Social Tokens List
We have witnessed a lot of explosive developments in the cryptoverse – from the rise of DeFi and GameFi to the launch of NFTs and social tokens. Representing a nascent sector with great potential, social tokens can directly connect creators with their audience. Let’s have a closer look at what social tokens are, as well as the social tokens list you should bookmark this year.
What are Social Tokens?
Social tokens – also known as social utility tokens – are a type of cryptocurrency that is based around a certain brand or community.
Celebrities, influencers, and businesses – in other words, “content creators” – use social media and other streams as a monetization tool that allows them to generate revenue from their audiences. It is common for the platform to have control over both the revenue and content output.
Although content creators are the main revenue drivers for the media streams, they often don’t get the rewards they deserve. This is where social tokens come into play to directly reward creators for the content they provide. Content creators are able to monetize their output in a brand new way and increase their audience, whereas followers can now drive the creator’s economy and benefit from it, getting first-hand access to unique content and experiences.
The potential of social tokens is huge because they bring a different principle of ownership to the horizon. Content creators will represent independent economies that they will own entirely, shifting ownership between a few billionaires to many more millionaires.
- Also read: What is Token-Gating?
The List of Top Social Tokens
What are the social tokens you should know about in 2022?
Rally is a platform for content creators and their communities to build their own independent digital economies – launching social tokens on Rally enables transactions, access, and other creative solutions.
$RLY is the governance token of the Rally Network, meaning that $RLY holders can vote on network-level proposals and policies. The token can be bridged from the Ethereum mainnet to the Rally sidechain since it is an ERC-20 token.
Friends With Benefits (FWB)
Friends With Benefits is a group of cultural creators using Web 3.0 tools to build and foster creative communities.
The $FWB token allows the group to collectively own and govern their community, offering participants the possibility to share the value they create together.
Hackatao is an art collective that uses $MORK as the social token of both the art collective and their digital community.
The token was born with the idea of distributing value to the community that supports Hackatao’s art and cryptoart in general.
Swagg Network (SWAGG)
The Swagg Network is about community ownership.
The $SWAGG social currency backing the Swagg Network creations focuses on collaboration, authenticity, and creativity.
Founded in 2018, the BAE was one of the first crypto art platforms to launch. Since then, the platform went through several changes, the most recent being Mybae.io, which is Version 3.0.
The BAE is an open system for artists to mint their artwork onto the Ethereum network. To explain, the platform features a unique sales contract that completely removes friction from trading between ERC-20 tokens and buying NFTs.
The BAE also offers a unique take on social mining, rewarding $BAEPAY tokens to both liquidity providers and artists with the aim of creating a stable ecosystem.
WhaleRoom is a social platform enabling anyone to easily create “token-gated” rooms for their communities or members. With WhaleRoom, users can gain access to rooms by validating ownership – with coins, tokens, and even NFTs – to the specific rooms in which they wish to participate.
Did you know? The WHL token is available on Coinmetro, making it the first centralized exchange to enable WHL trading.
- Also read: The WhaleRoom Crypto Explained
Social Tokens: The New Model
Based on digital ownership, social utility tokens are shaping up new, independent economies. They are a product of Web 3.0 and are bound to replace the existing creator/consumer model.
Social tokens are the new way for celebrities, influencers, and businesses to monetize their output and people all over the world are already embracing this inclusive and transparent system.