Schlagwort: crypto market

While social media allows creators, brands, and communities to set up space on various platforms, they are subjected to some form of control. However, this control can be eliminated using social tokens. Social tokens are cryptocurrencies created by individuals, brands, or communities to serve a relative purpose. Its issuer defines the uses and benefits of a social token.

 Although NFTs are non-fungible, they are in some ways social tokens. Personal token, social money, community coin, and creator coin are some of the names social token can be called. Unlike mainstream media, social tokens are built on the blockchain and are secure and decentralized.

 Most social tokens are launched on the Ethereum blockchain. The Solana blockchain is also witnessing some action however minute. Social tokens help creators develop symbiotic relationships with their fans. The fans contribute to their growth by investing in their works and supporting them while the creators know what their fans want and create it.

 The more popular an issuer is, the more valuable their token becomes. With social tokens, brands, communities, and individuals can monetize themselves without neglecting existing platforms. This would enable them to put their loyal fans in exclusive membership levels. While some social tokens come at a price, some issuers give them out for free.

 The number of community coins you hold will determine the kind of benefits you will enjoy. The contract that creates the social token allocates special access or royalties to holders depending on some conditions. As only a limited amount would be minted, the value of a social token will probably rise over time.

 There was a record of a kind of social tokens in 1997 when David Bowie created the Bowie Bonds. This served as securities for revenue from his earlier works. Today’s social tokens lack third-party involvement and exist on platforms where they can generate value. It is believed that social tokens have a place in the web 3.0 future, likewise in branding and marketing.

 Right now, there are three distinct types of social tokens, and they include:

1. Personal Tokens

 These are tokens that individuals like artists, athletes, content creators, and personalities issue to monetize themselves. If an artist like Beyonce created a personal token, it would be valuable instantly as her fans would drive the price up in an instant.

 Buying personal tokens allow fans to be eligible for unique benefits from creators. Examples of personal tokens are KSK, PLAY, TILT, CHOU, ALEX, ALLIE, and RAC. RAC is the personal token of André Allen Anjos, a Grammy-award-winning artiste launched on Zora. RAC can only be earned, and it is not for sale.

 KSK is Keisuke Honda’s personal token that gives fans access to his life on and off the pitch. Fans also enjoy private chats and social recognitions. Kevin Chou owns CHOU, ALLIE by Alliestrasza, TILT by Joe Pulizzi, and ALEX by Alex Masmej.

2. Community Token

 This is created by an organization or a group of people for their community of followers. This token grants holders access to the community, which may be on Slack, Telegram, or Discord. It is often governed by a decentralized autonomous organization (DAO). These communities are made private using tools like Mintgate, Unlock, or CollabLand.

 Community tokens can be used as incentives for members for activities. It can also be used to aid identity and cohesion. WHALE, FWB, CHERRY, and DONUT are popular examples of this token.

 WHALE is one of the biggest community tokens right now. WhaleShark created it on TryRoll. It is backed by a vault of unique NFT collections owned by WhaleShark. The WHALE community, which is on Discord, is the most active.

 Members have access to renting and purchasing selected NFTs from The Vault. They also participate in the governance of the community and DAO’s projects. FWB was one of the first community tokens. The community consists of people who are enthusiastic about the web 3.0 future.

 To join the FWB community on Discord, you need 400 FWB. DONUT is the token of an Ethereum-based subreddit.

3. Social Platform Tokens

 The token is issued by social platforms that support the creation and trading of social tokens. They allow holders to buy the social tokens created on their platforms. Examples include Rally, BitClout, Coinvise, and TryRoll.

 Rally tops the list of social tokens, having raised over $22 million in April 2021. It allows members to have their social tokens. It has low transaction fees and is easy to use. However, tokens created on it can only exist on it because it is a sidechain of the Ethereum network.

 TryRoll allows users social tokens on the ERC-20 standard. Although it is one of the most popular, it is not easy to use and has high transaction fees. BitClout resembles Twitter and the likes where users can react on tokens linked to celebrities. Users can also create their tokens.

