In today’s digital world, issuing a currency is a capability that goes beyond the power of central banks. Bitcoin has been, in the last 10 years, the best example of how a virtual currency can be placed on the market from private environments, supported by Blockchain technology, expanding the possibilities of reliable and secure transactions and revalorization (store of value) despite having many limitations due to the lack of a legal framework to regulate it. However, bitcoin is just the beginning of a revolution whose second step could well be the creation of customizable tokens.
But we have talked about tokens before, right? A token is actually nothing more than a new term for a unit of value issued by a private entity. A customizable token has similarities to other cryptocurrencies such as BTC or ETH (it has a value accepted by a community and is based on blockchain), but at the same time, it is a broader concept. It is more than just a cryptocurrency because its uses are also determined by the person who creates it, which means that the possibilities of use are broader as well.
Do you know what a social token is?
Because the crypto world has gotten so wide, maybe you have heard about it even if you aren’t exactly into crypto. Social tokens: the tokens of famous people. Well, did you know that there are now celebrities who have their own digital currency? This phenomenon also called “social money” encompasses all types of tokens, both fungible (FT) and non-fungible tokens (NFT). But what is it exactly?
We have said that a token is a digital asset minted or hosted on the blockchain. In this sense, a customized token can be many things, from a currency you use to pay for a service, to the digital representation of a work of art or personal creation. Then a social token is, in simple words, the representation of a person, a community, or an organization, particularly famous influencers or celebrities which is why it’s called “social”.
This may sound abstract, but tokenizing/minting means, in part, to fragmentize a service or the entertainment someone provides, while at the same time it attributes ownership, authorship, immutability, and transparency over what you are posting on the network, whatever that may be. Because a social token is a fragment of the value that a person, group of people or community represents.
“A token... is more than just a cryptocurrency because its uses are also determined by the person who creates it, which means that the possibilities of use are broader as well.”
What are the uses of a social token?
The uses of a customized token are multiple: a token can be used to grant a gift, to pay for a job, as an incentive, as a gateway to extra services, or a better user experience. In other words, it can be anything you wish for it to be. A social token can be like shares in the stock market, but of a person, you follow and not a company; it can also give you some benefits: voting power, purchasing power, etc.
It can also give you access to special features or exclusive products a famous person creates because it allows them to share it with their community who has become the purchasers and holders of his/her tokens. As summarizetd by Cristina Carrascosa, a lawyer and blockchain expert, "a token will be used for whatever the person or organization that designs and develops it decides. Tokens support several layers of value inside them, so it is the designer who decides what a particular token has inside".
Why Social tokens with MintMe?
Creating the value of money is not easy work, the same way we know that our fiat currency wouldn’t suddenly change value because a president or government said so. Tokens get their value out of what they mean for others in the market and what they represent but they also get value because of the features they provide and how you utilize them.
At MintMe you do not need technical knowledge to program a token in a decentralized network. MintMe’s platform makes it easier for you to create and distribute the supply of your own social token. Although it will require your creativity to make the best out of the features/opportunities that we offer you as a token creator.
Mary Schwartz