How tokens empower us to shape the world around us
As token technology grows and more projects emerge, more and more people will find opportunities to support projects they love, collect tokens that align with their beliefs, and shape the world around them. We explain how below.
Token Takeaways ✍
✨ Tokenization has created a way for anyone to build online communities around their ideas. Anyone can buy tokens to join a project’s community.
✨ Tokens will eventually represent anything and everything.
✨ In the future, token technology will help millions of people impact the world around them.
The advent of digital ownership 🙏
Tokens have ushered in the digital ownership era. Tokens use blockchain technology, which allows people to own their assets in the digital world. This is a groundbreaking new standard.
Tokens have ushered in the digital ownership era.
Bitcoin was the first cryptocurrency token. Its creator Satoshi Nakamoto changed the concept of value by letting anyone who used the Bitcoin network prove what they owned on the blockchain. Unlike traditional money, people could take custody of their BTC without using a bank.
Web3 and the decentralised Internet 🌐
Bitcoin was revolutionary. Since then, the possibilities for token technology have expanded. Consequently, many new projects have emerged. That’s largely thanks to the advent of smart contract technology.
Token fans hope that the ecosystem will replace the Internet as we know it.
Ethereum creator Vitalik Buterin. Ethereum pioneered smart contract technology, inspiring other similar projects (Photo: Lionel Ng/Bloomberg)
Smart contracts can be used for different kinds of applications. Most modern token projects run on smart contract networks like Ethereum. They form part of an open ecosystem of applications known as “Web3.” Token fans hope that this ecosystem will rewrite the Internet.
Anyone can launch a token. And anyone can find tokens that represent their worldview.
Many people have different ideas about how the future of Web3 will look. But it’s widely believed that token technology, addressing the question "What are tokens?", will unlock limitless creativity for the world. Anyone can launch a token around an idea. Similarly, anyone can find projects that represent their worldview. This is a significant breakthrough.
Shaping the world 🌍
The first Web3 projects offered similar services to the traditional finance system. They formed part of a niche dubbed “DeFi.” But they have a wider scope today.
Moreover, as tokens can represent any kind of project, they help people support projects and causes they believe in. In addition, the open nature of the space allows people to support projects as they launch. This creates a democratic, equitable system. Conversely, the traditional finance system is guarded by gatekeepers.
Tokens let us support the things we believe in.
Anyone can join a token community and allocate capital to projects they believe in.
Although the space is young, it has changed the way we understand value. And it empowers us to support the things we believe in.
Tokens for passions ❤
Tokens, key players in DeFi, have now begun to reshape culture and society. What is a token? It's a digital unit on blockchain platforms, integral to DeFi's disruption of finance.
The most notable manifestation of tokens is NFTs, a unique blockchain-based token. What is an NFT? It's a distinct type of token, differing from one another, making them ideal for verifying ownership of diverse assets.
Chromie Squiggle #9475 by Snowfro. The distinctive generative art collection is regarded as one of the most important NFT artworks (Source: Art Blocks)
NFTs first gained traction in digital art, extending to music, film, sport, and more. This expansion fostered diverse online communities.
Social tokens, akin to membership cards and often discussed with NFTs, work towards similar goals. While not unique like NFTs, they are an important token type in building community connections.
Pudgy Penguin #484. Many vibrant communities have formed around NFT collections like Pudgy Penguins (Source: Pudgy Penguins)
So, what is that goal?
Put simply, this technology lets anyone invest in their passions. It’s building a world where anyone can collect tokens to fit their personalities and interests.
Why tokens are social 🤗
The token space, defined as "What is Token," impacts culture.
For the first time, people can use the Internet to take ownership of their passions and interests. Social media helped people signal their beliefs in the online world. Tokens let people buy into them.
Social media helped people signal their beliefs in the online world. Tokens let people buy into them.
As the space is open, token projects make it easy for people to express their personalities. In fact, we can already see evidence of this in the NFT space.
Tokens are becoming more personal. That means they will also become more communal. As more people find ways to invest in things they love, it will become easier to share tokens with others.
Tokens are becoming more personal. That means they will also become more communal.
Tokens are helping people support their passions. As more projects cater to people’s interests, they will also become more social.
Learn more 💫
Tokenization is a world-changing innovation. Indeed, its impact is not limited to finance alone. If token technology fulfils its potential, there will be millions of token projects. They’ll let people support projects they believe in, fund ideas they love, and shape the world around them. That’s why we find this movement so inspiring. And it’s the future we’re hoping to build at token.com. Head to your app to learn more about the tokenized future today.