But the ups and downs of crypto prices can't erase the feeling of ownership a true fan has.ģ questions for Poulomi Damany, general manager of assets and tax at Credit Karma There may be some upside - and plenty of downside - in speculation. So why buy in? For many in crypto, the value is in proving the power of collective effort. Anyone can buy or sell it, but he doesn't see most people getting involved to make money on coins like this. He uses Rally to issue a $CMO coin, which is redeemable for ads in his newsletter, NFTs or other benefits. David Berkowitz, a marketer who runs a Slack community online for others in his profession, isn't worried. Ultimately, the benefits of putting fandom on the blockchain may be intangible.
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They might be similarly skeptical about the idea of issuing their own tokens. Some Patreon creators, for example, don't love the idea of accepting bitcoin as a payment method because of its environmental impact.
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Depending on the rules, fans can vote on league decisions or get access to special experiences. Socios has been helping European football clubs and other sports groups issue tokens that fans can buy. Think of them as airline miles for fans, but easier to cash in. Social tokens promise to drive lasting loyalty. With tokens, artists and businesses can give more direct and tangible rewards to fans and customers. Some make money through product placements and other forms of advertising, some get paid directly by the social networks they create on and increasingly some seek direct support from fans.Ĭrypto promises a new and different model for direct support. The $100 billion creator economy embraces YouTube and TikTok video makers, Substack newsletter writers, Instagram fashion influencers and more. Why not mash them together? That's the notion behind a growing set of companies hoping to monetize fandom more directly than ever before through social tokens.