Former Goldman Sachs manager Raul Pal believes that the era of social tokens has arrived with the advent of NFT collections with an actively growing community and some shortage of tokens in the market.
Real Vision CEO Raoul Pal after acquiring NFT from Bored Ape Collection (BAYC)
declaredthat non-fungible tokens from such well-known series create the direction of social tokens, that is, crypto assets representing shares in communities.
“I believe social tokens are the future and this is the way forward. You start with NFT communities (Thousand True Fans model) and then build a social graph. I heard about a potential social token around BAYC, so I focused on it so as not to be distracted by others,” Pal commented on his purchase.
The ex-manager of Goldman Sachs expressed the opinion that collectible tokens will eventually be integrated into various aspects of society and the economy. Pal noted that bitcoin can only be considered as non-fungible tokens in a different community and with different functions.
“I believe in NFT as Universal Basic Equity and the future of culture and community, municipalities and charities, business models and the economy. At the end of the day, BTC is just a social token with unique attributes, and all these social tokens work for various models of digital sovereign states, which I think we are moving towards,” he said.
Pal urged the creators of the NFT to create an effective tokenomics aimed at promoting projects.
“I don’t think social tokens are get-rich-quick schemes. They grow slowly if the community creates utility that has long-term value. Create utility, an active growing community, and some quantitative scarcity, and over time you will create value, everyone can participate either by investing in a utility token (as deferred future utility) or by adding value to the community and being rewarded in the form of tokens. The brand or creator is on an equal footing. All incentives are coordinated,” said the macroeconomist.
Recently, the head of Real Vision said that he saw the value of Ethereum by watching institutional investors, who are now starting to show more and more interest in Web 3.0.
Source: Bits
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