#76 Are Social Tokens the 'next' NFTs?
I don’t know the answer to that question.
What I do know is it appears social tokens can create a whole lot of tangible value for ballplayers, musicians, street artists + their communities. And I’m MOST DEFINITELY here for that.
This micro essay is led by Rex Woodbury’s most recent weekly newsletter. If you’re into this space, signing up for his newsletter is a very good call.
1 - Social tokens enable digital economies to be built around individuals (can’t believe I’m promoting UCLA... ;)
‘UCLA basketball player Jaylen Clark announced $JROCK, his own social token. Holders of $JROCK will get special access to tickets, content, and merchandise. Clark becomes the first college athlete to have a social token, capitalizing on the NCAA’s recent rules change that lets NCAA athletes monetize their name, image, and likeness.’
2 - Enabling a mutually beneficial and direct relationship between individuals + their passionate fans
If you have an eye for next generation talent, wouldn’t it be cool if you could literally invest in them directly and be rewarded with experiences, tickets, digital assets etc as well as a fungible token that can appreciate in value as an emerging star becomes a superstar?
3 - Rex’s Lil Nas X example is mind blowing
We all remember what happened when the iPod came along, unbundled the album, what that did to the role of touring revenue + the promise of the 360-degree artist’s rights deals led by Live Nation...fast forward to today + the promise of what crypto / Web 3.0 enables is something else.
4 - Quotes to take it a bit further...
“Tokenized fan communities reward the most devoted and earliest fans rather than those with the most money.”
“In the future, instead of measuring a creator’s clout based on her Instagram following, we’ll point to her market cap. Kim Kardashian might launch the $KIM token with 10 million $KIM in circulation, each trading at $100. That gives Kim a market cap of $1 billion.”
“In the future, we’ll buy, sell, and compare creator tokens as easily as we buy, sell, and compare stocks today. The experience might live in a Coinbase-like interface for trading social tokens.”