Social tokens are seen as the next evolution in the crypto industry. However, these tokens enable the tokenization of influence or services from a person, brand, or community as cryptic entities akin to cryptocurrencies.
Today, most influencers, celebrities, and companies monetize their skills or services through popular media or internet-based services. The medium they use for delivery, in this case, takes a portion of their income, controls or applies pressure to their skill set to produce content or service lines that the platform deems to be more monetizable, and in most cases, has control over followers and the data in the system. Social token development was made to overcome this obstacle and introduce a new ownership principle in the digital economy.
How do social tokens work?
Imagine being able to build a club of devoted followers to which pertinent content or services can be directly offered, whether you're a gifted singer, a motivational speaker, or a startup company. This is the precise result that such a token can produce. These brands and content producers can introduce their social tokens to their most devoted fans. Additionally, the advantages are reciprocal. Owners of tokens receive a predetermined level of ownership in the new ecosystem to which they have access. As time goes on, the value of these tokens may rise in accordance with the level of demand that the ecosystem can create.
In other words, this kind of token functions similarly to company stock. The difference is that not everyone can purchase the token in this case; instead, the creator gets to choose who can use the tokens and what services will be provided for each coin's value. Fans or followers who possess the tokens, however, may be able to use their voting privileges to influence the schedules of the creator's content, gain access to exclusive content, and much more.
