The new trend of the crypto sector - Social tokens
A new trend is slowly emerging in the crypto currency sector - we are talking about so-called social tokens. What this is all about, what they have to do with NFT and why they can be an attractive investment.
The crypto industry is known for its regular trend. The known one, which ended in a big bubble, was the ICO a few years ago. In the previous year, DeFi apps in particular were able to attract a lot of capital, while currently the much more mainstream-compatible non-fungible tokens are making the headlines.
Anyone who has a good nose in time and positions themselves in a new market at an early stage can look forward to significant price increases. Accordingly, it makes sense for some crypto lovers to try to find out what the next big thing is. And there are some indications that the next crypto trend is already certain: social tokens.
What Are Social Tokens?
The term social token is rather vague and includes all tokens that can be assigned to individual people. So it is not a regular company that issues tokens, but rather individuals or communities. For example, a musician can use a smart contract to issue a token that is linked to his reputation or his income.
Let's take a well-known band as an example, who has many fans in the social platforms and regularly publishes their songs on Spotify for example. They have already discovered NFT for themselves in order to promote their brand and music. So whenever a new album is released, it makes sense to create NFTs that offer additional systems in addition to their quality.
How big the market for social tokens is how to create such a token and whether it is worth investing in social tokens, will be seen in the coming days of the crypto compass.
The contents of this article are for informational purposes only and are not investment advice.