 Socios.com is a platform that has enabled the creation of fan tokens by football clubs. This has been embraced by football clubs across Europe, including FC Barcelona, PSG, Juventus, SS Lazio, Manchester City, AS Roma, and many more.

 Of the three types, social platform tokens have great potential for long-term growth. However, community tokens will go a long way with a loyal community and a great model. Most issuers use social platforms to create their tokens. This helps them streamline their fanbase and create in a way that promotes connection and community development.

 Social tokens can be used to monetize a brand, individual, or community as they can be requested in exchange for merch, accessories, and so on. It can be used to grant fans access to exclusive benefits, including events, sales, content, and the likes. It can give fans governance rights and as a symbol of membership. Fans can even hold it as a form of investment.

 In creating a social token, some vest a part of the supply, peg it to an asset or create a liquidity mining program. As a fan who is looking to get your favorites token, there are some steps to take, including:

1. Do research on where the token is listed by checking it in Coingecko or CoinMarketCap.

2. Register on an exchange like Binance, KuCoin, and the likes.

3. Buy a relative cryptocurrency that you may need in performing the exchange using your fiat.

4. Transfer it to the exchange where the token is listed and perform the trade. Most social tokens are listed on the Uniswap exchange.

5. You can either store it on a software or hardware wallet after buying.

 You can get some social tokens using your card; it depends on where it is listed.

Ending Note

 As it is pegged to an individual, brand, or community, it poses a very high financial risk. There is also this risk of regulations being a new venture. However, this shouldn’t stop you from investing in your favorite artiste, brand, or community. You have to do proper research and deal wisely.

The post Social Tokens: What are they & how to invest in them? appeared first on Coin Journal.

As sentiment in crypto remains fearful, many investors are holding back from making any new acquisitions. But there are some assets in the market that are offering the incentive to buy. Basic Attention Token (BAT) is one of them. Based on recent price action, the token appears to be in the prime buying zone right now. But should you swoop in? Well, analysis to follow below but first, some notable highlights:

• BAT has been rising over the last three or four days with most investors buying the dip in huge numbers.

• At press time, BAT was trading at $0.855, up about 2% in 24-hour intraday trading.

• The token has also surged at least 30% higher compared to its lowest point this month.

Data Source: Tradingview.com 

Basic Attention Token (BAT) – Price action and analysis

After tanking by nearly 60% from its all-time highs in 2021, it looks like there is some semblance of recovery by BAT. The token has seen some consistent rise in the last four days albeit they have been modest. 

However, BAT is still trading below the 25- and 50-day moving averages, suggesting that the downward trend is probably not reversing. 

If indeed bulls are not able to push the price action further, selling pressure could push it down towards the next support of $0.645. But if BAT is strong enough to cross the $1 mark, then we may see increased bullish momentum in the coming days.

Why you should buy Basic Attention Token (BAT)

Basic Attention Token (BAT) is the native token for Brave, the largest decentralised browser on the planet. Now, demand for decentralised browsers has not picked up yet. 

But as more users continue to raise privacy concerns with traditional browsers, then it is likely that Brave will be a big asset. In that case, if you want to invest in BAT long-term, this is the right time to do it.

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Metaverse and blockchain gaming tokens are starting to come out of the crypto winter. Enjin Coin (ENJ) for example is rallying albeit slightly. The upward trajectory has largely been fueled by dip-buying investors and improving sentiment in the market. But will this translate into a sustained bullish rally? Here are some highlights:

• At press time, ENJ was trading at $1.63, up nearly 30% from its weekly lows the last 7 days

• The token is still however trading lower than its 25- and 50-day moving averages, showing bear pressure is still on.

• Analysts expect the coin to reverse the gains over the last 3 days and drop towards $1.2 before finding enough support for a decent rally.

Data Source: Tradingview.com 

Enjin Coin (ENJ) – Price prediction and analysis

Most metaverse and blockchain gaming tokens have shown some strength this week. The broader market is also recovering. But the indicators for Enjin Coin (ENJ) are still pointing downwards. 

First, the coin is still below the 25- and 50-day moving averages even though it is trying to rise above that threshold. We do not see enough bullish momentum to keep ENJ above water. 

