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Intro Fren
Fren is a platform that seeks to enable members of its community to learn together, play together and invest together. This concept is what inspired the name of this platform which is a short form of Friends. The Fren platform is built on the foundation of anonymity and decentralisation. There are a total of 1 trillion tokens that have been supplied. Out of all this, 16 billion have been locked through a time lock smart contract while the rest are in circulation. The current market cap of this platform is about $ 3 million, with a daily trading volume upwards of $ 500k.This shows that there is liquidity on this platform, and in the event that crypto investors may want to purchase or cash out, then they can easily do that.
The Fren platform has numerous features. Firstly, to be able to enjoy the key benefits of this platform, you have to purchase FREN tokens. These can be bought from exchanges and token swap platforms. Currently, Fren is listed on BKEX and Uniswap. Once you have the tokens, then you can enjoy some of the benefits that are offered on this social platform. Having access to Fren tokens means that you can join the FrenDAO. This is the governance platform that decides the direction of the platform. The amount of Fren you have determines your voting power in the DAO- this is known as ‘Fren power’. Secondly, you can also be part of the exclusive social media platform in this community. This social media platform is called only Fren. Having access to this platform means that you can network with like-minded crypto investors, share insights on the market and also access information on notable upcoming investments. This social media platform also organises fun events from time to time. The fun events will be exclusive for community members within the Fren ecosystem; these ‘feel good’ events provide a ripe opportunity for community members to network and interact with each other anonymously. Members of the community who are active in posting content on their pages and who are engaging others will also be rewarded with additional tokens. This should incentivise more members to be involved in the community and make the conversations lively and fun.
Thirdly, once you are a member of the Fren network, you get access to FrenDEX. This is a decentralised exchange that gives you access to market information and some of the leading wallets and crypto investments in the crypto scene.
Community members also have a chance to get access to freNFTs. These NFTs will be distributed via an airdrop to community members. The members will have a chance to trade on these NFTs and also put them as their profile pictures on ‘OnlyFrens’- the social media arm.
Being an exclusive community, it should give members great pride to be identified as part of this community. The Fren platform has also worked hard to make sure that the community is constantly growing, and tremendous progress has been achieved so far.
What are social tokens?
Social tokens can be categorised into two different categories; personal tokens and community tokens. Personal tokens are the ones that have been developed by an individual and sold to members of the public. This can be a music celebrity, designer, doctor, runner, artist or whoever may feel like creating one. The public then purchases these tokens. They can be redeemed later either through a share of the profits or through the provision of labour. For example, an artist can sell his social tokens and then redeem them later from the buyers through offering his skills. Alternatively, a notable athlete can sell his tokens and then redeem them from the sellers by offering a piece of the total amount they earn each year, say 10% of their total remuneration capped at a certain amount. Basically, the possibilities of how the token can be redeemed depend on the jurisdiction of the provider and how innovative they can be when they would want to buy back the tokens.
On the other hand, we have community tokens similar to what we have with the Fren token. These are tokens owned by the community in general, and once you buy them, you have access to the community. Redeeming your investment in these tokens also depends on how innovative the community is. It can be done through exchanges, through buybacks or simply through profit-sharing from investments that you jointly take part in.
Purchasing social tokens and gaining access to a particular community also gives you the chance to vote on the direction and progress of that community. Of course, this depends on the number of tokens that you have, as voting power is currently dictated by the number of social tokens you have purchased in that community- the more tokens you have, the more voting power you’ll have.
As is the case with Fren, having access to the Fren tokens will also give you a chance to network with other like-minded investors and get access to market insight and wallets that you may not have had access to. This exclusivity is what drives the value of these tokens up.
Why social tokens will be the next major trend in cryptocurrencies?
Since the development and rollout of BTC around 2008, a lot of developments have taken place in the crypto space. BTC was rolled out on the bitcoin blockchain to help with decentralisation and bring back the power of money from a central authority to the people. Next, we had the advent of ICOs that sought to decentralises company ownership and tokenise their shares. This was then followed by the launch and success of Defi that sought to decentralise finance and empower lenders to make profits from their assets while at the same time borrowers could borrow against their collateral.
