![]() “Acrew’s same guiding principle represents the very essence of the new creator economy. “Our investment philosophy is formed around the idea of democratized wealth creation, which empowers more diverse groups to have a broader influence on market development and value generation,” said Lauren Kolodny, partner at Acrew Capital, in a statement. The funding will be used to accelerate product development for its Web 3 platform, which provides creators with the tools necessary for direct monetization using NFTs. Acrew Capital and TenOneTen Ventures led the round, with participation from Palm Tree Crew, Act One Ventures, Hex Capital, Red Light Management, and angel investors including Dylan and Brandon Lee, Louis Beryl, Dave Bonanno, Craig Clemens, Reade Seiff, and Alex Kassan. Start the journey with us and build your custom social tokens with our infrastructure, seamlessly.Afterparty has some NFT believers in the form of its investors. We are entering a new era where where tokens and NFTs bring democratization, value and trust both to creators, brands and communities. ![]() Today, the benefits of a brand owning its own social token are numerous, encompassing everything from engaging customers to increasing loyalty, sharing value, and ultimately combating counterfeit. Brand tokensīrand tokens are social tokens that are backed by the reputation of a brand, an individual or a community, generally working as loyalty point systems. ![]() Digital product designer Matthew Vernon also created a personal token named "BOI” which can be redeemed for 1 hour of design work. Alex Masmej, mentioned earlier, was one of the first to create a personal token by introducing a revenue-sharing agreement with holders. Personal tokens are issued by individuals looking to leverage their reputation, time or skills. If a fan buys a creator's token, they'll reap benefits too if that creator becomes a superstar. Companies like BitClout, Roll and Rally have created tokens that allow fans to invest in creators' success. Creator tokensĬreator tokens can be thought of as fan club coupons, where fans are given multiple benefits and have access to specific content. The Steem Power (SP) token is one example of a community token geared to paying creators for the quality and reputation of their content. Applications include informal clubs, media platforms and social networks. They are often well suited for decentralized autonomous organizations (DAOs), both to reward contributions to the community and serve as a governance token. Community tokensĬommunity tokens allow groups to organize around common objectives. The potential of social tokens is endless, but many spill into four main "families" with distinct objectives and characteristics. The looming innovation with social tokens will help creators regain power over their work by baking value and community interactions into code ( Smart Contracts). In a world where tokens are already forming the foundations of the next digital economy, we are likely to see dozens of projects leveraging social tokens in their own way.ĭespite every centralized platform having its own advantages, these platforms tend to stand between creators and their communities, locking them in with control on value flows. Another example is the Bankless token, a specialized media that tokenized member badges giving them access to perks. Social tokens- fungible or non-fungible crypto-assets which underpin social applications and interaction-have been around since 2020, but they took off in popularity when artists such as Alex Masmej, a young french entrepreneur, sold its own $ALEX token for thousands of dollars allowing holders to freely define his daily activities. As well as raising funds for a good cause, social tokens prompted with the hope more interaction models would be open, both for them and their communities. While large content platforms enjoyed increased traffic and and stronger positions with the advent of COVID, many creatives have been limited in their ability to monetize their work. ![]() What are social tokens and how did they emerge? Whether it be writers, artists, musicians, or thought-leaders, creatives are coming up with more and more uses for social tokens, creating societies where everyone can participate. Social tokens have been on the rise since 2020 and are among the innovations stemming from the web3 revolution, as they offer content creators, artists and businesses new ways to access financing and interact with communities. ![]() Web3 movement is rapidly changing the internet game, sweeping traditional data ownership and value patterns. ![]()
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