Are 'social tokens' the next big thing?
Creators and influencers have a new way to monetize their efforts and reward their loyal followers. Social tokens — or tokens backed by the reputation of an individual, brand, or community — are gaining traction and some believe they could be the next big thing in the cryptocurrency community. But what are they, and why are artists, musicians and social media influencers rushing to tokenize their efforts in order to gift, or sell them, to followers? Social tokens are a little different to the slew of DeFi liquidity farming tokens that have appeared over the past couple of months. They are....
Related News
They say the bigger they come, the harder they fall, and DeFi sure fell hard during this market dip. With that, NFTs have suddenly become the next big thing. NFTs are unique tokens that are not interchangeable as a result of their distinctive characteristics. As “one-offs,” the idea of investing in NFTs is gaining ground. […]
Social tokens are increasingly being used in online blockchain communities. They offer numerous benefits to users. The crypto world is going through a transformative chapter that is bound to revolutionize how the internet works and how online communities interact, and social tokens are at the heart of the latest inflective developments.Their rise comes at a time when transactional frameworks, such as Web3, are gaining popularity, especially among crypto enthusiasts.Social tokens support the democratization of social networks by enabling brands, influencers and businesses to create and....
Ethereum co-founder Vitalik Buterins Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, its suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to....
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....
Over the past week, Shiba Inu (SHIB) surged by 8%. In fact, even though the bearish market prevails, Shiba Inu is still performing at its peak. SHIB’s social metrics up by 1.43% Despite Shiba Inu’s social dominance, ROI is down SHIB whales on a shopping frenzy Social media chatter provides that much needed oomph for Shiba Inu (SHIB), triggering a pump in prices. The amplified whale interest plus metaverse updates certainly gave SHIB that push. The increased hype around SHIB could be because of the Whalestats announcement via a tweet stating that SHIB was able to outperform other meme coins....