Social tokens are a new idea gaining traction in the crypto community. Several communities and individuals are launching their own social tokens for different reasons. And as the social token movement grows, it is worth noting that the idea of a community issuing its own currency is not new.
Hundreds of communities have issued their own currencies. Calgary, a city in Canada, and Belfast in Ireland have piloted their own local currencies with the intention of growing their economies through integration and incentivization. These tokens are meant to serve larger communities, but at their core, they provide a monetization mechanism for creators and entrepreneurs.
What are Social Tokens?
Social tokens are simply crypto tokens created and issued by individuals or communities. The purpose of each social token varies depending on who and why it was created. There are three distinct types of social tokens: personal, community, and social platform tokens……