Connecting $FORWARD and Social or Community Tokens
The social or community token revolves around the community and is used to regulate access and to encourage and reward participation within the community.
- The next generation of social media is social money.
- Social or community tokens are at the intersection of many trends in crypto, including DAOs and NFTs.
- Fans can buy social or community tokens to access certain events within the community
- As tokens have a finite supply, rising demand increases their value. The creator can incentivize membership to attract even more fans to become community members. As the token’s value grows, the creator can use them as more effective modes of compensation.
- In addition, community tokens can be an effective tool to set incentives for desired behavior within a community. For example, incentivizing contributions and disincentivizing freeloading.
- A token can also meaningfully enhance community cohesion and identity. Members are continuously rewarded with social or community tokens, according to how active they are in the community.