In fact, the most likely scenario is that recent gains will reverse, with bears pushing the coin towards $1.2. From there, Enjin Coin (ENJ) will look to consolidate and find enough bullish support for a rally.

Why should you buy Enjin Coin (ENJ)?

The metaverse is going to be big, and there are a lot of big-name companies that are putting a lot of dollars in this area. For this reason, metaverse-related tokens like Enjin Coin (ENJ) are expected to see immense growth in value. The token is simply ideal for the long-term investor who wants to buy and hold it for at least a year.

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 Social Token is otherwise known as social money, creator coin, or community token. It is a form of cryptocurrency that is based on digital ownership. It is used by brands, creators, communities, and certain individuals to place a monetary value on what they do. Unlike the mainstream media that controls the content and revenue of these people, social tokens eliminate this barrier by introducing security and decentralisation via blockchain technology.

 Social tokens can be based on an individual or a community. Just so you know, NFTs are, in a way, social tokens. They will possibly become more important with the incorporation of web 3.0. They can be used to incentivise community fans and compensate the creator.

 Most social tokens exist on the Ethereum blockchain. Companies like Seed Club, Fyooz, Rally, and BitClout have invested in social tokens projects. Like all cryptocurrencies, there is the risk of regulations. However, it is believed to be the future of branding and marketing.

 Your favourite artiste, athlete, or influencer might not have a social token yet, they would catch on soon. But while you wait for them to, consider the following social tokens.

1. SWAGG

 SWAGG is the social token of the SWAGG Network. It can be used to get their creations, participate in Forefront, enjoy SWAGG Drops, get SWAGG Rewards, and partake in any community-initiated projects. Holders are granted access to the private SWAGG Discord group. Also, they would be able to propose and vote on plans and actions of the SWAGG community.

 SWAGG allows holders to have to access the SWAGG House. It was created to promote collaboration, authenticity, and creativity among community members. Holders can redeem creations made in the community. They can use their SWAGG to provide liquidity on the Uniswap exchange.

 To enter the SWAGG community, you need nothing less than 400 SWAGGs in your Metamask wallet. To participate in future community governance, you will need 10,000 SWAGGs. It was minted on Roll and had a total supply of 10 million tokens with a 1299-day vesting period. One million will be reserved for community grants and rewards, while 2 million will be kept for community issuance.

 There are over 7 million in circulation right now. As of today, it costs $0.043. It reached an ATH of $0.26 in September 2020. It has a market cap of $330,843.

2. BAEPAY

 It is a social token created on the Ethereum blockchain by BAE. BAE was founded in 2018 as one of the first platforms for Crypto Art. It is an open platform for avant-garde, underground, and outsider artists to stage their artworks on the Ethereum blockchain.

 BAEPAY is used for rewarding community members and as a governance token. It can be used to make payments on the platform. It rewards both liquidity providers and artists for creating a stable economy.

 It is available on the Uniswap exchange, and it costs $0.05 right now. It peaked at $1.65 in March 2021. There is a total supply of 10 million, and over 5 million is in circulation now. It has a market cap of $256,616.

3. Rally (RLY)

 RLY is the social token of the Rally Network launched on the Ethereum blockchain. The Rally Network allows creators, brands, and communities to launch their social currencies. This gives their fans access to their benefits. Rally is an Ethereum sidechain for creators to build their digital economies.

 It supports easy integration with other platforms, including allowing authentication of fans and blockchain exploration. It is open, compatible, and secure. This would allow creators to enable transactions, control access, and create more economical solutions.

 Creating on Rally does not require transaction fees or liquidity. It is eco-friendly and supports payment cards. Fans need RLY to buy the tokens of their favourites. It is the number one social token.

 It is listed on Huobi Global, KuCoin, Coinbase Exchange, MEXC Global, Gate.io, and Uniswap exchange. Out of the 15 billion total supply, 2.3 billion is in circulation right now. As of today, it is worth $0.22 and has a market cap of $496 million. It reached an ATH of $1.20 in March 2021.

4. Friends with Benefits Pro (FWB)

 The Pro was added in March 2021 after the Roll social token exploit. The community consists of individuals, including web 3.0 artists, innovators, and thinkers, among others, interested in a decentralised future. The principles guiding the community include shared identities, responsibility, inclusion, diversity, and peace of mind. FWB is required to access the community.

