With the advent of the next generation of the internet (Web3), the relationship between Influencers and their fans has changed forever as “followers” have now evolved into “community members”.
Sydney, Australia based startup BitFans is one of the first companies in the world that is helping influencers, creators, brands, businesses, gamers and artists to tokenize their brands via Community Tokens.
Community Tokens are a type of crypto token used by creators to sell to create an additional monetization stream and also be used as a tool to build more loyalty/engagement among their community members.
Ownership of Community Tokens grants the member access to the Creator’s DAO (Decentralized Autonomous Organization), an exclusive digital fan club that allows the community to rally around a common mission, including working together to build more value in the community and therefore share in the upside growth together.
Community members are rewarded for buying and holding onto the community tokens, as they get access to a wide variety of perks/benefits which get custom designed by the Founder of each DAO. Common benefits/perks include access to special VIP areas within the DAO where they can get more virtual access to the creator and like-minded people, get invited to private events and have their tokens represent a share of influence, as they are able to vote on both fun and important decisions for the future direction of the DAO.
Community Tokens within a DAO are treated similarly to traditional loyalty points. The more tokens that are owned and accumulated, the more benefits that could be granted to the member. The creator of each DAO designs unique incentives based on what they feel will best resonate with their individual communities.
BitFans has an exclusive, application only Creator Launchpad program that helps the Influencers with their DAO creation, their Community Token minting/design and overall promotion strategy. Anthony Kang, Founder and CEO of BitFans, stated that “The mission of the BitFans Creator Launchpad is to bring in the next 10,000 influencers into the Web3 movement. Web3 finally makes it possible for both the creators and their fans to benefit, as they unite together around a shared mission for their DAO and have a community token that is linked to the value of the DAO community”.