Social tokens are gaining mainstream interest as creators and communities aim to incentivize users with rewards across Web3 platforms, but regulatory concerns and a primary use case are still unclear.
). Nonfungible tokens, or NFTs, have also gained mainstream adoption as artists and creators across the globe have discovered new forms of monetization with these models. While innovative, these use cases also demonstrate the notion that blockchain-based concepts that emerged early on often take years to resonate with mainstream society.This also appears to be the case with social tokens o tokens that are issued by individuals and communities to create engagement.
To put this in perspective, Berkowitz explained that Socialstack recently helped Project Zero — a non-profit organization focused on protecting the ocean from climate change — launch a social token to create an “ecosystem of value that benefits both the planet and participants.” Michele Clarke, founder and CEO of Project Zero, told Cointelegraph that their social token, PZero, enables community members to earn rewards by taking specific actions.
In terms of incentives, Clarke noted that Project Zero community members will be able to use their social tokens to redeem a variety of digital and real world offerings. “For example, members could buy an NFT on our platform and then be rewarded even more with social tokens to redeem for different incentives,” she said.
“We envision a world where a sports player, for instance, has a social token that portrays their image. They can then hold that token for eventual decentralized finance capabilities. This is an entirely new economy where creators can do whatever they want with their tokens.”Yet while social tokens may be gaining traction, it’s also important to point out the regulatory concerns. The biggest issue to consider here would be a social token in the form of a security.
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