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.
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.
To enter the SWAGG community, you need nothing less than 400 SWAGGs in your Metamask wallet. To participate in future community governance, you will need 10,000 SWAGGs. It was minted on Roll and had a total supply of 10 million tokens with a 1299-day vesting period. One million will be reserved for community grants and rewards, while 2 million will be kept for community issuance.
There are over 7 million in circulation right now. As of today, it costs $0.043. It reached an ATH of $0.26 in September 2020. It has a market cap of $330,843.
It is a social token created on the Ethereum blockchain by BAE. BAE was founded in 2018 as one of the first platforms for Crypto Art. It is an open platform for avant-garde, underground, and outsider artists to stage their artworks on the Ethereum blockchain.
BAEPAY is used for rewarding community members and as a governance token. It can be used to make payments on the platform. It rewards both liquidity providers and artists for creating a stable economy.
It is available on the Uniswap exchange, and it costs $0.05 right now. It peaked at $1.65 in March 2021. There is a total supply of 10 million, and over 5 million is in circulation now. It has a market cap of $256,616.
3. Rally (RLY)
RLY is the social token of the Rally Network launched on the Ethereum blockchain. The Rally Network allows creators, brands, and communities to launch their social currencies. This gives their fans access to their benefits. Rally is an Ethereum sidechain for creators to build their digital economies.
It supports easy integration with other platforms, including allowing authentication of fans and blockchain exploration. It is open, compatible, and secure. This would allow creators to enable transactions, control access, and create more economical solutions.
Creating on Rally does not require transaction fees or liquidity. It is eco-friendly and supports payment cards. Fans need RLY to buy the tokens of their favourites. It is the number one social token.
It is listed on Huobi Global, KuCoin, Coinbase Exchange, MEXC Global, Gate.io, and Uniswap exchange. Out of the 15 billion total supply, 2.3 billion is in circulation right now. As of today, it is worth $0.22 and has a market cap of $496 million. It reached an ATH of $1.20 in March 2021.
4. Friends with Benefits Pro (FWB)
The Pro was added in March 2021 after the Roll social token exploit. The community consists of individuals, including web 3.0 artists, innovators, and thinkers, among others, interested in a decentralised future. The principles guiding the community include shared identities, responsibility, inclusion, diversity, and peace of mind. FWB is required to access the community.
FWB is the most expensive social token. One FWB costs $46.40 as of today. It has a market cap of $27.7 million. Over half of the total supply (1 million) is in circulation now.
It peaked at $196.19 in August 2021. It is listed on Uniswap exchange and Bitget.
This is the social coin of the Hackatao art collective and its community. The MORK cafe can be accessed through Discord. It was launched in August 2020 on the Ethereum blockchain. It is listed on the Uniswap exchange.
It has a total supply of 10 million, and over 8 million tokens are in circulation right now. It peaked at $14.79 in November 2021 but is trading at $2.41 now. It has a market cap of $19.3 million.
WHALE was launched in May 2020 by WhaleShark, an NFT collector. It is the first token pegged to an entity- The Vault and governed by a DAO. The Vault is a publicly audited safe that comprises WhaleShark’s myriad NFT collections. WHALE was developed using the ERC-20 standard.
It has a maximum supply of 10 million; 10% is allocated to the founder and his team, 10% is sold privately, 42.6% is distributed to the community, and 37.4% is kept in the WHALE Foundation reserve.
Holders will enjoy numerous benefits. Some of which include renting NFT from The Vault, purchasing exclusive NFTs, and buying selected NFTs from The Vault. Also, they would participate in the governance of the community and the DAO’s projects. Holders can use their WHALE to support liquidity mining for rewards.
Holders would also enjoy exclusive access to NFT airdrops, channels offering games, WHALE airdrops, networking opportunities, and one-on-one with WhaleShark. Unlike most social tokens, it has numerous use-cases, is pegged to digital assets, and is governed by a DAO.
WHALE is listed on Uniswap exchange, Huobi Global, KuCoin, Hotbit, and Hoo. It peaked at $52.37 in March 2021 and is now worth $7.84. It has a market cap of $57.2 million. 7.3 million is in circulation right now.
Asides from the tokens listed above, you can check out GCR, GENRE, YUP, and ALEX. Social tokens are cryptocurrencies and as such are volatile. They are a risky investment, so only buy tokens with the money you can do away with. Do your research and always deal wisely.