{{Short description|Type of cryptocurrency used to monetize a brand}}
A '''social token''' is a type of cryptocurrency used to monetize a brand.<ref>{{cite web |last1=Couvat |first1=Eliot |title=The next big thing in crypto is here, and it will revolutionize the future of work |url=https://www.businessinsider.com/social-tokens-next-big-thing-crypto-revolutionize-how-people-work-2021-11 |website=Business Insider |access-date=3 March 2022}}</ref> They can be personal (or creator tokens) or community tokens.<ref name="CNBCty18">{{cite news |title=Explained: What are social tokens and how are they different from NFTs? |url=https://www.cnbctv18.com/cryptocurrency/explained-what-are-social-tokens-and-how-are-they-different-from-nfts-11900102.htm |access-date=1 March 2022 |publisher=CNBC TV18 |date=23 December 2021}}</ref> The value of a social token revolves around the brand issuing it,<ref>{{cite web |last1=Woodbury |first1=Rex |title=The next big thing in crypto is a little piece of you |url=https://www.afr.com/technology/the-next-big-thing-in-crypto-is-a-little-piece-of-you-20211207-p59fi1 |website=Financial Review |date=7 December 2021 |access-date=1 March 2022}}</ref> and are used by holders as a way to feel belonging to a certain group.<ref>{{cite book |last1=Ward |first1=Aidan |last2=Smith |first2=John |title=Trust and Mistrust |date=2004 |publisher=Wiley |isbn=9780470868232 |url=https://books.google.com/books?id=4PjbXwzrnh8C&dq=%22social+token%22&pg=PA181 |access-date=2 March 2022}}</ref>
Social token are usually used by creators, as a way to monetize their personal brand. They provide creators with a means to get paid by selling the tokens, with buyers receiving special perks, such as meet and greets with the creators.<ref>{{cite web |last1=Kaplan |first1=David |title=Why Some Brands Are Considering Social Tokens to Monetize Engagement |url=https://www.adweek.com/commerce/why-some-brands-are-considering-social-tokens-to-monetize-engagement/ |website=AdWeek |date=2 March 2021 |access-date=3 March 2022}}</ref> The rewards associated with each token is determined by the creator.<ref name="LexoLegal">{{cite web |last1=Speechyls |first1=Charles Russell |title=Social Tokens: What are the regulatory challenges in the UK? |url=https://www.lexology.com/library/detail.aspx?g=4a170d3c-3b9d-4d7e-9380-21842afe4842 |website=Lexology |date=13 January 2022 |access-date=3 March 2022}}</ref>
== References ==
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Category:Cryptocurrencies
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