The premise of BitFans is not just about offering incentives for brand loyalty. It’s also about cultivating a community of devoted superfans who become terrific advocates for your brand. Our platform allows you to easily set up a digital fan club for your most active followers, enabling them to own a piece of your digital economy using community tokens. These tokens may then be used in a number of ways, such as gaining access to products, benefits, and services within your ecosystem.
Why should you create a digital fan club on BitFans?
The concept of fan clubs relies on communities rallying around an individual or an organization’s goals and vision. A fan club is a gathering place where individuals may not only express their excitement for a specific brand, product, or service but also learn more about it. It’s a location where individuals are able to form a sense of community and provide a hand to one another.
Apple is a fantastic example when it comes to the power of passionate followers. Even if your company isn’t as well-known, many of the same criteria apply. Apple fans don’t buy iPhones because they’re cheap. Their products are made with quality in mind. Even so, there are other competitors on the market putting out great products as well. What sets Apple apart from everyone else is that its client base is among the most dedicated. There aren’t many iPhone users that would switch to an Android phone if they had a choice. At BitFans, you’ll be able to identify and nurture the individuals that are equally devoted to your brand.
In today’s collaborative internet world, innovation thrives. People in business usually go to fan clubs (masquerading as conferences) and online forums to express themselves and provide one another valuable feedback. Community tokens will enable consumers to become a driving force behind the growth of one’s brand and reputation over time. As it stands, most individuals would prefer to use community-driven knowledge sources like wikis to serve themselves rather than call customer service. BitFans helps drive that point home and allow members of your ecosystem to interact with each other and potentially align with like-minded communities as well.
Now, anyone with access to an audience can leverage our platform to build meaningful interactions and gain valuable insights over time, which could help transform your fans into a participatory component of your brand.
The social media landscape is getting increasingly crowded and competitive. When there are millions of people fighting for your attention, it may feel nearly impossible to be noticed, and a single platform update can alter everything in an instant. We understand that many individuals and organizations struggle with this, and fear that they may lose access to their audiences at any time. We created our platform with this in mind; so that our users set their own rules and forms of governance depending on how they are designed by the community token issuers, all while having complete control over their communities.
BitFans has essentially become a one-stop-shop for peer-to-peer assistance, product development, and consumer satisfaction. These factors work together to increase brand loyalty and keep them coming back for more. Furthermore, a community-driven experience fosters strong bonds between individuals who become devoted to one another and to your brand.
The internet’s role in the music industry
The Internet’s ability to influence our lives is undeniable. It enables us to communicate with friends or family on time and allows us to share our lives on a global scale. For others, it paves the way for fame and fortune. More and more celebrities are embracing the Internet as a forum for showcasing their skills and recognition. Today, platforms continue to produce these ‘superstars’ in various niches. Here are three primary examples of such:
Justin Bieber is perhaps one of YouTube’s most well-known success stories. In 2007, he began posting recordings of himself covering Justin Timberlake and Chris Brown. He got signed to Island Def Jam Music Group thanks to a celebrity endorsement from Usher and manager Scooter Braun. Bieber is presently ranked fifth in terms of YouTube subscribers. He has sold an estimated 140 million records globally, in addition to his YouTube fame.
Alessia Cara, a Grammy winner, began covering songs by vocalists such as Amy Winehouse and Jessie J on Facebook, but quickly moved on to producing YouTube videos. Cara was discovered on YouTube at the age of 16 and finally signed to Def Jam. Her first single, “Here,” has sold over 3 million copies and reached number five on the Billboard Hot 100 list.
Bo Burnham was 16 when he first posted a video of himself singing a song on YouTube in 2006. It went viral and launched his career. Later on he would broaden his horizons and become a comedian. For his upcoming comedy “Eighth Grade,” he recently won the Directors Guild of America award.
YouTube isn’t the only platform for musicians though. As recently as a few years ago, nobody else had what SoundCloud did: the world’s largest collection of user-uploaded music and audio, with over 120 million recordings. As a result, that became the focal point of their service. SoundCloud was initially focused on its creators, but began to move towards catering more to major record labels to compete with Spotify, Apple Music and YouTube music.
As a result of the distraction, their work on scaling up and advertising has been extremely slow. Since ads were never a significant component of SoundCloud, many of their users didn’t think it was worth paying to get rid of them. Creators instead shifted their attention to YouTube and Patreon, directing their audience to more profitable avenues, but these platforms came with their own set of complications as well.
For artists, it’s an uphill battle
Streaming music services, as we all know, only pay a fraction of a penny per listen. If you’re Taylor Swift, that may add up to millions of dollars each year, but it’s typically insufficient to support the lifestyle of smaller niche musicians. However, nearly any artist of any size, has a core group of admirers who are prepared to spend considerably more than a creative would receive through streaming royalties or ad revenue splits.
That’s why musicians of all kinds are looking at alternatives where you don’t need millions of followers to succeed; but rather only a few thousand spending a single dollar per month. YouTube, Apple Music, and even Spotify have fallen short in their efforts to support artists with direct sales.
How community tokens can help artists
Not only is it difficult for musicians and music platforms to raise funds, but it is much more difficult for their members to obtain liquidity for their work. This is where community tokens can provide distinct advantages.
A community token for a musician might represent a piece of its intangible worth, such as the community around it, rather than things like governance authority. As an incentive, members of these digital fan clubs can be given community tokens in exchange for their contributions to the network’s growth and development. As the token gains more use within an artist’s digital economy of goods and services, it begins to increase in value. The challenge then becomes about how to create new ways to engage token holders to incentivize active participation in this ecosystem. Our stable token, $BFT, allows members to buy, retain, trade, or even liquidate their community token holdings at any given time through BTC and ETH trading pairs.
Although there aren’t many instances of community tokens in use today, there are some precedents in the industry that we can take a look at.
In October 2020, musician RAC released $RAC, a community token. A part of the 10 million tokens created was retrospectively awarded to his admirers who purchased his songs, backed him on Patreon, or purchased goods.
$RAC tokens are now worth around $4 a piece, and you may buy them using ETH on a decentralized exchange like Uniswap. More than 10 $RAC tokens grant access to a secret Discord channel, as well as early access and goods discounts. Holders of RAC’s community token have no rights to income sharing or publication. Instead, the $RAC token represents a mutually beneficial connection and serves as the foundation for a new alternative economy.
Alternatively, it’s simple to picture a collective of artists doing the same thing instead of a single musician releasing a token for his community. This roadmap could allow collectives to unlock the real value of contributors’ collective efforts while maintaining the integrity of their community and the concept of co-ownership within their new digital economy.
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