The Rise of Social Tokens

The Ethereum community aims to revolutionize the concept of money. Even before the emergence of cryptocurrencies and tokens, a significant intellectual history has been written on the anthropology and sociology of money.

Friends With Benefits ($FWB) Token

Friends With Benefits ($FWB), uses Collab. Land. To users, it appears as a chatbot that ensures community members hold enough $FWB tokens in their MetaMask wallet to access various Discord channels.

Collab. Land is a tool that makes it possible to create tokens that provide access rights to online communities. It acts as a bridge between chat applications like Telegram or Discord and a user’s MetaMask wallet.

$FWB is also using SourceCred to distribute tokens commensurate with upvotes on discussions ranging from music production, NFT discussions, breaking news, memes, Substack articles, and trading tips.

The Story of $FWB

The founder of $FWB, Trevor McFedries, shared his journey, inspiration behind $FWB, and what’s next for social token communities in an interview. 

Before starting $FWB, McFedries was a software engineer who stumbled into music and signed to Interscope. He produced an album that ranked in the top 10 with some friends as the internet was eating the music industry. 

With his coding skills, he got pulled into rooms with executives, establishing himself as a conduit between media and technology at age 22. He quit that group, started producing for acts, and toured as a solo artist. 

In 2010, McFedries got a call from Spotify and joined the company to help translate between a bunch of Swedish geeks and Hollywood suits. The job at Spotify made him realize how different technology products were from media products and led him to think about creating music projects more like software products.

In producing an artist named Banks, he built data scrapers for Last.fm and YouTube. During this time, he fell in love with some data around the television shows Will & Grace and The Jeffersons changing society. This is what led to the creation of Social Token, $FWB.

The Rise of Social Tokens

Social Tokens are now emerging as a new type of token. Post-COVID-19, the growth of digital NFT art marketplaces, and the internet, in general, have forced artists and creators to reconsider how they can connect with their fans and monetize online. One platform, Roll, is catching on with celebrities like Lil Yachty, Akon, and Ja Rule, all of whom are launching social tokens.

$FWB token is built on the ERC-20 standard on the Ethereum blockchain. In 2021, Ethereum materialized as programmable money that can be sent anywhere with an internet connection. It is also a Turing complete virtual machine that allows for the creation of tokens, which can represent nearly anything of value. 

Tokens now represent more than $20 Billion in USD-pegged stablecoins, over $50 Million in unique art, $5.5 Billion in Bitcoin, or voting rights in a decentralized autonomous organization.

Summary

$FWB uses Collab. Land to ensure community members hold enough $FWB tokens in their MetaMask wallet. The founder, Trevor McFedries, shared his journey and inspiration behind $FWB in an interview. The $FWB token is built on the ERC-20 standard on the Ethereum blockchain, which emerged as programmable money in 2021.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.