The Ethereum Merge finally happened! It’s probably the most exciting time in the history of crypto. However, the market didn’t respond well to the Merge and the price plummeted due to a mix of sell-offs, fear and liquidations.
The latest CPI report showed 8.3% inflation which started the panic and a brutal and vicious cycle: Panic → sell offs→ prices drop → positions get liquidated → price goes down more → more liquidations. Unfortunately we saw ~$475m get liquidated from the crypto market over this past weekend.
In other news, we are still hopeful in the social tokens land. We have lots to share in this issue, creators are still doing cool things to build out their tokenized communities!
This is Social Token Times #32!
1️⃣ Merriam-Webster adds ‘Metaverse’ and ‘Altcoin’ to its dictionary. The oldest dictionary publisher in US is carving out space for cryptocurrencies. This fresh batch of crypto terms is certainly a subtle (maybe not so subtle) nod to the crypto.
2️⃣ Roll was named one of the top 14 creator economy startups to watch in 2022 by Insider. We are super honored to be featured along with other super awesome builders in the creator economy space!
3️⃣ MoMA to sell $70 million worth of collections, proceeds will be used to purchase NFTs. Works by Picasso, Bacon, Rousseau and Renoir will be auctioned off to expand the museum’s digital presence, including the possible purchase of NFTs. MoMA is certainly bullish on NFTs!
4️⃣ Ledger partners with Best Buy to make hardware wallets available at every Best Buy store. Some stores will even have interactive displays that educate customers about crypto storage & staying safe. The Ledger Nano X and the Nano S Plus are now available for same-day pickup from Best Buy stores.
5️⃣ Colorado residents can now pay state taxes with crypto. Citizens can pay individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax using cryptocurrency. This is a huge first step towards crypto as wider acceptance as both an investment and payment method.
The Web3 Creator Playbook: Roll Edition 🦄
Web2 creators had to follow some steps before they could monetize their content. They created free content on the platforms to build their audience. After building a sizable audience, they can monetize their content through brand sponsorships, merchandise, subscriptions, and advertising.
Even though the creators had full ownership of their work, they had a long way to go before they could monetize their content. And often, creating the content takes a lot of time and effort, and the creator has no certainty of returns. So, as good as the web2 playbook is, it requires lots of resources which can be affected by financial constraints. Means of creation explained this “cold-start challenge” in their latest blog post – The New Creator Playbook: Jumpstartin Communities Through Tokens. Web3 is inverting the online creation model.
Now let’s look at the Web3 creator playbook. It turned the “cold-start challenge” around and made it easier for creators to fund their content creation without having a large audience. The creator could start with a small number of dedicated fans and build from there.
In the context of web3, the incentives between creators and fans are aligned through holding the same tokens. Due to tokens having inherent monetary value, it is now in the interest of both the creator and the token holders to actively raise the value of the memberships over time. On top of value driven incentives, the token gated community can engage with each other and becomes a two sided + peer to peer experience that’s unique to each community.
A tokenized community is a great advantage to the creator because they can concentrate on creating content without being limited by a lack of resources and funding. The community members co-create alongside the creator so the community keeps growing. It is a win-win for everyone!
The Tokenized Community Flywheel
The tokenized community has three value forms that work together to make the community work. Forefront introduced this concept in What Makes Tokenized Communities Valuable?
The flywheel starts from the production value when a group works together to develop ideas to pitch content or creation at a certain amount. People who love the content tap into it and form a community of fans and supporters; this is what creates the network value. The network value works together to create projects and bring more people to the community.
When these community members win their tokens and can decide on the content and things concerning the community, they have ownership value. Now, the owners are meant to use their influence to spread the content and ensure more people tap into it and become partners.
Community tokens accrue value based on how well token holders can coordinate and fund meaningful collaboration. In other words, successful communities accrue value based on how well they can incentivize people to do things together.
Playbook to Become a Successful Tokenized Community, the Roll Edition
From working with over 450 creators and communities, Roll has put together this step by step playbook to launch a successful tokenized community.
- Mint an ERC-20 token on Roll. 10 million fixed supply to signal digital scarcity and easy to manage throughout the token lifecycle
- Give some small amount of tokens to incentivize and onboard web2 audience into web3
- Define clear utility of the token and design an on-chain memberships with tiers and perks for each tier (think Patreon on-chain). Read more about Roll Memberships, from web2 to web3
- Launch a Memberships smart contract and educate your community on how to set up a metamask and how to claim their on-chain memberships.
