Social tokens will be the engine of Web3 from fanbases to incentivization – Cointelegraph

The crypto world is going through a transformative chapter that is bound to revolutionize how the internet works and how online communities interact, and social tokens are at the heart of the latest inflective developments.

Their rise comes at a time when transactional frameworks, such as Web3, are gaining popularity, especially among crypto enthusiasts.

Social tokens support the democratization of social networks by enabling brands, influencers and businesses to create and monetize their own online communities using blockchain technology.

Daniel Nagy, vice president of Swarm — a decentralized data storage and dispensation firm — spoke to Cointelegraph regarding the new token class, stating that social tokens had significant disruptive potential.

“If done right, they can take communities to the next level, and it’s only a matter of time before we see more innovation in this space, most likely related to DAOs or GameFi, combined with ideas around so-called ‘soulbound’ tokens,” he…

Read Full Story: https://cointelegraph.com/news/social-tokens-will-be-the-engine-of-web3-from-fanbases-to-incentivization

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