Your own Social Token
Social tokens – also known as brand tokens, community coins, and creator coins – are decentralized and secured by blockchain, and built on the same model as common cryptocurrencies like Bitcoin or Ethereum.
Creators can monetize their work as a non-fungible token (NFT) or social token, and supporters can give something back to show their loyalty.
For a long time, creators – whether it be writers, artists, musicians, or thought-leaders – have been restricted in their ability to monetize their work. Creator Coins can be bought by fans and see them rise in value as the creator accrues a larger fan base. Not only does the token accrue in value, but it can also be used to signify a level of commitment/fandom, tiered access to special content, early access or be used to purchase NFT’s issued by the creator.
Beginning of an Era
NFTs are not just digital assets that hold authenticity and security. Now they are considered as an investment source for bringing up the works of talents out there. NFTs are revolutionizing every industry. So, what is NFT?
Non-Fungible Tokens are the physical or digital assets that will be assigned a unique value while converting them as tokens. These tokens are unique, and they are different from each other. NFTs are associated with blockchain technology – a digital ledger that holds and records every information and transaction associated with them. As they have tracked every record identifying the owner is easy at the same time as they are stored in the distributed decentralized servers, they enable more security and more anonymity to the user and the token.
Where does it all begin?
Digital assets such as music and video files can be converted into NFT. If music is converted to NFT, the creator will have a space to showcase his work and monetize it. At the same time, NFTs will hold the ownership of the creator in the blockchain records and it will generate royalty for every time the NFT music is been sold between the consumers.
NFTs are limited, and they create this concept scarcity in the NFT space, so the lower the edition, the higher the price. This is how it works. It will easily get a fortune from the NFT music creators. NFT music space also allows the users to buy and sell the merch of the NFT music creators or creation bands.