wiley. ISBN 9780470868232. Retrieved 2 March 2022.
- Kaplan, David (2 March 2021). "Why Some Brands Are Considering Social Tokens to Monetize Engagement". AdWeek. Retrieved 3 March 2022.
- Speechyls, Charles Russell (13 January 2022). "Social Tokens: What are the regulatory challenges in the UK?". Lexology. Retrieved 3 March 2022.
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