 FWB is the most expensive social token. One FWB costs $46.40 as of today. It has a market cap of $27.7 million. Over half of the total supply (1 million) is in circulation now.

 It peaked at $196.19 in August 2021. It is listed on Uniswap exchange and Bitget.

5. MORK

 This is the social coin of the Hackatao art collective and its community. The MORK cafe can be accessed through Discord. It was launched in August 2020 on the Ethereum blockchain. It is listed on the Uniswap exchange.

It has a total supply of 10 million, and over 8 million tokens are in circulation right now. It peaked at $14.79 in November 2021 but is trading at $2.41 now. It has a market cap of $19.3 million.

6. WHALE

 WHALE was launched in May 2020 by WhaleShark, an NFT collector. It is the first token pegged to an entity- The Vault and governed by a DAO. The Vault is a publicly audited safe that comprises WhaleShark’s myriad NFT collections. WHALE was developed using the ERC-20 standard.

 It has a maximum supply of 10 million; 10% is allocated to the founder and his team, 10% is sold privately, 42.6% is distributed to the community, and 37.4% is kept in the WHALE Foundation reserve.

 Holders will enjoy numerous benefits. Some of which include renting NFT from The Vault, purchasing exclusive NFTs, and buying selected NFTs from The Vault. Also, they would participate in the governance of the community and the DAO’s projects. Holders can use their WHALE to support liquidity mining for rewards.

 Holders would also enjoy exclusive access to NFT airdrops, channels offering games, WHALE airdrops, networking opportunities, and one-on-one with WhaleShark. Unlike most social tokens, it has numerous use-cases, is pegged to digital assets, and is governed by a DAO.

WHALE is listed on Uniswap exchange, Huobi Global, KuCoin, Hotbit, and Hoo. It peaked at $52.37 in March 2021 and is now worth $7.84. It has a market cap of $57.2 million. 7.3 million is in circulation right now.

Ending Note

 Asides from the tokens listed above, you can check out GCR, GENRE, YUP, and ALEX. Social tokens are cryptocurrencies and as such are volatile. They are a risky investment, so only buy tokens with the money you can do away with. Do your research and always deal wisely.

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Blockchains used to be known for cryptocurrencies only and maybe dApps. However, this was changed around 2017 with the possibility of creating digital assets. These assets were named non-fungible tokens. Unlike the tokens of that time, they are not equal in value.

 A unit in a collection may be costlier than another unit in that collection. In essence, you can’t interchange one for another; they were one of a kind. The creation of NFTs was made possible by the ERC-721 standard of the Ethereum blockchain. Moreover, these have led to other blockchains, like Solana, Algorand, Cardano, and others, joining the bandwagon.

 NFTs had no value initially, however with the massive attention from the media, they became valuable. While some still see it as a bubble, some individuals have positioned themselves as creators, collectors, and flippers. NFTs vary from digital artworks to domain names, in-game items, essays, and digital collectibles, among others. Digital artworks are the most explored right now.

 NFTs are bought on specialised marketplaces with ETH, SOL, or relative tokens, unlike cryptocurrencies. These include OpenSea, SuperRare, Rarible, Larva Labs, NBA Top Shot Marketplace, Axie Marketplace, and many more. While saving them on software wallets is not bad, it is safer to use hardware wallets.

 Now that you’ve gone through the basics consider these top 5 NFTs. They are the ones you should invest in before this year fully takes off.

1. Bored Ape Yacht Club (BAYC)

 This NFT collection comprises 10,000 units of Bored Apes. They were created by Yuga Labs on the Ethereum blockchain and were hosted on IPFS. In April 2021, when it was launched, a Bored Ape cost 0.08 ether. While this may still be true according to BAYC’s official website, it has a floor price of 86 ethers right now.

 Each Bored Ape has unique characteristics endowed on it by a program of over 150 possible features from colour to expression, clothing, and headwear, among others. While they are all dope, some Bored Apes are rare to come across. Of the 10,000 Bored Apes, 6,000 have already been bought by people, and over 338,000 ethers have been traded as of today.

