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What is a Token-Gated Community?
A token-gated community is an online community that is monetized using social tokens. Social tokens can be minted with blockchain, and owners can be given a certain set of benefits. For a token-gated community, community membership would be one of the benefits. The holder of a token can also resell it, potentially making community membership an asset rather than simply a regular expense. And – with a digital contract governing it – the creator can dictate the terms of resale (potentially even taking a cut). This gives token-gated communities ownership flexibility that traditional communities haven’t had.
Every Mighty Network can be monetized with token-gating. Instructions on how to do that here.
Benefits of a token-gated community
- Membership value can rise with time
- Ownership can be resold
- The token owner could see it as an investment
- Gives creators more flexibility
- Can generate more revenue for smaller communities (token value can rise in time, meaning the community can become more valuable without having to let more members in).