Some people have argued that a system based on blockchain would be better for social tokens. With this system, both creators and consumers would get a larger share than the current system where giants; like Meta and TikTok control everything.
P00ls wants to use Web3 technology to change the game. Their platform allows anyone from creators to brands to launch social tokens and distribute them accordingly, essentially becoming currencies for ecosystems.
We’re talking to Hugo Renaudin, the CEO of P00LS. We’re going to ask him about their recent project, as well as the launch of Creator World and their new token.
(CoinJournal) CJ: There are many other companies with similar products. What will make people want to use Creator Worlds instead?
Our philosophy is to build for fans instead of speculators, which sets us apart from other fan token platforms that focused on crypto traders and investors. In other words, we care about developing opportunities for people to gain (rather than purchase) social tokens from their favourite creators to access powerful experiences and engagements. Creator Worlds is a place where people can meet each other and use social tokens to get what they need. Social tokens let you be more involved with a community than you could be on other platforms.
CJ: Do you think that large social media corporations might try to expand their power into web3? For example, what would stop Meta from launching a centralised version of something like Creator Worlds?
Indeed, preexisting web2 platforms boast a competitive edge because they already have expansive audiences and many users. For example, Reddit has successfully migrated to web3, creating millions of wallets for its users in the process.
Developing social tokens would not help Meta and Tiktok’s current business model. Social tokens have the potential to let creators directly interact with their fanatic following, which is an incredible opportunity. A social token is a way for you to know and interact with your fans directly. If you give your fans a social token, you can see who your most engaged fans are. You can talk to them directly. But Meta and Tiktok make money by making creators and brands pay for this information.
We can use Meta and Tiktok to create value and connect with social media followers more authentically. We just set up a private Instagram account for our creator Hugo Comte. Only people with some of his social tokens can access it.
CJ: Is it hard to get people to use the zerozeroDEX when it first starts?
We are happy to have our DEX with not a lot of liquidity! We think that a good life cycle for a social token is to start with no liquidity and then only let people who are active in the community have it. Then we gradually add more and more liquidity. We’re only in the early rounds presently, so we don’t need a lot of fluidity as fans can usually get their social tokens. We believe that as those communities grow, so will the demand which will result in increased liquidity.
CJ: With the recent launch of P00LS in a bear market, how challenging has it been to construct value this year?
I think it’s more beneficial to start a token when the market is bearish as opposed to during a bull market. When prices are down, people are less likely to speculate and more inclined to create something worthwhile. Also, those who invest during bear markets tend to stay in for the long term rather than those only interested in making quick money.
CJ: Will we see the same drops in value for social tokens as happened before, where some low-liquidity coins fell so much that their prices never recovered?
We want fans to use our social tokens, not just people who speculate about them. Fans can earn tokens by being active and using them to unlock utilities and experiences that get them closer to their favorite creators. This makes a world of difference: even if token prices fluctuate, fans will always be able to earn them through engagement.
CJ: Have you ever thought about not using a specific token for trading? For example, would it be possible to use $ETH to trade against creator tokens, instead of using the P00Ls token?
We built a community from the beginning because we wanted users and creators to have a say in our protocol, not just our team or investors. To make this happen, we needed a token; without it, we’re just another web2 company!