More and more content creators are tokenizing themselves on the Ethereum blockchain. Roll is a decentralized platform, where individuals are creating so-called “social money” which are unique and branded fan-based tokens. Token creators can use it to reward their community and incentivize their fans for specific actions while fans can use it to buy goods or services from the token creator or even vote on creator’s major life decisions such as purchasing a car, wake up early or stop eating red meat.
Roll was launched in 2019 and funded by Arthur Hayes, the CEO of BitMEX, Gary Vaynerchuk, Techstars Ventures and more. Though the platform is still in private beta version, 160 social tokens have already been issued on the platform such as the $ALEX, the $KERMAN, and the $CALVIN, each representing an artist, influencer, or entrepreneur.
Tokens are created as ERC-20 tokens on behalf of the content creators. All social money minted on Roll has a maximum supply of 10 million ERC-20 tokens, 2 million of which is immediately credited to the content creator. The rest of 8 million is given to them in monthly lump sums for the next three years. Roll charges the content creator of each social money a fee of 12% of the maximum supply.
Once the social money’s issued, people can do whatever they want with it. Content creators can sell their crypto in token sales or distribute them to fans. For example: fans of Laurel Driskill, ASMR video creator, can now spend $50 worth of $TINGLES to ask her question, seek advice, or access her videos. For 1 $CNSL (about $230) fans can get an hour of consulting from Reuben Bramanathan, blockchain consultant and former Coinbase lawyer or can even get a flight for 500 $JULIEN with Julien Bouteloup, CEO Stake Capital, decentralized digital asset management platform and more.
Many content creators have been banned from YouTube and other platforms for violating guidelines. Bradley Miles, one of Roll’s co-founders, said “We’ve seen creators over the last few years become unsatisfied over the level of control they have over the platforms. ”Siddharth Kalla, another co-founder of Roll, commented “what we are most interested in is the creator should be able to own that relationship with the fans irrespective of the platform.”