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Celebrity tokenization & personal tokens – how does it work?

by Marek August 21, 2019
celebrity tokenization personal tokens how does it work

Tokenization is increasingly bold in entering Poland, and with it – companies and investors interested in blockchain are testing this new technology, looking for fresh solutions. One of them is completely unique – tokenization of people.

Value in skills and time before tokenization

Probably at this point, most articles online would immediately go to the first “current” case of tokenization of a person, but let’s rewind the clock a bit first, to the beginning of 2008, when 30-year-old Mike Merrill came up with this idea before anyone else, even before the existence of Bitcoin and the idea of blockchain. Mike decided to divide himself into 100,000 “shares” and sell each for $1. Each action would give the buyer a fraction of Mike’s money at work, giving the real value of the entire investment, but to encourage this new idea – Mike “sold” investors the right to decide on certain aspects of his life, which did not necessarily work for him in the long run.

Over 10 years have passed and a similar way of investing in a person has returned – this time, however, not based on shares, but on tokens in the blockchain network. What’s more, the investment no longer requires unnecessary paperwork, and potentially over time the token can go public and continue to live its own life. While Mike started selling shares for a dollar, and at one point his shares were worth as much as $20 per piece, now – 10 years later – their value is only $5, and Mike wonders in what direction to go further with his idea. In the end – compared to tokenization – he sold part of his life and gained little more than a few interesting articles on the web and some money from IPO.

Tokenization is the future

Thanks to blockchain and the idea of tokenizing people, nowadays everyone can be like Mike, but without selling every aspect of his life to investors. We can put some of our time each week for sale, or even part of the time put only into a period of work on a project, we can also go further and open the door to investment in stars – popular personalities. By tokenizing a genius specialist, we give him a financial injection that he may need to work on his latest project, and over time we can become token holders based on the value of another Steve Jobs; we can also invest in a young footballer so that when he earns numerous wins and contracts worth millions, some of that will return to token holders as pure profit.

Initial capital is a problem for many people, so tokenization of acquired skills and time is a brilliant solution. Boris Akimov came up with this idea, announcing that he would turn into tokens the time equal to two days of his week, multiplying the whole by the length of his life, eventually reaching the number of 12 million seconds – this is 2/7 of Boris’s whole work life, in seconds. So he created a token based on his professional time, and each token has the value of a second of his life during two days a week. So the person who bought the token could potentially draw Boris’ full attention to himself, asking for personal time and conversation by paying with these tokens.

Another example is a platform that tokenizes the rising stars of Russian tennis, basing the value of the token on the victories of tennis players registered on the site. With each subsequent contract, trips and successes based on people, the token grows in strength – this is the power of a person, the skills they themselves acquired.

Stars are already tokenizing

Currently, the entire internet is abuzz over Akoin – a new cryptocurrency created by the popular singer Akon. The idea behind Akoin is, as we can read in an interview, an attempt to create a “real-life Wakanda” – a fictional African nation known from Marvel films, which technologically surpassed everything else on Earth. Sounds like a noble goal and an attempt to bring about big changes in Africa, starting from Senegal. Akon puts his popularity as the starting value, but honestly admitted that it would be ideal if in the future Akoin reached its final potential – becoming a common currency used by the inhabitants of the entire African continent.

However, not only Akon is working on tokenizing his person. Also rapper RedFoo, known from the band LMFAO and the hit “Party Rock Anthem” decided to get on with coding and signed a contract with a service that will help him tokenize his person. He wants fans to be able to help him in different ways, but also to become a more transparent person for advertisers and companies interested in cooperation. So while LMFAO no longer exists, maybe the future of RedFoo lies in the world of crypto and blockchain?

Tokenization of people also in Poland

Also at Try Codnet we offer – being first in Poland – the tokenization of a person. Basing your value on skills, successes or popularity – we will gladly help interested clients in starting their own ICO, from creating a platform to buying tokens (including the possibility of buying for classic FIAT currencies – such as EUR or USD – and a number of popular cryptocurrencies, a system for managing funds and user accounts, including functionalities related to law – KYC / AML) and writing a whitepaper, by creating a website and managing social media channels, and ending with the entire marketing process. The decision to tokenize a person is a great marketing ploy, because of how new the process is – that’s why many websites write about stars tokenizing themselves – so keep your finger on the pulse and consider this decision also as additional free media coverage.

Remember, by tokenizing your person, you can collect the necessary funds to create innovative projects, and by being successful in sport, expanding your own project or achieving success in e-sport – you can build a platform of incredibly engaged and helpful investors. After all, it’s in their interest that you do your best, and over time – your token can become a part of a token exchange platform, where it will gain even more momentum and value.

User Story, or what an example tokenization process looks like

For example – a talented independent singer with many fans on social media may decide to release a new EP in an unusual way, raising funds for this purpose by tokenizing himself. Creating a Personal Token, he decides to carry out an ICO – promising that if he collects, for example, $ 300,000 in tokens, he will release a new EP, and each investor from some level of tokens bought will receive an additional autographed disc, and the funds will also allow him to contact with potential investors to organize concerts – after all tokens show the “hard” value of this person, as well as the commitment of his fans. What’s more, he may decide to divide e.g. 10% of profits from the income of streaming his EP on platforms such as YouTube, Spotify or Apple Music.

So such a singer contacts us and we – Try Codnet – take care of everything. We will calculate the initial cost of creating a platform, tokenomy, promotion in the media, and writing a whitepaper. Thanks to this, having an initial budget that is a fraction of the required money, the singer can turn his actions into a token and earn money from them to create his dream EP, without problems with external investors, relying only on his fans and the strength of his person.

We are happy to guide you through the entire process and provide a preliminary cost estimate – tokenization of activities and people is an amazing future that beats all other crowdfunding activities! Contact us and ask about creating a Personal Token today!

Marek
Marek

Marek tries his best in everything asked of him. With art and animation as his passion, and viral marketing as his goal - you can always find him learning something new.

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Celebrity tokenization & personal tokens – how does it work?

by Marek time to read: 5 min
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