The Rise of Social Tokens and “Watch-To-Earn” Culture in the Metaverse
Blockchain technology has successfully brought about a wave of change in all sectors and while issues of privacy and safety of users online have been brought up multiple times, the practice of storing and harvesting user data by platforms is quite common. While NFT (non-fungible token), Metaverse, GameFi are trending in the blockchain world, there is perhaps a next big thing changing in socialization rising in foreseeable future, a new form connecting people, peer to peer engagement, and direct relationship between content creation, consumption, and motivation.
Social tokens are digital assets that are backed by an individual or a community. They are the true product of Web 3.0 because they directly connect creators and consumers of content. They are not similar to celebrity bonds because there is no intermediary in the transaction. The main goal of social tokens is to create new opportunities for creators and communities to monetize their content.
In this digital world, content creators like musicians, artists, writers, and social influencers are true heroes and revenue generators for media. But, on the other hand, these creators don’t get adequate rewards for their efforts. Some third-party social media apps, such as Instagram, make an intermediate connection between creator and their fans, but when it comes to sharing revenue, it exerts artistic control on the creator. Thus, to overcome this exploitation and fully reward the creators for their efforts to make content, the usage of social tokens is the key. Moreover, content creators can use social tokens to build their own economy.
Since 2021, there are rising developments in a new socialization model using blockchain, aiming to build a platform that engages its communities of both content creators and audiences who consume this content in a mutually beneficial manner. They are looking to achieve this by harnessing blockchain technology and curating content while also incentivizing both the creators and their audiences.
Take GazeTV as an example, it is a new and revolutionary blockchain-based social and entertainment platform that is looking to incentivize and reward creators and audiences through the tokenized economic system. This helps content creators and audiences to interact with each other directly while supporting and growing together. The team behind the platform believes that audiences and communities are no longer passive products themselves in fact by incentivizing them to like, share, and comment on videos, GazeTV is innovating the product space. This is done by taking a small percentage of the total value generated by all videos and putting it into the Engagement Reward Pool that is used to reward the community for engagement. GazeTV officially set out three phases of development, and phase one “GazeAge” has launched in May 2021. Since then, GazeTV has attracted over 520,000 minutes of content, thousands of people becoming a part of the GazeTV community with over 53,998+ hours spent on the platform. The platform has widened its reach to 184 countries and airdropped more than 15.9 million GAZE social tokens in the process.
The second phase on the GazeTV roadmap is “Gazer-lization”. In this, the focus would be on peer-to-peer interaction, networking, and discovery. While the entertainment element would remain unchanged in this phase too, there would be a segregation of content streaming and content live-streaming. This would help to redefine the variety of content in streaming. Creators would be able to host private or public live streaming sessions and with streaming tickets, they would be able to manage their own unique revenue models on the GazeTV platform. The social networking aspect of the platform would allow people to engage in peer-to-peer messaging with other community members. GazeTV will also introduce a new Watch-to-Earn and Engage-toEarn decentralized socialization mechanism that would reward participants with multiple incentives and benefits based on their effort and contribution to the ecosystem. Content creators will also get a new content vertical that will allow them to publish content for professional content creators and control the revenue model. They would be able to import their artist tokens as the payment method of content with verticals. In this phase, it will also come with an affiliate marketplace which will boost the positive sharing and recommendation culture in social networking.
GazeTV phase two “Gazer-lization” is set to be launching in late June 2022, which is expected to bring a fresh approach to how social entertainment platforms function. By incentivizing audiences for watching content and engaging with it, GazeTV is making them an active part of its ecosystem. Content creators get a chance to earn rewards and incentives for uploading their content on the platform. Without the presence of any intermediaries, they get to interact with their audiences directly. Registration is now open for “Gazer-lization” early bird access prior to an official release, be Gazer and experience the new wave of the power of socialization.