This is a nice way to think about social tokens. As an extension of social capital. The examples given relating to using them as rewards is also nice. You help lift we up and we rise together.
The one bit of friction would be using social tokens to purchase things and the tax implications of that. I.e. currently each token transaction is a taxable event and so actually using crypto or tokens for purchasing costs more than using fiat or stable coins as you have the tax hit.
For example if you got the tokens at $10 per token and bought a hoodie when then token was $15 then you would have to pay the cap gains on that $5 raise on top of the cost of the hoodie price.
If this were to change though then that is also a nice use case. i.e. if a creator has a merch store and you can buy things from it with the tokens earned from watching their content, helping debug some code issues etc
: 3 
: 0
| @TheItinerant - Mar 09, 2023 Thank you for your thoughtful perspective pall3n. I agree about the friction with using them to purchase things in the traditional sense. That's one aspect I'm continuing to refine. That said, I do think some people / brands will allow them to be used in a quasi-currency manner within certain ecosystems to 'redeem' access to products / services, instead of using crypto or fiat currencies. Not unlike web2's loyalty rewards programs. Beyond bringing rewards-programs on-chain, the larger (and more exciting potential, to me) is to create greater depth to social graphs. Today you can somewhat infer the depth of a relationship between two individuals by the quantity of likes/comments/reposts, etc. between them. But it's still one or two-dimensional for the most part. Similar to how some web3 marketers are beginning to explore segmenting and targeting audiences by the NFT contents of their wallet, we're going to have materially greater insight into individuals' and social networks by the social token contents of their wallets as they'll provide insight into a greater level of depth of relationship between individuals. : 2 : 0
|