Cryptocurrency isn’t going anywhere anytime soon with the next biggest craze after NFTs are social tokens.
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So what are social tokens? It is a type of cryptocurrency based on a brand, community, or influencer. Basically, it’s a way for internet groups or celebrities to monetize themselves more beyond the usual means.
What exactly social tokens do depends on one of them. In Whale’s case, its owners get a fractional stake in the Whale Shark NFT Collection. Whale Shark is an influential collector in the NFT space and owns several valuable coins.
Social tokens might sound like a strange idea, but they mean a lot to them. Take the example of Whale. There are currently 10 million tokens in circulation with a fully diluted valuation of $ 330 million.
Another incredibly popular social token is the rally. It is a platform based on Ethereum (CCC:ETH-USD) which allows creators to gift tokens to fans. This allows several social media stars to use the platform to engage with fans while adding value to their interactions, reports CoinTelegraph.
Bitclout is a different example of a social token platform. It has tokens set aside for the most popular users on Twitter (NYSE:TWTR). Even though these creators have nothing to do with tokens. The most popular of these is the one for You’re here (NASDAQ:TSLA) CEO Elon Musk, who hasn’t verified his tokens on the platform.
Another social token worth noting is Steem coins. Social tokens are linked to social media platforms operated by Steem. Users of these services earn tokens for their contributions. They can also vote on the value of the content and how many tokens it should be worth.
Of course, even though social tokens are the new thing, that doesn’t mean NFTs are going to go away.
Many companies are still interested in NFTs and the value they could bring. Including Created (NASDAQ:CRTD), Alchemy, Takung Art (NYSEAMERICAN:TKAT), and others. Investors can find out more about what these companies plan to do in the NFT space below.
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As of the publication date, William White does not hold (either directly or indirectly) any position in any of the securities mentioned in this article.