Non-crypto natives launch social tokens to engage with community and fans
Social tokens could be the next big trend in crypto this year, but regulatory concerns and specific use cases remain unclear. The COVID-19 pandemic, along with other recent events, have revealed the need for a fully digital economy, giving rise to Metaverse ecosystems, Web3 platforms and the adoption of digital currencies. For example, the Ukrainian government recently reached out to the crypto community on Twitter asking for donations in Bitcoin (BTC), Ether (ETH) and Tether (USDT). Nonfungible tokens, or NFTs, have also gained mainstream adoption as artists and creators across the globe....
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The current social media landscape is based on a time-tested format that only allows fans to interact one way with celebrities. For instance, they can view photos of their favorite celebs, read their opinions, see their videos, and more. However, this one-way interaction is never reciprocated since celebs have no way of responding effectively to millions of their fans. The Solution Promify, a blockchain-based social token aims to change the current social media landscape. Through this platform, fans can purchase customized tokens from their favorite celebrities and use these tokens to....
Imagine coming up with a song idea and the idea is loved by everyone so much you get backing via a crypto token. And you raise so many of these crypto tokens, your favorite artist then decides to sing it. Sounds crazy? It’s possible — as of today. Yes, via the popular social music app Geojam you can do just that. It works like this: Geojam is an Apple iOS social streaming platform, backed by artists like Mariah Carey and 24kGoldn. It lets users have “interactive experiences” with their favourite artists and share music with friends and other app users. Today it dropped its very own crypto....
European football giants AC Milan are the latest major sporting institution to employ blockchain-based fan tokens in a bid to reach 450 million fans amid lockdown. European football giant AC Milan is the latest sporting organization to jump on the blockchain bandwagon after it announced the impending launch of the $ACM fan token on the Chiliz (CHZ) blockchain.With the launch expected to commence in the coming weeks, ACM token holders will be able to use their tokens to redeem various exclusive rewards and take part in interactive activities with the club and players. The addition of AC....
The company stated that select artists can launch their NFT collections and limited-edition projects on their own dedicated drop pages. On Sept. 29, global music and entertainment company Warner Music Group (WMG) announced a partnership with nonfungible token (NFT) marketplace OpenSea to provide a platform for select musical artists to build and extend their fanbase into the Web3 community. According to the release, the collaboration between these two entities will allow select WMG artists to get early access to OpenSea’s newly rolled-out feature, which enables artists to launch their NFT....
NFTs and social tokens are not Bitcoin or Ether, but interaction between celebrities and their fans raises people’s awareness about the space. After an astronomical bull run into the beginning of this year that was followed by an abrupt halt and 50% drop since April, crypto markets are at a fork in the road right now. Where they go next could inform us about how market conditions impact mainstream adoption via artists, creators and celebrities who have been taking a greater interest in the space.To date, the market for nonfungible tokens (NFTs) and social tokens has been anecdotally....