One of the biggest signs that crypto is taking over the world is the remarkable growth of social and fan tokens in 2021. These community tokens are essentially a way for any group or individual to release their own digital currency. This new opportunity is one of the most innovative ways for celebrities, artists, sports teams, or anyone else to interact safely and directly with their supporters.
Because social and fan tokens are created for a specific project, organization, or individual, owning one gives people a sense of community, belonging, and even ownership. And belonging to a community inspires brand loyalty that is a valuable form of currency in its own right.
While tokens can be used for a number of different purposes, most of them revolve around being able to access exclusive content and be part of a selective group of supporters or fans. For example, musicians can release limited edition merch just for token holders. And social tokens can be utilized by all kinds of people or groups. In theory, (virtually!) anyone can launch their own social token. But how?
There are a few options for creating a social token and it largely depends on the group’s level of technical knowledge. In many cases, community tokens are launched independently by creating a fungible token, such as a unique ERC20 token or by using a semi-automated platform, such as Bitclout.
The problem is, many artists and organizations lack the technological skills, or simply the time, to develop their own social tokens. Luckily, a number of third-party platforms have emerged to facilitate the launch of social tokens for a person or a business.
Let’s take a look at what kinds of platforms are emerging to support the creation and integration of social tokens.
Rally: Rally is one of the most established platforms in the social token sector, with over a hundred creator coins launched. Rally is set up as a platform for creators and their communities to build their own independent digital economies.
With a vibrant community of third-party developers constantly working on cutting-edge tools and APIs to enable coins to be integrated across the web, creators on the platform have the ability to connect with their fans in innovative interactive ways.
Each creator on Rally has the opportunity to define the perks of their token and how much token is required to access content, whether it's exclusive merchandise or access to a private chat.
Socios: Socios is arguably the most popular platform for sports teams and has created tokens for leading teams, including Paris Saint-Germain and Manchester City. These team tokens enable owners to earn rewards and perks, and even vote on the next design of the merchandise. Imagine the value to your fans when they have a say in the direction of their favorite team’s apparel!
Socios CEO, Alexander Dreyfus makes an important distinction between fan tokens as digital assets versus cryptocurrencies, in that you don’t spend fan tokens to buy something, you OWN fan tokens to get fan benefits. Dreyfus also points out that fans hold onto their tokens to gain access to exclusive opportunities, whereas the main focus of traders is simply trading.
Talent Protocol: Built on the Celo blockchain, Talent Protocol (still in beta) lets anyone with a talent launch their own token. What we love here is that there is no strict definition of what it means to have a talent. Anyone can launch a token to share their “talent”, whether it’s expertise in a field, playing an instrument, or baking a cake. Each talent can decide the value of their token and how much must be held to access specific perks, such as group classes, 1:1 training sessions, or private chats.
P00LS: Another upcoming platform, P00LS facilitates the creation of social tokens for new and emerging artists. With P00LS, the initial token drop is directed to the most loyal fans in a period called the “genesis drop.” During this period, tokens cannot be purchased, they must be earned. Fans can earn tokens through a series of activities such as quizzes about the artist. The purpose of this is to ensure that the initial tokens are granted to the most committed fanbase.
As a bonus, P00LS tokens are built on Etheruem which allows for integration with a wide range of applications!
Seed Club: It's a social token incubator. The participants have a chance to work with some of the best talents in Web3 to help with their social token launching and community-building strategies. Alumni from the incubator include some of the most known social tokens such as $ALEX and $RAC.
As you know, there are few things that excite us more at WhaleRoom than the sight of so many exciting platforms being developed and growing at an impressive pace.
We work with a variety of organizations, crypto projects, talents, and creators that are looking for an ideal token-gated environment with social spaces and chatrooms to interact with their holders in unique ways.
Our developers are continuously designing and updating new features for individuals and organizations to make the most of their tokenized communities. We are in early beta and growing quickly. If you’re looking for a platform to grow and interact with your exclusive tokenized community, we’d love to have you join us. Come check us out today!
Join now: app.whaleroom.org