- Build a Web3 homepage with a web3 no-code community building tool like Bonfire or Tellie token and set up gated pages for different tiers to unlock exclusive access. You can token gate events, content, streams, audio and video, you name it! Check out our research on Token gating platforms
- Market making on DEXes + liquidity providing
- Start a liquidity pool on Uniswap for your token to be tradable
- Use Roll Staking to incentivize liquidity providing by rewarding additional tokens to liquidity provider
- Use Roll APIs to create more use cases/utilities like tipping, contribute-to-earn, listen-to-earn, read-to-earn to strengthen community engagement without having to worry about gas fees.
- Keep providing value to your community
- Finally, you have a growing tokenized community with a tradable token that can be bought, sold, redeemed, used across the Internet, web2 and web3
The New Creator Economy 🌐
Web3 launches 🚀
2 more days till you could claim $PCC’s memberships. Performante is piloting the Learn2Earn narrative with their social token $PCC. The $PCC Ecosystem is designed to help a novice transition towards expertise. By holding the token, one gets increasing token gated access to our ecosystem. Our goal is incredibly simple: pilot the Learn2Earn narrative by decentralizing and democratizing cryptocurrency education!
$1Q9X’s public phase started on 9/21! QuHarrison is the author of The Metaverse Handbook. He started 1Q9X DAO to build the world’s largest reading community to experiment with ways of changing the reading experience. Youth literacy is trending downward, reading is a dying hobby, and the societal dangers of mass incomprehension are fearsome. 1Q9X is gathering great minds to make reading less boring by taking the reading experience beyond the book and into mixed-reality formats.
$RCDY’s allowlist phase started on 9/21! RareCandy3D brings the best of NFTs, DeFi, & Gaming together. Collect rare digital and physical art, fashion wearables, music, and XR experiences to unlock unique perks, earn passive interest on your holdings, and get rewarded along the way. Super cool NFT + entertainment experience you don’t want to miss out!
Happenings in the Creator Economy
Dr. Alok Kanojia is the Twitch-streaming psychiatrist helping the online generation cope with the bad side of the internet. Dr. Kanojia hopes he can be a small voice in a chorus of unkind voices on the internet. This is another cool use case we are witnessing, similar to our creator, Dr. Lugo ($MED), specialists with domain knowledge are sharing encouraging and empowering content around specific topics and build powerful communities around.
Koji, a link-in-bio platform, announced the launch of Check In With Rewards & Leaderboard. It is a new app that allows creators to track check-ins from their top fans and set prizes for them to unlock. This is a new way to create rewards for creators’ biggest fans and imagine when the creators can reward fans with social tokens 👀
TikTok gives 10 Latinx creators $50,000 grants for their ‘dream projects’. In honor of Latinx Heritage Month, TikTok announced it has partnered with two media companies, Macro and UnbeliEVAble Entertainment, to award $50,000 grants to 10 Latinx TikTok creators. It is always refreshing to see creators’ unbridled creativity and their commitment to their craft.
Happenings in the Roll Ecosystem 🔥
The Professor ($CROSS) is starting GlobalHooper Legends to collaborate with a group of creators to make awesome videos! Watch his announcement video, super cool!
Groovypedia’s artist, Aneeka dropped a new maxi single “After Midnight & Heaven! You can purchase the maxi single as a music NFT! This NFT will have 100 editions, and 20 of these editions have been reserved for $Groovy token holders. 🤝
STVDIO NOUVEAU ($SNV) shared his view on social tokens for NFT projects on a tweet thread. He said “an ERC-20 *utility* token may present a very low risk way for artists to build token gating and utility into their ecosystems” post mint for an NFT project.
NFT artist Skeenee ($SKULL), Osinachi ($OSINA), Hackatao ($MORK), Jivinci ($JIV) featured among one of the 50 best Crypto Artists in the first Phygital Book – Crypto Art – Begins, with Special NFT drop on September 19th on Nifty Gateway. Super awesome to see so many representations from the Roll fam, congrats everyone!
$TALK byTBA will host another event introducing the concept of social tokens at Soho House on October 17th. The event will gather a panel of compassionate, authentic, and ambitious builders in Web3 to discuss decentralization, social tokens, DAOs, and NFTs.
Harrison said, “FortySeven is a blend of different cultures in one song. When BLKMN and I created this song we both felt that this was special. The song is simply different, euphoric and potent”
We’ve been on a Roll! Watch these 🎥
NFTYQ sat down w/ Bradley Miles, our Co-founder & CEO at Roll, to talk the future of Social Tokens, synergy between NFTs and Social Tokens
|For those continuing to explore social tokens, you can get in touch and create your social token on Roll below:|
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