Social Token is otherwise known as social money, creator coin, or community token. It is a form of cryptocurrency that is based on digital ownership. It is used by brands, creators, communities, and certain individuals to place a monetary value on what they do. Unlike the mainstream media that controls the content and revenue of these people, social tokens eliminate this barrier by introducing security and decentralisation via blockchain technology.
Social tokens can be based on an individual or a community. Just so you know, NFTs are, in a way, social tokens. They will possibly become more important with the incorporation of web 3.0. They can be used to incentivise community fans and compensate the creator.
Most social tokens exist on the Ethereum blockchain. Companies like Seed Club, Fyooz, Rally, and BitClout have invested in social tokens projects. Like all cryptocurrencies, there is the risk of regulations. However, it is believed to be the future of branding and marketing.
Your favourite artiste, athlete, or influencer might not have a social token yet, they would catch on soon. But while you wait for them to, consider the following social tokens.
1. SWAGG
SWAGG is the social token of the SWAGG Network. It can be used to get their creations, participate in Forefront, enjoy SWAGG Drops, get SWAGG Rewards, and partake in any community-initiated projects. Holders are granted access to the private SWAGG Discord group. Also, they would be able to propose and vote on plans and actions of the SWAGG community.
SWAGG allows holders to have to access the SWAGG House. It was created to promote collaboration, authenticity, and creativity among community members. Holders can redeem creations made in the community. They can use their SWAGG to provide liquidity on the Uniswap exchange.
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