9 December 2021
Author: Holly Friend
Collab.land isn’t the only platform using the recent non-fungible token (NFT) boom to change the way we interact online. Cryptocurrency can offer more ways to reward digital creators, surpassing likes and followers as previous markers of reputation, and creating real financial incentives for influencers who once relied on brand sponsorships.
For the younger generation, being paid in cryptocurrency will soon be as commonplace as online banking. A recent survey by Unidays found that 43% of students in the UK already own cryptocurrency, with 40% believing that it will replace traditional currency within the next decade.
Crypto newcomers, such as Rally, are highlighting the potential market for Personal IPOs by empowering influencers to launch digital currencies, fans to unlock exclusive content and creators to establish independent fandom economies. It recently launched Taki, a fandom platform that lets fans directly reach out to creators for advice or to learn a new skill.
But as creators gain cyber-power, the common practice of incentivising fans to invest in them will dissipate – instead, they will simply ask fans to bolster their cultural status. $HEAT is experimenting with this concept. It’s the first cultural social reputation token that provides exposure for crypto-creators, giving users a tangible means to reward tastemakers with ‘heat’ to show recognition for their work, personalities or contributions to the community.
This is leading to a future of hyper-exclusive decentralised digital clubs. The members’ club model that has long been favoured by creative tastemakers in the physical realm is being transported to the digital world by an inner circle of internet elites.
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