Cryptocurrency isn’t going anywhere soon with the next biggest craze after NFTs being social tokens.
So what are social tokens? These are a type of cryptocurrency that is based around a brand, community, or influencer. Basically, it’s a way for internet groups or celebrities to further monetize themselves beyond the typical means.
Exactly what social tokens do depends on one. In the case of Whale, owners of it get a fractional stake in Whale Shark’s NFT collection. Whale Shark is an influential collector in the NFT space and owns several valuable pieces.
Social tokens might seem like a strange idea, but there’s plenty of value to them. Take Whale, for example. There are currently 10 million of the tokens in circulation with a fully diluted valuation of $330 million.
Rally is another incredibly popular social token. It’s a platform based on Ethereum (CCC:ETH-USD) that allows creators to offer up tokens to fans. This allows multiple different social media stars to make use of the platform for interacting with fans all while adding value to their interactions, reports CoinTelegraph.
Bitclout is different example of a social token platform. It has tokens set aside for the most popular users on Twitter (NYSE:TWTR). Even if those creators have nothing to do with the tokens. The most popular of these is the one for Tesla (NASDAQ:TSLA) CEO Elon Musk, who hasn’t verified his tokens on the platform.
Steem Coins are another social token worth noting. The social tokens are tied to social media platforms run by Steem. Users of these services gain tokens for their contributions. They can also vote on the value of content and how many tokens it should be worth.
Of course, even if social tokens are the hot new thing, that doesn’t mean NFTs are going to disappear.
Plenty of companies are still interested in NFTs and the value they could bring. That includes Creatd (NASDAQ:CRTD), Alchemy, Takung Art (NYSEAMERICAN:TKAT), and others. Investors can learn more about what these companies plan to do in the NFT space below.
More NFT News
- Creatd OG Gallery News: 12 Things to Know About CRTD Stock and Its New NFT Art Gallery
- Alchemy Crypto: 9 Things to Know About the Startup Hoping to Be the AWS of Blockchain
- 7 NFT Crypto Plays for the Adventurous Investor’s Watch List
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.