Understanding Social Tokens & Its Significance

Social tokens are already revolutionizing the crypto space. With Blockchain eradicating the need for intermediaries, this revolution was likely to happen! If you are into cryptocurrency, the term ‘social tokens’ might not be new to you. But if you are new to this term, worry not! We have your back. Let’s take a look.

What are Social Tokens?

Social tokens are a type of cryptocurrency- built around brands, influencers, or even communities. Many personalities, celebrities, and businesses are using social tokens

to monetize their work without the need to rely on any third-party platforms or agencies.

Third-party platforms like Facebook or Instagram exert control over an artist’s content and share revenue. Social tokens help overcome these shortcomings of the digital world by providing an opportunity to these artists to have complete ownership over their content.

How Social Tokens are used?

Any talented artist, whether a comedian or singer, can easily form a community with loyal followers. This presents an opportunity for such artists to introduce their own social tokens!

Social Tokens can be used in multiple ways.

To Gain Access

To gain access to the exclusive content of any artist, fans can buy the respective social token and enjoy the benefits.

For Exchange

Social Tokens can be used to perform exchanges while donating for a “tip jar”, found on any artist’s website, instead of using PayPal!

As an Investment

As the token supply is limited, the rise in its demand increases its value, exponentially! Thus, these social tokens act as a form of investment where the fans can redeem these tokens and artists eventually end up augmenting their income.

Benefits of Social Tokens

Some of the crucial benefits of Social Tokens are :

  1. Better incentives when compared to conventional “reward system” offered by hotels or credit card services
  2. Since the social token is blockchain-based, it eradicates the chances of fraudulent transactions.
  3. By removing intermediaries, social tokens connect the creators and consumers directly!
  4. With the creators engaging closely with their consumers, it gives them more control over the revenue generated from their work

Conclusion

The Social Tokens are indubitably revolutionizing the NFT and Crypto Space. With no third party, the content creators can closely work with their fanbase and reap the benefits of their hard work, without any stumbling block. After centuries of starving, the artists are finally getting the rightful support and benefits they are entitled to! Social Tokens are set to influence the way companies build business opportunities. Looking for a leading Blockchain Development Company to build a Social Token that is nonpareil? Contact us today!

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