The Emergence of Community Tokens

As technology improves and adoption becomes more widespread, the types of assets found in the crypto sector will evolve. Over the last year, the emergence of applications in the non-fungible token (NFT) and decentralized finance (DeFi) ecosystems have been nothing short of phenomenal. The rise of Dogecoin (DOGE), on the other hand, has energized the cryptocurrency market, with contributions from various thought leaders and social media communities fueling a spectacular boom in 2021.

Despite providing minimal value to its users and mostly serving as a meme coin with no real application, Dogecoin has seen an incredible 3400 percent gain since its introduction, leading it to become the seventh largest token in the world at the time of writing. Eccentric Billionaire and Inventor Elon Musk is largely credited for contributing to its growth.

Back when Bitcoin was first conceived in 2009, a small group of committed developers and users worked on devising standards for storing and interacting with information. BTC’s usefulness is undeniable in that it provides financial independence to the underbanked and unbanked. However, it is unlikely that it would have become the trillion-dollar asset that it is now without the support of a strong community.

In fact, the same can be said about many projects in the blockchain industry. They rely heavily on their community to flourish and acquire adoption. Many initiatives have failed because their communities were poisonous, unwelcoming, or hostile in spite of having outstanding and unique technical elements. Other communities unfortunately had leaders who broke their trust by defrauding their users, therefore scaring away potential investors in the space.

The most successful brands recognize the need of forming a community around their vision. This creates an ecosystem that allows them to support and reward individuals who contribute to and co-create the community. This sheds light on why BitFans is working towards ushering in a new era of interaction and engagement through community tokens, which are poised to become the next big thing in the crypto sphere. Our community tokens are designed to bring people together — whether via entertainment, security, or rewarding individuals who support an individual/ organization’s goals. Unlike Dogecoin, the producers of these community tokens create them with sustainability and real-world utility in mind.

It’s fairly simple to analyze how community tokens are useful in every phase of evaluation for crypto projects:

  1. Determine if the initiative benefits the community it serves. BitFans is all about partnering with brands that want to create a new value stream for their existing audiences. The ability to mint a community token with just a couple of clicks makes it ideal and easy to understand for our users.
  2. See if the community is a comfortable and inclusive environment. Unlike DeFi which takes on a more serious tone, it’s evident that in the age of low-code and no code, people are seeking platforms that are easier to digest. Community tokens represent the value of the entire community, and thus members are incentivized to help the ecosystem grow by way of creating a friendly atmosphere.
  3. Determine if the project is designed to reward the community as a whole. Rewards are designed by token creators themselves, with the community’s best interests in mind. It can range from exclusive content, fun experiences, developing intimate relationships with fans, growing the digital ecosystem organically through word of mouth and championing ideas fueled by the members themselves.
  4. Is the project providing value to its users through its utility? One key advantage of tokenizing a brand on BitFans is the ability to influence the decisions of a brand, whether creative or collaborative. By having tokens, community members are given an all-important voice in the direction of their supported individuals or organizations.

Myobu, for example, is a leading company that has built a strong community around its initiative. Tokens are provided to users on the platform with the goal of creating events, giveaways, games, programs, protocols, and systems. This in turn makes the platform exciting, helpful, and rewarding for their users. Due to that functionality, a robust community of fun-loving users, and a family of capable engineers emerged to fuel the project’s continual growth. BitFans envisions itself building communities of this type for our users — companies, musicians, organizations, celebrities, brands, and content creators.

What The Future Holds For Content Creators

In the news and journalism space, the current form of its long tail economy is deemed a failure. Institutions that serve small groups or niche audiences are too small to generate clicks, or have members that are not capable of paying for subscriptions. To date, the remedies provided have been inadequate. An example of this is the Substackerati, which as the Columbia Journalism Review states, seems to mostly benefit those who already have a large following with the capacity to pay for a Substack membership.

Platforms that host subscription-based memberships are very much profit-driven themselves. This is the reason why they take such a large percentage of a content creator’s income (sometimes up to 55%) in platform fees. This has made it glaringly obvious that there needs to be a fundamental shift both in how content is monetized. BitFans seeks to create a way to cultivate an environment that drives community growth through meaningful engagement.

Think of it as a digital fan club with three vital components that glue it all together: A brand, a community, and a digital token economy. The tokens more than just symbolise communities . They represent the values of the community as a whole and provide exposure to the upside of a brand for everyone involved, including the content creators themselves. Community tokens provide an opportunity to re-align the interests of brands and their communities. The same holds true for any sort of creative and more generally speaking:anybody who earns a career by transmitting their creative work over the internet.

Did you find this information useful? If you want to learn how we can help tokenize your brand and cultivate your community around our ecosystem, don’t hesitate to reach out our visit any of our profiles: https://linktr.ee/bitfans

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BitFans

BitFans

An evolutionary new platform that allows anyone who has access to a community or audience to tokenize their fan base and in turn create a whole new economy