When a Social Token’s Founder Passes Away, What Happens to It?
Thinking about what happens to a social token when its founder dies can seem hasty for a new kind of digital currency. Yet asking and answering this question can enable you to better understand what the new digital currency is all about.
Social tokens bestow a degree of ownership over digital content. This is called Web 3.0, and includes both NFTs and DAOs.
Non-fungible Tokens and Decentralized Autonomous Organizations
Both non-fungible tokens, or NFTs, as well as decentralized autonomous organizations, are social tokens. These allow creators and their fans to form a new kind of social relationship. In essence, they allow people to contribute towards the success of a creator of their choosing.
From Grammy award-winning musicians to prominent sportspersons, big names are stepping into the social token playground. Fans can purchase, earn, or obtain tokens, which represent a ‘share’ in the career of the creator. These tokens are usually completely owned by a person and can be resold or transferred to someone else. Tokens also usually come with an added bonus feature, such as access to content, or access to a gated Discord server from the creator, etc.
Cryptocurrency and Behavioral Economics
People have already found ways to obtain help from their fans or secure funds, or patronage. Social tokens will work in a similar way. The novelty that social tokens bring to the mix is in the form of a financial relationship that develops between a creator and their fans.