Social Utility Tokens: A Promising Blockchain Trend In 2022
by Kamil S
Social utility tokens are the next Big Bang in the universe of crypto-assets. All about connecting creators and consumers directly, with Web 3.0 we are witnessing the dawn of a new blockchain trend era.
The rise of social tokens was only a matter of time in a world where more and more people are making a living online by producing and consuming content. Needless to say, social tokens will change everything.
Sounds promising, but what are social tokens and what is their value?
What are Social Tokens?
Social utility tokens or simply social tokens are a type of cryptocurrency that is based around a certain brand or community.
To explain, many celebrities, influencers, and businesses – we will collectively call them “content creators” – use social media and other streams as a monetization tool to generate revenue from their audiences. As a rule, the medium shares the revenue and exerts artistic control over their content.
Something is amiss? Truth is, content creators are the revenue drivers for the media streams, but 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. Social tokens will help content creators become independent economies, thus paving the way for disruption of the existing model.
What Types of Social Tokens are There?
Social utility tokens have been created by individuals, communities, and social platforms, hence the three token types:
- Personal/Creator tokens
- Community tokens
- Social Platform tokens
Let’s zoom in on the terms.
Personal or creator tokens are created by individuals – typically, celebrities – with the overall aim of exchanging forms of labor.
Community tokens are created to gain access to a community. These are similar to blockchain-based membership cards.
Last but not least, social platform tokens are distributed representing a platform. What does this mean exactly? Take WhaleRoom as an example. It is a social platform for token-based communities that enables its users to create a token-gated room in just a few clicks. Every room accommodates a specific tokenized community, allowing its stakeholders to interact freely and enjoy WhaleRoom’s unique features. The social platform uses cryptographic proof to ensure that the users in each room are actual holders of the project’s token.
One of the greatest advantages of WhaleRoom is that anyone can deploy any token-based community, no matter the blockchain.
Interested to learn more about WhaleRoom? Check out our comprehensive guide about the platform and its token. Recently, WhaleRoom launched SENTR3 – the enterprise edition of WhaleRoom to help enterprises leverage Web 3.0 through the gating experience, NFT tokenization, NFT ticketing, and more. It is blockchain-agnostic, meaning it is integrated with leading public networks like Hathor and Ethereum and is working to integrate Kadena and Quant among others.
What are the benefits of social tokens?
Social utility tokens will become the direct link between content creators and their loyal followers. In turn, this will engage fan bases like never before and drive long-lasting relationships.
In other words, creators will be able to monetize their content in many new ways and multiply the audiences, whereas followers will drive the creator’s economy and win from it, getting first-hand access to unique content and experiences.
We cannot underestimate the potential of social tokens because they also bring a different principle of ownership to the horizon. Content creators will represent an independent economy that they will own wholly, finally shifting ownership between a few billionaires to a heapful of millionaires.
Coinmetro has listed WhaleRoom
The WhaleRoom social utility token has landed on Coinmetro. We couldn’t be more excited!
Did you know that we are the first centralized exchange to make WhaleRoom crypto available for trading? What’s more, we offer the world’s first USD and EUR pairings for WHL.
Please note that for now, we will offer limit orders while organic liquidity grows. Our agenda also includes expanding offerings with new pairs, and placing WHL on our SWAP widget.
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