NFTs later followed. What NFTs sought to do is decentralise ownership, thereby enabling you to hold true digital ownership over any digital property you may have. Of course, all these developments and progress were built upon the success of the previous trends. They wouldn’t be successful without the progress and subsequent success of their predecessors. Social tokens are therefore going to be a new development built on the success of these previous trends. With social tokens, what will happen is exclusive communities will be created online that can leverage on the metaverse- the online universe. This will make it possible for these social communities to own digital property through NFTs, earn and generate value for their communities.
Social tokens are simply a form of tokens that are owned by a community or individual with no central authority. The main aim of holding to these kinds of tokens is so that you may be able to access services and products that will be offered in that closed community. Unless you have purchased these tokens, you will not have access to these products and services. This is a fairly recent development in the crypto space, but it’s gaining traction and more investors are warming up to it.
One of the ways crypto investors can cash out from purchasing these social tokens is by liquidating their positions once the value of the token has increased. This basically means that they can stay in that community and guide other members on the events that are happening in that community. As the community grows, then demand for the social token is expected to grow, and the initial members may have an opportunity to cash out if they so wish. Alternatively, the community may have rewards that are offered from time to time, as is the case with Fren. These rewards are in the form of tokens, and the members may cash out on these rewards. Some platforms also offer to buy back some of these tokens and burn them. Burning tokens means that there will be a limited supply of these tokens, and if the demand remains the same, then the price of these tokens will definitely increase.
Closed social communities are meant to appeal to the younger generation as exclusive clubs that they may want to be identified with. Most crypto investors are tech-savvy, young and status-conscious. The ability to post a pricey NFT on your social status is something that may have seemed farfetched a couple of years back but is now a reality. Some of these NFTS cost millions of dollars
How to buy Fren token?
Fren tokens can be bought from crypto exchanges and swap platforms. There are plans to list Fren tokens on more platforms in the future. Currently, these tokens can be bought on Uniswap, Poloniex, BKEX; the trading pair is FREN/USDT and dextoools.io (FREN/WETH). You will need to have Eth or USDT to be able to purchase Fren. If you do not have an account with some of the exchanges where Fren is listed, then you may have to open one and verify your details before you start trading.
Fren’s Exclusive Partners
Fren platform works with a number of partners to achieve its overall objectives of learning together, playing together and investing together. These partners include notable players in the crypto ecosystem that work with the Fren community. Some of the partners are exchanges, coin listing applications and liquidity providers. On the exchange section, some of the partners that work with Fren token are BKEX exchange, dextools.io and Polonies, These exchanges have listed the Fren token, thus, enabling crypto investors to purchase them or liquidate their holdings whenever they want to. Uniswap is also another liquidity provider for the Fren token. In the event that community members would like to swap their tokens for other tokens, then they can also do so on the uniswap platforms.
The Frens platform is also listed on coinmarketscap and coingecko. These show the total number of tokens that are in circulation, their market cap and the token price.
Conclusion
Social tokens seem to be the latest trend in the crypto world. Crypto investors across the world are actively seeking alpha communities that they can join. We are bound to see more exclusive communities spring up and much deeper use of tokens in these communities. Of course, with the advent of the metaverse then these communities will take on a new dimension with limitless possibilities. Both personal and community tokens will feature prominently in the crypto ecosystem as traders seek to find ways of creating utility on these tokens. Fren is a social token whose time is ripe. Already, there is a lot of interest in this token, and its pricing and market cap is reflective of this. The current token price of Fren is a huge discount since this trend has just begun. We are bound to see tokens that will deliver above-average returns to their investors; the Fren token stands out as one of these tokens.
Crypto investors who join this community at this stage will definitely reap big in the long term. They will also have a say on the general direction of this platform as people continue to be onboarded on this trend. These crypto investors will also have a chance to reap from the NFT airdrops that will be carried out on the Frens platform from time to time. These are NFTs that can be sold on the secondary market, thereby earning these investors solid returns.
In the event that the investors may want to keep these freNFTs, they have a chance of using them as their profile pics on the ‘OnlyFrens’ social media network. Other features such as Fren DEX is also a big addition to the Frens ecosystem. The DEX provides a unique opportunity for crypto investors to get up to date market insights and tools. These will enable them to identify opportunities in the crypto market and know which tokens they can invest in. The Frens social platform has also made significant strides in achieving its milestones. This shows that they are on track and, therefore, a ripe investment for every crypto investor out there. As the mantra of the company goes, learn together, play together, and invest together-they are a must-have community token for every discerning trader.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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