They are super fun and interesting. We just launched our $BOLT social token on @electricfilm.lens one way to get the initial airdrop was collecting the genesis post. So many cool things you can do with social tokens
I’m wondering when Friend.Tech will finally launch. 👀should be an interesting social experiment
Social tokens are a relatively new concept in the world of cryptocurrency and blockchain technology. They are tokens issued on decentralized networks like Ethereum and are unique because they represent an individual or a community rather than a traditional asset or utility. These tokens are often associated with influencers, creators, or communities who use them to build and incentivize their networks.
Tokens like $FRIES and $BRIAN you mentioned are examples of social tokens. Each token usually has its specific use case within the community it represents, such as granting access to exclusive content, participating in governance decisions, or even being redeemable for products or services.
The value and success of social tokens depend on various factors, including the size and engagement of the community, the utility and demand for the token, and the overall credibility and influence of the individual or project behind it. Some social tokens have gained popularity and have been successfully used to build vibrant communities, while others may face challenges in achieving widespread adoption.
The concept of social tokens convinced me to go all-in on web3. I believe it represents opportunity for unprecedented disruption to social mobility. BitClout proved that the concept is viral and it has a chance to be a mechanism that meaningfully distinguishes web3 social from traditional social media, but they also proved that there's a wrong way to do it. Perhaps the sweet spot is somewhere between Rally's curated approach and BitClout's "anything-goes" take.
I think they are fun. Nothing more than that. I still have eth horse
Stani: I firmly believe social tokens are the future of social. Reap the rewards of true friendship on chain.
Its moar than just buying art, is buying someone´s future returns.
I believe @wav3s.lens might have something to show for this 👀🔥
The necessity of social tokens is just like THE DAO. Many projects issue tokens by declaring that the tokens released are governance tokens. In this regard, social platforms have natural attributes, and netizens who participate in social networking can use social tokens to do A lot of things. Such as rewards, paid subscriptions, course sales, literary works sales, etc. . .
not into them honestly. I think though that xcad has some potential with their new NFT which allows you to earn tokens watching youtube grant it the NFT costs a bit of money, but its better than what it was before just social tokens. Like i said to my mom if bitboy crypto creates a token im all in shorting it LOLOL that guy is a low hanging apple rotten apple sold his soul. Did you see how much he gets paid to promote BS projects? Its a shame because i love frankie candles and blockchain basement, but bitboy crypto is scum
If a token is tied to a person then they need primarily to be providing content/value but even then Collecting or tipping is a more natural reward mechanism for Creators. Maybe Entrepreneur types are more likely to want to tokenise their future revenues etc etc.
Being rewarded purely for engagement via your own token, as opposed to via a protocol/governance token, feels like a stretch. Social tokens in this case are more like profile-specific gm's that can possibly help in community formation - or else could just be another type of noise for custom feed algos to filter out!
They are FUN :))
But we can make it more usefule. for example i create my own token so easily (with one click) then i can give it to my followers or other usecase...
even any Community on @diversehq can has own token for their Community and use it as reward, sticker and...
Definitely thinking 6551s are a better route to begin with. Social tokens may prove better towards later stages in a community’s development, once things are established and healthy, but when it comes to getting everyone pointed in the same direction and adding value to the same structure I don’t think 6551s can be beat right now.
Social tokens can play a huge game when talking about social reputation.
At @talentprotocol.lens.lens we have social tokens to represent endorsement in other people. You can actually stake in the name of someone and receive social tokens in retribution.
Same thing happens when you support someone to achieve a goal, they can compensate you in social tokens.
The dark hole with social tokens is that value actually games from the owner, so most of the time they fail.
What we as community can do is try to incorporate them inside protoocol to give extra value to them.
You should definitely try @talentprotocol Stani, I think you may like it 😁
TalentProtocol.com
I don't know, I still haven't seen any real good use of them, but I have a huge respect for those there are experimenting with it!
Social NFTs in the other hand makes more sense to me, to token gate content access.
social tokens? that's so 2017
community-bound tokens is the new thing 🤌
$PEACE bobpeace.io/peacecoin can u pls just f buy me out brah lol it will be your good deed of the century 🫂 ❤️ ✌🏽 🎵 💴 🪙 🖥️
whenever I think about it (I think about the remote possibility of having a token for Lenstopia), I can only see it as a way to enable a more dynamic economy, which works with its own logic of value, only within a specific community... but I believe that always the biggest function is to reward the most engaged members, the biggest challenge is that it has a circulation and frequent use, otherwise it is just a kind of score...
I saw a few projects with mass production of social tokens. Can't say they were successful. But I guess the problem was in the implementation of the idea.
I think $FRIES is def important and will solve so many problems 🤡🤌🏼 in one word: it’s essential
A social token should serve as an access point to exclusive social circles, like exclusive clubs IRL. Wouldn't it be awesome if token holders of a particular social token held a summit or something IRL? But what we see now is basically what @xbrucethegoose.lens said, speculation.
I think social tokens have really incredible potential as a catalyst for mainstream adoption; but imho there hasn't been a very good model for them as of yet, as they are (other than a few outliers) valued almost entirely on speculation. I've been experimenting with a new social token primitive "social tokens 2.0" if you will; but as a solo founder without great people skills, and a serious difficulty with asking people for things (eg: investors, contributors, etc.) it's been a bit of a challenge😅