Gate.io Cryptopedia: The Evolution of NFT — Social Token

“Fan economy” is one of the most commonly known terms on the Internet in today’s society. Among the diverse interactions both online and offline, for example, social media interaction, “high five” greeting, concerts, airport pick-ups and other activities, fans gain a sense of satisfaction and increasingly become firm supporters, solo stans, CP fans, mom fans, and so on., Now there is a new way for fans to interact with their idols in the current blockchain field — Social Token.

What is a Social Token?

Social Tokens refer to an ERC-20 token issued by an individual or community that can be used to purchase, access, view content as well as products from individuals or communities, etc. It can also be regarded as a kind of “faith” or “worship” to prove that you’re a real “fan” of issuers or communities.

Some Interesting Social Tokens

1. Most SWAG: YACHTY
YACHTY, issued by Lil Yachty, the winner of the Grammy Awards Best Rapper, sold out after 21 minutes’ launching with a gross of $375,000. The purpose of Lil Yachty launching YACHTY is to enhance interaction with his fans. Fans who hold YACHTY will enjoy some privileges, which represent that receive a “surprise gift box” made by Lil Yachty’s mother including some exclusive articles of Lil Yachty, and a chance to have a video call with
Lil Yachty himself.

Lil Yachty’s coin offering has successfully reached fans around the world, allowing them to follow him into the world of cryptocurrency, which may be exactly how the fan economy will evolve in the future.

2. Most Successful: WHALE
WHALE, founded by anonymous NFT collector WhaleShark, quickly dominated the social token market after its initial offering. Pledged by NFT, WHALE can maintain a stable value. WhaleShark owns a “vault” account being used to collect NFT art, which is the core of WHALE. Meanwhile, the “vault” will search for potential NFT projects with long-term value in the industry to acquire and hold for the long term.

At present, the “vault” already contains almost all the well-known digital artists’ works, and has become an important ecology in the NFT field, bringing together many artists, collectors and investors.

3. Most Unexpected: JAMM
JammSession is a community of crypto natives who use JAMM tokens to experiment with tokenized community tools to explore the possibilities for a new kind of creator economy. In the community, users use Outpost to post subion content, and other users can pay to read using JAMM tokens. All tokens are placed in the custody of the community vault, which is used to reward community contributors and vault managers.

4. Most Mind-twisting: COIN
You must firstly understand the COIN’s founder — Marguerite deCourcelle before understanding COIN. Marguerite deCourcelle used a pseudonym — Coin Artist — to publish The Legend of Satoshi Nakomoto that shocked the crypto art world. She embedded 5 BTCs in this work, which took fans nearly three years to uncover and obtain a bitcoin address beginning with “1FLAMEN6”. At that time, the price of 5 BTC had soared to $50,000.

Last year, Marguerite deCourcelle issued a social token called [COIN], whose trade volume reached $500,000 on its first day of release. COIN holders have access to a community called “E-Den” where they can do things like design crypto puzzles and earn CRED tokens in the community by betting on COIN, which can be used to get rare props in the game.

Issuance Platform for Social Token

Roll
Roll is a community currency layer protocol based on the Ethernet blockchain, and is currently the most popular token issuance tool. Roll allows communities or individuals to issue their own social tokens, such as the aforementioned WHALE issued by Roll.

Fyooz
Fyooz promotes itself as a tool for people to witness the growth and success of artists, athletes, brands, etc. Compared to Roll, Fyooz attracts more celebrities, such as the aforementioned rapper Lil Yachty who released YACHTY on Fyooz.

Summary
In the fan economy era , social tokens provide a new way for fans to interact with their idols. Stars issue tokens in their personal names and sell or give them to fans, and fans can also sell tokens to raise funds for activities such as idols’ works, idols’ birthday parties, and idols’ advertising, etc. It can be said that social tokens are like a kind of innovative and valuable “idol peripherals”, which must rely on idols’ “influence”. At the same time, idols also build a self-centered economic model for themselves in this process.

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