Social tokens will make online communities awesome just like IRL 😎
Aug 7, 2022 . 3 min read . 822 views
We all have been part of online communities where a few people talk while the rest of us lurk. You struggle to get started and find your place.
Eventually, you exit the community after 6 months of nothingness.
And, you think if online communities can ever replace the ones in real life.
Well, this is about to change.
Web2 decentralized access to knowledge and opportunities for everyone. However, this resulted in an information overload.
Web3 communities are using social tokens to solve this.
Social tokens are being used by communities for status signalling, incentivizing/rewarding collaboration & providing access to relevant information & networks.
Web2 standardized experiences on the internet, and Web3 will personalize experiences on the internet.
But, what are social tokens?
Social tokens are tokens issued by communities/creators to collaborate, provide exclusive access, and share ownership in the value created together.
Although, Social tokens are not NFTs.
- NFTs are tokens that represent assets such as artwork, music, etc.
- Social tokens represent the holder’s social capital in the community.
How are social tokens being used currently?
- Musician RAC is using social tokens to provide select fans with access to exclusive merchandise drops and private discord groups.
- Alex Masmej, used social tokens to raise investments for himself while giving investors the right to a percentage of his future income.
- Reddit plans to use social tokens for status signalling in subreddits. Top Contributors unlock exclusive privileges within the subreddit.
- Friends with Benefits(FWB), a community of creators & artists requires a minimum number of FWB tokens to join the discord chat. Token holders can also vote on community decisions.
Shortly, all kinds of communities will benefit from social tokens.
- Imagine, decentralized web3 native venture funds for artists. Based on the kind and quantity of tokens investors get access to deal flow.
- Or to manage university alumni groups on the blockchain. Alumni members get access to relevant job posts, networking opportunities, and events.
The possibilities are endless.
Web3 will unlock meaningful and highly engaged communities (just like IRL 🤘🏽) online. And, social tokens will make this possible.
With tools such as Coinvise, Rally or Roll you can create and airdrop social tokens for your community.
Forefront is the leading web3 newsletter to learn more about social tokens and tokenized communities.