Should You Be Launching Your Social Token?
Time to make money for yourself and NOT for the big corps
Hi, I'm Shreya. And this is Crypto Creatives. The best newsletter about the Crypto Creator Economy. If you're new here, consider subscribing.
Imagine working a 9–5 but not receiving your paycheck.
Imagine writing 1200 Medium posts and not making a single penny from them.
Imagine posting 100s of YouTube videos and not making it to the YouTube Partner Program.
Think I am exaggerating?
Well, I am not.
This is what happened to me.
Before my content saw some daylight on Medium and Linkedin, I wrote 1200 answers on Quora that nobody cared about.
I made ZERO cents from them.
The 6 million views that I garnered were good to validate my content, but that was all. I got so frustrated with the no reward phase that I deleted my YouTube channel.
I didn't dare to expect financial security through my content.
My Web 2 mind was too naive to understand the impact of my content. My Web 2 mind was dependent on mediators to monetize my craft.
Well, that was the peak of the Web 2 creator economy. But unfortunately, there were not enough ways for creators to monetize.
It happens to thousands of creators. But there's still a lot to be done to help creators make money other than the rudimental creators' programs.
Making Content Without a Reward is a Choice
Last year I learned how content creation doesn't need to be free.
Everyone can make money from their content — it's only a matter of choice.
If you believe in your content and have a community that supports you, why do you want to create content for free?
With Web 3 creator economy, the exposure phase doesn't have to last for 3–4 years.
You don't have to wait for bonuses or get selected in the creator program, and you can instead create your economy — that's what blockchain technology allows you to do.
If you have ten people who love what you do, you can make money.
If you have two people who love what you do, you can make money.
But how?
Introducing Social Tokens
A social token is a tailor-made cryptocurrency made for creators and communities. Social tokens let creators make their economy and allow their fans to participate in their success by purchasing their tokens.
This is a step further in the ownership economy — creators owning the content and the business.
The relationship between the creator and their community is the key metric in deciding whether a social token will succeed or not.
Token holders become investors and reap the benefits when the creators explode on the internet.
This new asset class lets people invest in creators and influencers they believe in and gets tons of utility in return.
This doesn't come out as a great way of support when you know that the token can BLOW up anytime.
What was not possible is now possible with social tokens.
There are multiple use cases of the token other than the token price gain.
It can get fans to get exclusive content from their favorite creator
It can be used to decide the content they want to see next
They can be used to interact with their stars
Allows them the voting right to decide on collaborations, future endeavors, and many more….
This channel enables creators the independence and the support they didn't receive previously without Web 2 tech giants taking a commission for providing the infrastructure.
The token value increases as the creator grows, which automatically profits the token holders, your fans, investors, and the community.
Now coming back to our primary question.
Should You Be Launching Your Social Token?
Creators were using crowdfunding to sustain their creative pursuits in Web 2.
When Jack Conte couldn't afford to work on his expensive art projects, he started a campaign asking his supporters to pay to support his art which gave him the idea to start Patreon.
Be it prominent creators like Matt D'Avella or small creators; everyone was using Patreons in the early days. The same can be done via Social tokens.
Big names like Kanye West are opting to remove mediators and monetize their art through direct connection with their audience.
Social tokens are replacing that crowdfunding model and providing a new infrastructure for creators to take direct support from their audience.
Here's what you need to ask yourself before you decide to launch your social token.
Do you have at least two people who love your content and are willing to invest in your token?
Community is the most critical factor in Web 3. To launch your social token, you need a handful of people who trust what you do. They validate your idea and create strong network effects.Do you have a long-term plan to continue providing value to your token holders?
People will only invest in you when you have a solid plan. So a roadmap talking about your quarterly plan and multiple utilities you'll provide to your audience will build credibility and trust. It will also attract new community members to your tribe.Do you have a niche that you'll continue to work on?
This is important for new creators who don't have a vast and loyal audience. You can modify what you create when you get your 1000 true fans, who will support you with whatever you do.
It's Time We Take Control
Over 50 million people call themselves creators.
Most of them are underpaid and are struggling to make ends meet.
Even with an audience lot of creativity and great ideas, people cannot Monitise their content, and they are not able to fund their dreams and work for themselves.
If you are one of them, then maybe you need to start working on launching your social token.
We'll talk about the best platforms to launch your social tokens in the next couple of weeks.
Do share this with your friends and help us reach more creators :)