SOCIAL TOKENS
What are Social Tokens?
This intriguing category of crypto-assets might be the next big thing in the nascent space
The idea behind communities creating currencies customized for their own needs is not new. The LETS and time-banking movements in the 1980s and 90s saw hundreds of communities in North America issue their own local currencies, issued NOT by a central bank, but the collective assent of community members. But the idea has now been reinvigorated with the crypto ascent.
More recently, cities like Calgary (Canada) & Belfast (Ireland) have experimented with local currencies — aimed to achieve growth of the local economy via integration & incentivization. While these tokens serve a larger community, social tokens aim to unlock new monetization opportunities for creators and entrepreneurs.
These social tokens can be broadly categorized into three categories:
❶ Personal Tokens — issued and controlled by a primary individual.
❷ Community Tokens — issued and controlled by a group, often managed by a decentralized autonomous organization (DAO).
❸ Social Platform Tokens — tokens that represent control over a platform that facilitates social token issuance and exchange.
