TLDR; Yup presents a new reward mechanism for social tokens and their holders. By holding certain social tokens, users will have a claim over $YUP rewards given to accounts linked to those specific tokens. We're piloting this with Alex Masmej and the $ALEX token and are looking for other social token holders, leaders, and platforms to work with.
Social tokens are growing at an incredible pace, becoming a $250m market in less than two years. Here are a few different social token types that we have seen come to light during this development:
🤓 The personal token ➡️ $ALEX, $KERMAN
Created to support and invest in an individual's goals whether professional or personal.
🌎 The community token ➡️ $FWB, $KARMA, $WHALE, $CHERRY, $JAMM, $THANKS
Created to bring people together based on a common interest or mission.
🤩 The fan club token ➡️ $RAC, $FIRST
Hybrid that brings together fans (a community) based on a common interest in an individual's content.
As new versions of social tokens emerge, so too do new use-cases and incentives to hold or spend these tokens. Some include:
These concepts are beautiful and have worked quite well thus far. In Outpost's Sam Hatem's words, they allow "consumers to be stakeholders in communities and financially benefit from the creator’s success." This is the future that we all want, and Yup wants to help. We propose a new use-case for social tokens to expand on their possibilities and support their development.
In line with this movement, Yup presents Social Token YUP Rewards as an additional incentive to hold social tokens for the right to a portion of creator/curator rewards distributed through the Yup Protocol. When social media accounts tied to your social token earn YUP, you earn YUP.
How it works:
In its current form, the Yup Protocol rewards users in newly-minted YUP based on curation: when someone influential likes a piece of content across the web, the creator and previous curators earn YUP. A Twitter 'like', for example, is weighted based on the liker's influence, given a token value, and distributed to the tweet's author and all the likers that came before. This creates an incredibly robust curator economy. (Learn More)
Social Token YUP Rewards will allow the admins/owners of certain accounts associated with a social token to link their YUP earnings to a specific token. Then, holders of the said token would be able to claim YUP rewards earned by those social accounts during their time of holding.
For example, Alex Masmej may link his Twitter account @AlexMasmej to the $ALEX token reward pool. If the @AlexMasmej account earns 100 YUP while you own 10% of all $ALEX tokens, you can claim 10 YUP from the pool. You cannot claim YUP for rewards that were given during times where you did not hold $ALEX.
The act of linking/unlinking, along with other changes, may require a token vote per the defined rules of each individual social token. The act of claiming rewards would function similarly to products like Roll or Unite.Community.
Why this is important
The stronger the reasons to hold a social token are, the more valuable and robust its economy will be. Yup provides an additional incentive mechanism to hold without imposing any platform risk or deep integration from the community. Simply hold the social token and help support the community behind it as one normally would, and then claim YUP rewards as they are distributed to the community.
We're looking to launch Social Token YUP Rewards as early as Q2 of 2021 with as many credible tokens as possible. If you manage a community with a token, have a personal token, run a social token platform, or are a holder/community member, please reach out to us here or join our discord.