Social tokens are an emerging category of digital assets backed by the reputation of an individual, brand or community.
If you’re sitting there thinking…
Huh? Please come again?
Then grab a cup of coffee and settle in, and let’s chat about what social tokens are. We promise this one will go down smoother than that cup of coffee in your hand, even if you’re a complete crypto newbie.
The basic idea is this: writers, streamers, bloggers, musicians, artists, photographers, online creators, and basically anyone who is part of the creator economy can mint a personal digital asset (i.e. their own social token) to improve their personal earnings as well as social capital.
FYI → This is a concept that’s currently stifled by legacy platforms (lookin’ at you Facebook, Google, YouTube and Instagram…). Which shouldn’t surprise anyone. In order to change the narrative, the world needs to start using decentralized networks, the only place Social Tokens can truly prosper.
But, why would we want to use Social Tokens?
Because Social Tokens provide more opportunities for creators to better themselves and their communities. The value provided by these creators will be contained in crypto tokens, (ie Social Tokens) that are held by creators, and crucially, by the communities who benefit most from their work. A win-win virtuous cycle is then created, as both creators and their fans generate economic activity which increases the value of the social tokens held by both creators and their communities.
Now, let’s think about this for a second…
The creative output by individuals and communities can now effectively be gated.
This means that to view a video, listen to audio, or read an article, you have to own a certain amount of crypto tokens by that creator.
Critically, the viewer just needs to own these tokens to access content or a community. So now it’s not just the creator of the social token that benefits from token appreciation, but its followers, fans, and community members become financially invested in this creator which incentivizes them to share.
This creates a win-win alignment of incentives between a creator and their community.
The potential of social tokens cannot be underestimated. It is a fundamental shift of ownership between a few billionaires, to thousands of millionaires. In a world where more and more people are making a living online, and consuming content online, Social Tokens represent a giant leap forward in the way we produce and consume content.
What does this have to do with Privi? Well, in short, we solve this.
Privi is a community-focused, decentralized social + financial network.
Within Privi, you can create or join tightly knit gated communities 🔑
➡️ Each Privi Community is metric-tagged and comes with the flexibility to create exclusive admittance into your community, and the ability to consume content within the community.
You can create or own Community Tokens 💰
➡️ Each community has the ability to mint a Social Token and freely distribute it through the Privi network. Community creators can also bring in Ethereum Social Tokens. These community tokens are free to mint, distribute and transact within the Privi network.
Communities are self-governed 🗳️
➡️ Each community forms a DAO (Decentralized Autonomous Organization) which to put simply, means they can vote and discuss the direction of the community. (There is a Privi Main DAO through the Privi Coin, Privi Insurance DAO through the Privi Insurance Coin (pINS) and a Privi Data DAO through the Privi Data Coin (pDATA).
This model would be incomplete without a few things, which is why Privi built a DeFi toolkit for creators and community members to never need to leave the platform, providing a full value ecosystem. Here are just a few of the DeFi features that exist within the Privi network.
- Connect your crypto wallet with Privi
- See your tokens in your Wallet
- Browse Communities for Social Tokens
- Swap Social Tokens with Privi Swap
- Invest in Indexes that track Pod Tokens, Social Tokens and more
- Airdrop outside Privi ecosystem*
*please keep in mind Privi will soon be in the Testnet stage, and some of these features may not be ready yet.
And if you already have a social token on Ethereum? You can seamlessly migrate your ETH communities onto Privi.
See, we told you it would be easy. And we bet that cup of coffee in your hand is still hot.
If you do have questions, we’re happy to answer them. Join the conversation here, and ask away.