Cooper Turley from Audius explains the concept further:
”Social tokens provide a means of not only sharing financial upside with their favorite creative but also enabling tiered, tokenized access based on active contributions.”
For example, say Loomly wanted to offer a premium subscription. Buying a $Loomly social token would give you access to exclusive content and a premium members-only chat group.
For a long time, creators – whether it be writers, artists, musicians, or thought leaders – have been restricted in their ability to monetize their work. Currently, they have to use platforms like YouTube, Spotify, and Substack, which take between 10-20% of their income.
Consequently, fans and followers have few opportunities to share in the creators’ growth. By owning a symbolic part of the creation, fans can access private content and vote to influence creators’ work.
But now, there is a thriving ecosystem for social tokens, including everything from customized distribution mechanics to community tools and aggregators.
social tokens ecosystem
Credit: Bankless
The opportunity to monetize communities across existing channels and create tiered membership levels will be easier and, therefore, more lucrative, thanks to social tokens.
The Numbers
As of December 2020, there were:
22+ Key Social Tokens
$81.2M Total Market Cap
7000+ Cumulative Token Holders
