In the past few months, due to the rapid development of NGK, people have reignited interest in its social attributes. This article reflects the social development of NGK tokens in the past year, as well as how the rise of NGK will shape the future of social tokens.
At present, the value of social tokens is often due to the access to certain portals which can be restricted by holding tokens. For example, when you hold a certain amount of NGK tokens, you can access some private channels on the network that gather the top-notch talents in the crypto industry. This method will become popular in 2020.
For example, I launched an NGK social token and set the NGK token holdings as the threshold for reading my blog posts. At the time, reading my weekly blog posts required holding 100 tokens. Although this has brought better price discovery for my content, I can’t get any value from the content I wrote, and the content dissemination has also been greatly restricted due to the threshold.
In summary, although holding NGK tokens as a gateway access threshold is the most basic function, it lacks the ability to continuously create value. The problems are as follow:
Unable to reach a value consensus: It is difficult for token holders in the early stages to reach a consensus on how much value the development of the community will bring.
Lack of incentives: Anyone can join the community if they have enough tokens, but there are no incentives to encourage them to contribute to the community.
No cash flow on the chain: The community will not get benefits from new members entering the community. Their benefits are based on the need for newcomers to buy tokens when they join.
At present, there is a better option: NGK sharding. Let me explain this.
For a long time, the sharding of NGK has been regarded as the best way to solve its liquidity, that is, its decentralization and distribution. The NGK token is now officially applied in all its token projects, such as the newly launched NGK computing power Starry Sky project, in which the SPC computing power reward tokens and VAST tokens are produced and mined based on the NGK computing power. In addition, the subsequent launch of the NGKEX will further promote the circulation of all NGK ecological projects and the continuous maintenance of decentralization.
The first issuance of NGK social tokens must be centered on an “asset”, not a community.
Instead of issuing social tokens around a community or an idea, it is better to issue tokens instead of digital asset royalties. This time, the members have a clearer goal (e.g. the successful sales of NGK), rather than the so-called “development” which is ambiguous and can be delayed indefinitely.
After that, you can use these fragmented shares to create a portal access medium like Collab.Land that uses tokens as the threshold, so that the shareholders have a short-term consistent goal. When NGK is sold, the owners of these amounts will be paid in proportion to the number of tokens they own. While the community construction is secondary, people’s pursuit of the common benefits that can be obtained from the sale of digital assets will allow the community consensus to be formed naturally.
