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How NFTs are used for patronage

An overview of social tokens and NFT patronage and their risks and opportunities
Benjamin Franklin with 3D glasses on
© RMIT 2022

To illustrate what social tokens are doing in the world of patronage, let’s investigate a few examples of popular and emerging social token platforms and the ways they are reimagining patronage.

Roll

We will begin with Roll, an Ethereum-based social token platform that facilitates the minting, sending and receiving of social money from the Ethereum blockchain and within the Roll network.

Creators can mint their own social tokens and send this ‘social money’ to supporters that subscribe to their content on a variety of possible delivery platforms. The creator can offer parcels of their tokens in return for initial subscriptions, additional subscriptions and for spreading the word about the creator through retweets or shares on Facebook and other social media platforms.

Supporters can save up and use their earned tokens to redeem rewards from the creator in the form of exclusive access, additional content, recognition and acknowledgement, sharing or gifting their tokens to other fans, or even exchanging their tokens for Ether.

Creator Coin

Creator Coin is another Ethereum-based cryptocurrency introduced in 2020 by Rally, a crypto startup founded by gaming entrepreneur Kevin Chou.

Rally offers a user platform that allows ‘creators’, to issue their own customised, self-branded cryptocurrency that they can sell to fans/supporters. This is done to raise seed funds for content projects, issue coins as rewards to fans for promoting creators on their own social platforms, or to attach rights to exclusive access, content, collectibles and so on.

Holders can hoard, exchange, trade, gift or convert their coins. Rally offers a relatively easy user interface (no coding required) and user and developer community support.

Although Creator Coin has been taken up by some creative artists – the music act Portugal The Man is the most notable and it’s $PTM coin is the most valuable coin in the realm – creator coin is for the most part pitched more at social media influencers (primarily YouTubers, TikTokers, Instagrammers, Twitch streamers and the like) looking for new and potentially more lucrative ways to grow, manage and monetise their social networks.

These examples provide an insight into how NFTs are beginning to empower creators through social tokens.

Now it’s your turn

What are some other ways you think NFTs might revolutionise the world of patronage going forward? Put your answer in the comments below.

© RMIT 2022
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NFTs: A Practical Guide

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