Social tokens are cryptocurrencies that are based around brand, community, and influencers which can be monetized beyond the typical means. Cooper Turley, an investor and influencer explained the concept further:
”Social tokens provide a means of not only sharing financial upside with their favorite creative but also enabling tiered, tokenized access based on active contributions.”
The popularity of social tokens can also be attributed to the COVID 19 pandemic which has restricted creators from interacting with their followers. But with the use of social tokens, content creators can now engage with their fans closer than ever before. It will also give them more control over the revenue from their work. Social tokens have 3 known use cases: access, exchange, and investment. Due to their rising popularity, social tokens are fast becoming a trend in crypto. Adding social tokens to diversify your portfolio could be something you may want to consider given their rising popularity and use cases. Here are the top social tokens today based on market cap.
The social token tops our list and ranked #115 by Coinmarketcap. The platform allows creators to launch their own digital assets. Rally also offers free services to all users on the platform. It was founded in 2020 headed by Bremner Morris, Nick Millman, former COO and founding member of BratTV, and Kurt Patat, former YouTube’s Global Head of Consumer and Entertainment Communications.
There 3 ways to earn an RLY (Rally) social token:
- Engaging – Users can share their content of engaged by responding to an advertiser’s offer.
- Referring – Users can earn the referral program by sending their referral links to new users and/or advertisers to join the platform. …
- Community royalties – Users with referrals will receive tokens whenever the referred users earn tokens.
Dubbed as the first social token backed by NFTs, the WHALE derives its value from rare and valuable non-fungible token (NFT) assets kept in the platform’s NFT art collection — known as “The Vault.” The platform was launched in 2020 by an NFT collector with the pseudonym known as WhaleShark but later on, transitioned to DAO for the project’s further growth. Basically, there are 2 ways to earn WHALE tokens:
- Sell NFTs to the WHALE Vault in exchange for WHALE tokens
- Participate in engagement activities held by WHALE partners
WHALE token is now at $7.05 with a market cap of $52,040,772 and is currently ranked #542 by Coinmarketcap.
A social token listed on Roll is the third-highest social token which has a reported market cap of $20,375,646 with its price at $2.40. MORK token is a cryptocurrency that can be used to purchase NFT artwork with a limited supply of 10 Million.
Friends With Benefits
It is a crypto-backed social club and decentralized autonomous organization with Cooper Turley as one of its main founders. The DAO started with a small group has now grown to a strong community with 2,000 members. It is also backed by giant venture capital firm, Andreessen Horowitz after receiving a $10M financing. Today, Friends With Benefits is now one of the most powerful online crypto communities. Because of its reputation, joining the community will cost you between $5,000 and $10,000.
The platform has a Discord server that is dedicated to “alpha” which entails getting first-hand information about good investments which include startups and NFTs before it reaches the rest of the crypto industry.
FWB (Friends with Benefit) token is now at $ 46.47 with a market cap of $28,025,635 and is currently ranked at #775.
Global Coin Research
It is a tokenized, decentralized DAO of learners and investors in web3 with GCR as its native token. The end goal for the GCR token is to create a community whereby writers and contributors in the GCR community are supported directly by the consumers. The core of the community includes curious, entrepreneurial, supportive, inclusive, integrous, and crypto native and crypto explorers.
GCR (Global Coin Research) token is now at $4.02 with a market cap of $40,228,484 and is currently ranked at #850.
Social tokens may be a growing trend today in crypto but just any other digital assets in the market may come with risk since the token’s value is highly dependent on the creator’s ongoing works. Also, cryptocurrencies’ long-standing battle with regulation could be another risk. Prices of social tokens can plummet just like the case of the FWB (Friends with Benefit) token which hit an all-time high at almost $200 last year down to $30 this year losing 85% of its value.