Can Social Tokens Compete Against Meta & TikTok? Interview: P00LS

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Social tokens are one of the many layers of the metaverse (something I wrote about only recently).

Some argue that a blockchain-based structure could be a better system, with both creators and consumers taking a bigger slice of the pie than the current system dominated by major players like Meta, TikTok and so on.

P00ls is a platform that hopes Web3 will disrupt the space. They have a platform that allows creators and brands to launch their own social tokens and distribute them to their communities, turning them into currencies for each respective ecosystem.

Today we interview Hugo Renaudin, CEO of P00LS, asking some questions arising from the ambitious project, as well as asking questions about their newly launched Creator World and token.

(Currency Journal) CJ: Creator Worlds seems like an interesting concept. What is your plan to attract users to it, rather than the competitors that exist in the space with similar protocols?

I think the key here is that we are building for fans and not speculators, whereas the previous generation of fan token platforms was pretty much aimed at crypto traders and speculators. This means we focus on creating experiences for people to earn (vs. buy) and use (vs. sell) their favorite creators’ social tokens to access meaningful experiences and interactions. When you think of Creator Worlds, this is where this community-to-creator interaction happens, and where people can easily use their social tokens to gain utility. This is the center of the fan-creator relationship, where a social token allows you to unlock levels of community participation and engagement that you don’t see in comparable fantoken protocols, or even web2 social media platforms.

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CJ: With much of the social media and content creation from the internet being controlled by big companies (TikTok, Meta etc), do you think their influence and network effects could translate to the web3 space in the future? For example, what would stop Meta from launching a centralized version of something like Creator Worlds?

You are right, older web2 platforms have a competitive advantage because they already have a large audience and user base. Some have made super successful pushups to web3, as has Reddit – which has created millions of wallets for its users.

That said, creating social tokens with Meta and Tiktok would be completely against their current model. When you think about what a social token can do, it’s a great way to get to know and interact directly with a community of fans. Launching a social token and distributing it to your fans will help you know who your most engaged fans are (they have a lot of tokens) and you can interact with them directly (via P00LS worlds or a token-gated Discord channel, for example). On the other hand, the business model of Meta and Tiktok is to make creators and brands pay for this information.

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The interesting thing is that we can actually use Meta and Tiktok to create value and meaningful interactions for social tokens. We may use these platforms to deliver content directly to social token holders. For example, we just launched a private Instagram account for one of our creators Hugo Comte, which can only be accessed by holding some of his social tokens.

CJ: Is it difficult to launch the zerozeroDEX, with regard to attracting liquidity in the beginning?

We are actually quite happy to launch our low liquidity DEX! The way we envision a healthy life cycle for a social token is to first launch with no liquidity and earn it only through a community through engagement and iteration, then gradually introduce more and more liquidity.

We are in the early stages right now so we don’t need too much liquidity as fans can always earn their social tokens. Our guess is that as those communities grow, so will demand, which of course will boost liquidity.

CJ: The P00LS token was recently launched amid the bear market. How hard was it to build as the market collapsed this year?

I think this is a much better time to launch than to launch at the peak of the bull market and now have a token at a much lower price than the launch price.

That said, I like building bear markets in. People are much more focused on building versus speculating, and the people in the community are here for the long term, not just short term speculation.

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CJ: Most social tokens are down 90%+. In past bear markets, many low-liquidity coins have fallen so much that they never hit those highs again – do you think we’ll see the same thing again here?

Again, the previous generation of social tokens was built for speculators and crypto traders and we are targeting fans. This makes a huge difference: regardless of token prices, there will always be fans earning tokens through engagement and using them to access tools and experiences that allow them to be closer to their favorite creators.

That will never change regardless of the token price, which is why we put so much emphasis on the adoption of social tokens by real fans as opposed to speculators.

CJ: Have you ever considered working without a native token? For example, have you considered using $ETH to trade against creator tokens, instead of the native P00Ls token?

No. From the very beginning, we wanted to build a community, a collective future where we can make users and creators of our protocol on the same level as our team or our investors. For this you need a token, otherwise we are just a web2 company!