 The club has a graffiti board called the bathroom. It is accessible to members only. There are plans to unlock more perks and areas as the project progresses.

 Since its launch, it has gained massive attention. Celebrities like Post Malone, Eminem, Jimmy Fallon, and Stephen Curry own Bored Apes. BAYC partnered with Adidas on their first NFT project. Also, one of the Bored Apes was featured in Rolling Stone magazine sometime last year.

2. LANDs

 These are pieces of land that exist in virtual worlds. Depending on the metaverse, the land can be used for various things. It can be traded, used for real estate purposes, or used to build offices, casinos, parks, or museums. There are two metaverses right now where you can own landed properties.

One is The Sandbox. The LANDs on The Sandbox is a digital piece of real estate that can create experiences or is populated with ASSETs. Over 166,000 pieces of LAND exist on the Ethereum blockchain. A conglomerate of LANDs forms an ESTATE, and an ESTATE owned by different people form a DISTRICT.

 The Sandbox virtual map can be used to check the land use and distribution. It has a floor price of 3.3 ethers with other 18,800 owners right now. A total volume of 139,800 ethers has been traded for LANDs.

 The Sandbox in itself is a play-to-earn metaverse that was launched in 2020. SoftBank, Atari, CryptoKitties, Snoop Dogg, and The Walking Dead have stakes in The Sandbox.

 The other is Decentraland. It was created by Esteban Ordano and Ari Meilich and was launched in 2017. At launch, its LANDs were sold for about $20. It has over 97,000 parcels of land and is worth thousands right now. It was one of the metaverses built on the Ethereum blockchain.

 It has a floor price of 4.159 ethers, and about 6,500 parcels of land have owners now. It has been involved in trades of over 235,000 ethers.

3. Doodles

 Doodles is a project created on the Ethereum blockchain and driven by its community. The collection features the works of Burnt Toast and is made up of 10,000 doodles. It comes in various colours, sizes, faces, backgrounds, and more. It was founded by Evan Keast, Jordan Castro, and Scott Martin in October 2021.

 It was sold for 0.123 ether at launch but has a floor price of 9.5 ethers right now. It peaked at 11 ethers earlier in January. 65,600 ethers have been traded in exchange for a doodle. Over 5,900 now have owners.

 Owners of Doodles can vote to make decisions on the Doodle Community Treasury. They also have access to exclusive meetings. Holders determine the roadmap of the project.

4. Azuki

 Azuki was created by Arnold Tsand and Churi Labs i. August 2021 on the Ethereum blockchain. It aims to give holders access to a metaverse that will be built and owned by them. The collection consists of 10,000 avatars. Holders gain access to The Garden, where artists, innovators, and web 3.0 enthusiasts can contribute to creating the decentralised future.

 The NFT drop is one of seven phases. Others include community development and input, metaverse creation (including Lookbook, Azuki 3D, digital drops, and a game), physical entities (like streetwear, IRL events, collectibles, and so on), experience bridge, and seedlings which include partnerships, DAO, and $BEAN token.

 It has a floor price of 3.44 ethers and 5,300 holders right now. Over 39,000 ethers have been traded so far.

5. World of Women (WOW)

 WOW is an NFT created using the ERC-721 standard and hosted on IPFS. It was launched in July 2021. It was created to promote representation, inclusivity, and equal opportunities for artists. It features 10,000 artworks of different women illustrated by Yam Karkai.

 It initially sold at 0.07 ether. 5,000 has already been bought with a floor price of 7.37 ethers. Over 45,000 ethers have been exchanged for WOW as of today. Reese Witherspoon, Huda Kattan, Liam Payne, Shina Rhimes, Logan Paul, and Eva Longoria are some of the notable owners of WOW.

Ending Note

 Unlike cryptocurrencies, NFTs have no liquidity or volatility. They get their value from speculation and sentiment, making them riskier than fungible tokens. As such, the best advice is that you know where you stand; are you collecting or buying to flip. As a collector, all you need is sentiment. However, as a flipper, you need in-depth research and analysis. Deal wisely; the crypto space is unpredictable.

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